GroundRules
Miss. Code Ann. § 79-11-51: Prohibited acts.
Where this section sits in the code
- Title 79. Corporations, Associations, and Partnerships
- Chapter 11. Nonprofit, Nonshare Corporations and Religious Societies
- Conduct of Private Foundations
No corporation which is a “private foundation,” as defined in Section 509(a) of the United States Internal Revenue Code shall:
(a) Engage in any act of “self-dealing,” as defined in Section 4941(d) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4941(a) of the United States Internal Revenue Code;
(b) Retain any “excess business holdings,” as defined in Section 4943(c) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4943(a) of the United States Internal Revenue Code;
(c) Make any investment which would jeopardize the carrying out of any of its exempt purposes, within the meaning of Section 4944 of the United States Internal Revenue Code, so as to give rise to any liability for the tax imposed by Section 4944(a) of the United States Internal Revenue Code; and
(d) Make any “taxable expenditures,” as defined in Section 4945(d) of the United States Internal Revenue Code which would give rise to any liability for the tax imposed by Section 4945(a) of the United States Internal Revenue Code.
Collected 2026-10-27T05:54:23Z. Source file · JSON
Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License
Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows. Source