Maine § 13 §939 Prohibitions and requirements applicable to corporations which are private foundations

Maine Statutes

§ 13 §939 — Prohibitions and requirements applicable to corporations which are private foundations

Maine § 13 §939

Title 13CORPORATIONS

Part 2CORPORATIONS WITHOUT CAPITAL

Ch. 81GENERAL PROVISIONS

This text of Maine § 13 §939 (Prohibitions and requirements applicable to corporations which are private foundations) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13, § 13 §939 (2026).

Text

1.Prohibitions. No corporation which is a "private foundation" as defined in section 509 (a) of the Internal Revenue Code of 1954, shall:

2.Requirements. Each corporation which is a "private foundation" as defined in section 509 of the Internal Revenue Code of 1954 shall distribute, for the purposes specified in its certificate of incorporation, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code of 1954.

3.Application. Subsections 1 and 2 shall not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the certificate of incorporation or other instrument governing such corporation or governing the administ

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Prohibitions.
No corporation which is a "private foundation" as defined in section 509 (a) of the Internal Revenue Code of 1954, shall:
2.
Requirements.
Each corporation which is a "private foundation" as defined in section 509 of the Internal Revenue Code of 1954 shall distribute, for the purposes specified in its certificate of incorporation, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code of 1954.
3.
Application.

Subsections 1 and 2 shall not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the certificate of incorporation or other instrument governing such corporation or governing the administration of charitable funds held by it and that the same may not properly be changed to conform to such subsections.
4.
Impairment.
Nothing in this section shall impair the rights and powers of the courts or the Attorney General of this State with respect to any corporation.
5.
References.
All references to sections of the Internal Revenue Code of 1954 shall include future amendments to such sections and corresponding provisions of future internal revenue laws.