15-3-105. LIMITATIONS ON PRIVATE FOUNDATIONS.

A corporation which is a private foundation as defined in Section 509 (a) of the Internal Revenue Code of 1954:

1. Shall distribute such amounts for each taxable year at such time and in such manner as to avoid subjecting the corporation to tax under Section 4942 of the Code;
2. Shall not engage in any act of self-dealing as defined in Section 4941 (d) of the Code;
   
3. Shall not retain any excess business holdings as defined in Section 4943 (c) of the Code;
   
4. Shall not make any taxable expenditures as defined in Section 4944 of the Code;
   
5. Shall not make any taxable expenditures as defined in Section 4945  (d) of the Code;
   

All references in this section to sections of the Code shall be to such sections of the Internal Revenue Code of 1954 as amended from time to time, or to corresponding provisions of subsequent internal revenue laws of the United States.