§ 23-17-25-1 — Duties and prohibitions

Except where otherwise determined by a court
of competent jurisdiction, a corporation that is a private foundation (as
defined in Section 509(a) of the Internal Revenue Code of 1986, as
amended) shall do the following:
(1) Distribute amounts for each taxable year at a time and in a
manner as to not subject the corporation to tax under Section
4942 of the Internal Revenue Code of 1986.
(2) Not engage in an act of self-dealing (as defined in Section
4941(d) of the Internal Revenue Code of 1986).
(3) Not retain excess business holdings (as defined in Section
4943(c) of the Internal Revenue Code of 1986).
(4) Not make investments in a manner as to subject the
corporation to taxes on investments that jeopardize charitable
purposes (as defined in Section 4944 of the Internal Revenue
Code of 1986).
(5) Not make taxable expenditures (as defined in Section 4945(d)
of the Internal Revenue Code of 1986).

Legislative History

As added by P.L.179-1991, SEC.1.