3B:11-10 - Provision included in trust instruments governing nonprofit corporations administering private foundation trusts - New Jersey Statutes

3B:11-10.  Provision included in trust instruments governing nonprofit corporations administering private foundation trusts
    Notwithstanding any provision to the contrary contained in any law of this State or in any trust instrument, and except as otherwise provided in N.J.S. 3B:11-12, each trust instrument governing a nonprofit corporation administering  a private foundation trust shall, by virtue of this article, and without any  further act by any person or persons, be deemed to include the following:

     "This corporation shall make distributions at times and in a manner as not  to subject it to tax under section 4942 of the Internal Revenue Code of 1954 as  amended, and shall not engage in any act of self-dealing as defined in section  4941 of the code, and shall not retain any excess business holdings as defined  in section 4943 of the code, and shall not make any investments as defined in  section 4944 of the code, and shall not make any taxable expenditure which  would subject it to tax under section 4945 of the code."

     L.1981, c. 405, s. 3B:11-10, eff. May 1, 1982.