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Corporations | |
Utah Revised Nonprofit Corporation Act | |
Section 116 | Private foundations. |
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16-6a-116. Private foundations. Except as otherwise specified in the articles of incorporation or as provided by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code: (1) shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code; (2) may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code; (3) may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code; (4) may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and (5) may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.
Amended by Chapter 197, 2002 General Session |
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