{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-174.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-174.2","heading":"Articles of incorporation deemed to contain certain","body":"provisions - Amendment.\n\nA. Notwithstanding any provisions of Oklahoma law or in the\n\narticles of incorporation to the contrary, except as provided in\n\nsubsection B hereof, the articles of incorporation of each\n\ncorporation which is a private foundation as described in Section\n\n509 of the Federal Internal Revenue Code of 1954 shall be deemed to\n\ncontain the following provisions: \"The corporation shall make\n\ndistributions at such time and in such manner as not to subject it\n\nto tax under Section 4942 of the Federal Internal Revenue Code; the\n\ncorporation shall not engage in any act of self-dealing which would\n\nsubject it to tax under Section 4941 of the Code; the corporation\n\nshall not retain any excess business holdings which would subject it\n\nto tax under Section 4943 of the Code; the corporation shall not\n\nmake any investments which would subject it to tax under Section\n\n4944 of the Code; and the corporation shall not make any taxable\n\nexpenditures which would subject it to tax under Section 4945 of the\n\nCode.\" With respect to any such corporation organized 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 articles of incorporation of any corporation described\n\nin subsection A hereof may be amended to expressly exclude the\n\napplication of subsection A, and, in the event of such amendment,\n\nsubsection A shall not apply to such corporation.\n\nC. 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 the 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":"c50258a1cebf7288a3e404b1ab361f8a5a488ed7fc4419900b239fd972253947","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-174.1","next":"us-ok/okla.-stat.-tit.-60-60-175"},"notice":"GroundRules: Original legal text. Not legal advice."}