Common use of Private Foundation Rules Clause in Contracts

Private Foundation Rules. Notwithstanding any other provisions in these Articles of Incorporation, in the event that, and for so long as, the Corporation is classified as a private foundation within the meaning of Section 509(a) of the Internal Revenue Code, the Corporation: (a) shall not engage in any act of self-dealing as defined in Section 4941(d) of the Internal Revenue Code; (b) shall make distributions for each taxable year at such time and in such manner as not to become subject to the tax on undistributed income imposed by Section 4942 of the Internal Revenue Code; (c) shall not retain any excess business holdings as defined in Section 4943(c) of the Internal Revenue Code; (d) shall not make any investments in such manner as to subject it to tax under Section 4944 of the Internal Revenue Code; and (e) shall not make any taxable expenditures as defined in Section 4945(d) of the Internal Revenue Code.