[§414D-16] Private foundations. Except as otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Code:
(1) 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;
(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 such manner as to 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. [L 2001, c 105, pt of §1]
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