456.019. Trustees of private foundations, charitable trusts or split-interest trusts, certain acts prohibited.

MISSOURI STATUTES AND CODES

456.019. Trustees of private foundations, charitable trusts or split-interest trusts, certain acts prohibited.

Trustees of private foundations, charitable trusts or split-interesttrusts, certain acts prohibited.

456.019. 1. In the administration of any trust which is a "privatefoundation", as defined in Section 509 of the United States InternalRevenue Code, a "charitable trust", as defined in Section 4947(a)(1) of theUnited States Internal Revenue Code, or a "split-interest trust", asdefined in Section 4947(a)(2) of the United States Internal Revenue Code,the following acts shall be prohibited:

(1) Engaging in any act of "self-dealing", as defined in Section4941(d) of the United States Internal Revenue Code, which would give riseto any liability for the tax imposed by Section 4941(a) of the UnitedStates Internal Revenue Code;

(2) Retaining any "excess business holdings", as defined in Section4943(c) of the United States Internal Revenue Code, which would give riseto any liability for the tax imposed by Section 4943(a) of the UnitedStates Internal Revenue Code;

(3) Making any investments which would jeopardize the carrying out ofany of the exempt purposes of the trust, within the meaning of Section 4944of the United States Internal Revenue Code, so as to give rise to anyliability for the tax imposed by Section 4944(a) of the United StatesInternal Revenue Code; and

(4) Making any "taxable expenditures", as defined in Section 4945(d)of the United States Internal Revenue Code, which would give rise to anyliability for the tax imposed by Section 4945(a) of the United StatesInternal Revenue Code; provided, however, that this section shall not applyeither to those split-interest trusts or to amounts thereof which are notsubject to the prohibitions applicable to private foundations by reason ofthe provisions of Section 4947 of the United States Internal Revenue Code.

2. In the administration of any trust which is a "privatefoundation", as defined in Section 509 of the United States InternalRevenue Code, or which is a "charitable trust", as defined in Section4947(a)(1) of the United States Internal Revenue Code, there shall bedistributed, for the purposes specified in the trust instrument, for eachtaxable year, amounts at least sufficient to avoid liability for the taximposed by Section 4942(a) of the United States Internal Revenue Code.

3. The provisions of subsections 1 and 2 of this section shall notapply to any trust to the extent that a court of competent jurisdictionshall determine that such application would be contrary to the terms of theinstrument governing such trust and that the same may not properly bechanged to conform to such sections. The trustee shall not be held liableto anyone for any payments made under subsection 2 prior to suchdetermination.

4. Nothing in this section shall impair the rights and powers of thecourts or the attorney general of this state with respect to any trust.

5. All references to sections of the United States Internal RevenueCode shall be to such law as of June 14, 1971.