South Dakota Codified Laws 47-22-68.6. Investments which jeopardize charitable purpose prohibited to foundation
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The corporation described in § 47-22-68.2 shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the corporation, within the meaning of section 4944 of the Internal Revenue Code so as to give rise to any liability for the tax imposed by section 4944(a) of the Internal Revenue Code.
Terms Used In South Dakota Codified Laws 47-22-68.6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Source: SL 1972, ch 244, § 2 (4).