§ 12:237.1 — Amendment of articles; special provision

Louisiana § 12:237.1

• Jurisdiction: Louisiana
• Title 12: Conservation of Cultural Resources

Text

§237.1. Amendment of articles; special provision
A. Notwithstanding any provision in this Section or in the articles of
incorporation to the contrary (except as provided in Subsection B of this
Section), the articles of incorporation of each corporation that is a private
foundation described in Section 509 of the Internal Revenue Code of 1954 1 shall be deemed to contain the following provisions: The corporation shall
make distributions at such time and in such manner as not to subject it to tax
under Section 4942 of the Code; 2 the corporation shall not engage in any act
of self-dealing that would subject it to tax under Section 4941 of the Code; 3 the
corporation shall not retain any excess business holdings that would subject it
to tax under Section 4943 of the Code; 4 the corporation shall not make any
investments that would subject it to tax under Section 4944 of the Code; 5 and
the corporation shall not make any taxable expenditures that would subject it
to tax under Section 4945 of the Code. 6 With respect to any such corporation
organized prior to January 1, 1970, this Subsection shall apply only for its
taxable years beginning on or after January 1, 1972.
B. The articles of incorporation of any corporation described in
Subsection A of this Section may be amended to expressly exclude the
application of Subsection A of this Section, and in the event of such
amendment, Subsection A of this Section shall not apply to such corporation.
C. All references in this Section to the "Code" are to the Internal
Revenue Code of 1954, and all references in this Section to specific sections
of the Code include corresponding provisions of any subsequent federal tax
laws.
Added by Acts 1971, No. 154, §2.
1 26 U.S.C.A. (I.R.C.1954) §509.
2 26 U.S.C.A. (I.R.C.1954) §4942.
3 26 U.S.C.A. (I.R.C.1954) §4941.
4 26 U.S.C.A. (I.R.C.1954) §4943.
5 26 U.S.C.A. (I.R.C.1954) §4944.
6 26 U.S.C.A. (I.R.C.1954) §4945.