79-11-57 - Amendment of articles of incorporation to exclude application of Sections 79-11-51 and 79-11-53.
§ 79-11-57. Amendment of articles of incorporation to exclude application of Sections 79-11-51 and 79-11-53.
Any corporation which is a "private foundation" (as defined in Section 509(a) of the United States Internal Revenue Code) may amend its articles of incorporation expressly to exclude the application of Sections 79-11-51 and 79-11-53, or any portion thereof, in the manner provided by Section 79-3-117 or Sections 79-11-101 through 79-11-399, whichever is applicable. The corporation shall not be liable to anyone for any payments made under Section 79-11-53 prior to such amendment.
Sources: Codes, 1942, § 672-223; Laws, 1972, ch. 440, § 3; Laws, 1987, ch. 485, § 152, eff from and after January 1, 1988.