{"data":{"id":"us-nc/n.c.-gen.-stat.-55a-1-50","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 55A-1-50","heading":"Private Foundations.","body":"Except where otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Internal Revenue Code of 1986:\n(1)\tShall distribute such amounts for each taxable year at such time and in such manner as not to subject the corporation to tax under section 4942 of the Code.\n(2)\tShall not engage in any act of self-dealing as defined in section 4941(d) of the Code.\n(3)\tShall not retain any excess business holdings as defined in section 4943(c) of the Code.\n(4)\tShall not make any investments in such manner as to subject the corporation to tax under section 4944 of the Code.\n(5)\tShall not make any taxable expenditures as defined in section 4945(d) of the Code.\nAll references in this section to sections of the Code shall be to sections of the Internal Revenue Code of 1986 as amended from time to time, or to corresponding provisions of subsequent internal revenue laws of the United States. (1955, c. 1230; 1957, c. 783, s. 7; 1969, c. 875, s. 4; 1971, c. 1136, s. 1; 1977, c. 236, s. 1, c. 663; 1979, c. 1027; 1985, c. 505; 1985 (Reg. Sess., 1986), c. 801, ss. 8-14; 1993, c. 398, s. 1.)","path":["Chapter 55A North Carolina Nonprofit Corporation Act.","Part 5. Private Foundations."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_55A/GS_55A-1-50.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:02Z","sha256":"d8ee704d334c1f78a90142b31558b0ec08b1e2e584c639993bdaba7eeb77c950","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-55a-1-42-through-55a-1-49","next":"us-nc/n.c.-gen.-stat.-55a-1-51-through-55a-1-59"},"notice":"GroundRules: Original legal text. Not legal advice."}