§ 55A-1-50. 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 shall comply with all of the following:
(1) Shall distribute such amounts for each taxable year at the time and in the manner required so as not to subject the corporation to tax under section 4942 of the Code.
(2) Shall not engage in any act of self-dealing as defined in section 4941(d) of the Code.
(3) Shall not retain any excess business holdings as defined in section 4943(c) of the Code.
(4) Shall not make any investments in a manner that would subject the corporation to tax under section 4944 of the Code.
(5) Shall not make any taxable expenditures as defined in section 4945(d) of the Code.
All references in this section to sections of the Code shall be to 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.
(b) A board of directors of a private foundation shall consist of one or more natural persons, with the number specified in or fixed in accordance with the articles of incorporation or bylaws. (1955, c. 1230; 1957, c. 783, s. 7; 1969, c. 875, s. 4; 1971, c. 1136, s. 1; 1977, c. 236, s. 1; c. 663; 1979, c. 1027; 1985, c. 505; 1985 (Reg. Sess., 1986), c. 801, ss. 8-14; 1993, c. 398, s. 1; 2026-52, s. 4(a).)