{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-174.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-174.1","heading":"Private foundations - Governing instrument deemed to","body":"contain certain provisions - Amendment without judicial proceedings.\n\nA. Notwithstanding any provision of Oklahoma law or in the\n\ngoverning instrument to the contrary, except as provided in\n\nsubsection C hereof, the governing instrument of each trust which is\n\na private foundation as described in Section 509 of the Federal\n\nInternal Revenue Code of 1954, including each nonexempt charitable\n\ntrust described in Section 4947(a)(1) of the Code which is treated\n\nas a private foundation, and the governing instrument of each\n\nnonexempt split-interest trust as described in Section 4947(a)(2) of\n\nthe Code, but only to the extent that Section 508(e) of the Code is\n\napplicable to such nonexempt split-interest trust under Section\n\n4947(a)(2) of the Code, shall be deemed to contain the following\n\nprovisions: \"The trust shall make distributions at such time and in\n\nsuch manner as not to subject the trust to tax under Section 4942 of\n\nthe Federal Internal Revenue Code; the trust shall not engage in any\n\nact of self-dealing which would subject it to tax under Section 4941\n\nof the Code; the trust shall not retain any excess business holdings\n\nwhich would subject it to tax under Section 4943 of the Code; the\n\ntrust shall not make any investments which would subject it to tax\n\nunder Section 4944 of the Code; and the trust shall not make any\n\ntaxable expenditures which would subject it to tax under Section\n\n4945 of the Code.\" With respect to any such trust created prior to\n\nJanuary 1, 1970, this subsection A shall apply only for its taxable\n\nyears beginning on or after January 1, 1972.\n\nB. The trustee of any trust described in subsection A hereof,\n\nwith the consent of the trustor, if then living and competent to\n\ngive consent, may, without judicial proceedings, amend the governing\n\ninstrument to expressly include the provisions required by Section\n\n508(e) of the Code by executing a written amendment to the trust and\n\nfiling a duplicate original of such amendment with the Secretary of\n\nState of the State of Oklahoma.\n\nC. The trustee of any trust described in subsection A hereof,\n\nwith the consent of the trustor, if then living and competent to\n\ngive consent, may, without judicial proceedings, amend such trust to\n\nexpressly exclude the application of subsection A by executing a\n\nwritten amendment to the trust and filing a duplicate original of\n\nsuch amendment with the Secretary of State of the State of Oklahoma,\n\nand, upon the filing of such amendment, subsection A shall not apply\n\nto such trust.\n\nD. All references in this section to the \"Code\" are to the\n\nFederal Internal Revenue Code of 1954, and all references in this\n\nsection to specific sections of this Code include corresponding\n\nprovisions of any subsequent federal tax laws.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1d4943652b417be82986ac467c532f3794c28e48bfc464601d80d6e76ce943fb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-174","next":"us-ok/okla.-stat.-tit.-60-60-174.2"},"notice":"GroundRules: Original legal text. Not legal advice."}