resources / Statutes / Nonprofit Corporations / §10-3150
Title 10 – Corporations and Associations
Chapter 24 – General Provisions-nonprofit Corporations
Article 4 – Definitions, Notice, Private Foundations, Judicial Relief and Religious organizations
- A. Except if otherwise determined by a court of competent jurisdiction or to the extent no longer required by the internal revenue code of 1986, a corporation that is a private foundation as defined in section 509(a) of the internal revenue code of 1986 shall:
- 1. Distribute such amounts for each taxable year at a time and in a manner that does not subject the corporation to tax under section 4942 of the code.
- 2. Not engage in any act of self-dealing as defined in section 4941(d) of the code.
- 3. Not retain any excess business holdings as defined in section 4943(c) of the code.
- 4. Not make any taxable expenditures as defined in section 4944 of the code.
- 5. Not make any taxable expenditures as defined in section 4945(d) of the code.
- B. For the purposes of this section, "code" means the internal revenue code of 1986 as amended.