§ 17-19-150 — Private foundations

(a) 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:
(i) Shall distribute such amounts for each taxable
year at such time and in such manner as not to subject the
corporation to tax under section 4942 of the code;
(ii) Shall not engage in any act of self-dealing as
defined in section 4941(d) of the code;
(iii) Shall not retain any excess business holdings
as defined in section 4943(c) of the code;
(iv) Shall not make any taxable expenditures as
defined in section 4944 of the code;
(v) Shall not make any taxable expenditures as
defined in section 4945(d) of the code.
(b) All references in this section to sections of the code
shall be to such sections of the Internal Revenue Code of 1986
as amended from time to time, or to corresponding provisions of
subsequent internal revenue laws of the United States.
F. Judicial Relief