Title 7 – Corporations and Associations
Article 121 – General Provisions
Private foundations
(1) Except where otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in section 509 (a) of the internal revenue code:
(a) Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the nonprofit corporation to tax under section 4942 of the internal revenue code;
(b) Shall not engage in any act of self-dealing as defined in section 4941 (d) of the internal revenue code;
(c) Shall not retain any excess business holdings as defined in section 4943 (c) of the internal revenue code;