Sec 10-3150. Private foundations; definition

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.