Okla. Stat. tit. 60, § 60-174.2: Articles of incorporation deemed to contain certain

provisions - Amendment.

A. Notwithstanding any provisions of Oklahoma law or in the

articles of incorporation to the contrary, except as provided in

subsection B hereof, the articles of incorporation of each

corporation which is a private foundation as described in Section

509 of the Federal Internal Revenue Code of 1954 shall be deemed to

contain the following provisions: "The corporation shall make

distributions at such time and in such manner as not to subject it

to tax under Section 4942 of the Federal Internal Revenue Code; the

corporation shall not engage in any act of self-dealing which would

subject it to tax under Section 4941 of the Code; the corporation

shall not retain any excess business holdings which would subject it

to tax under Section 4943 of the Code; the corporation shall not

make any investments which would subject it to tax under Section

4944 of the Code; and the corporation shall not make any taxable

expenditures which would subject it to tax under Section 4945 of the

Code." With respect to any such corporation organized prior to

January 1, 1970, this subsection A shall apply only for its taxable

years beginning on or after January 1, 1972.

B. The articles of incorporation of any corporation described

in subsection A hereof may be amended to expressly exclude the

application of subsection A, and, in the event of such amendment,

subsection A shall not apply to such corporation.

C. All references in this section to the "Code" are to the

Federal Internal Revenue Code of 1954, and all references in this

section to specific sections of the Code include corresponding

provisions of any subsequent federal tax laws.