Sec 43-1216. Application for reinstatement of tax exempt status

Any organization denied exemption under section 43-1201, paragraph 4 by reason of the provisions of prohibited transactions with respect to any taxable year following the taxable year in which notice of denial of exemption was received may, under regulations prescribed by the department, file claim for exemption. If the department pursuant to such regulations is satisfied that such organization will not knowingly again engage in a prohibited transaction, such organization shall be exempt with respect to taxable years subsequent to the year in which such claim is filed.