Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 105/103.12

(805 ILCS 105/103.12) (from Ch. 32, par. 103.12)

Sec. 103.12. Private foundations - Federal tax laws.

In
the absence of an express provision to the contrary in its
articles of incorporation, a corporation, as defined in
Section 509 of the Internal Revenue Code of 1986, as may be amended from time to time, during the
period it is a private foundation:

(a) Shall not engage in any act of self-dealing as defined
in Section 4941(d) thereof;

(b) Shall distribute its income for each taxable year at
such time and in such manner as not to become subject to the
tax on undistributed income imposed by Section 4942 thereof;

(c) Shall not retain any excess business holdings as
defined in Section 4943(c) thereof;

(d) Shall not make any investment in such manner as to
subject it to tax under Section 4944 thereof;

(e) Shall not make any taxable expenditure as defined in
Section 4945(d) thereof.

(Source: P.A. 96-649, eff. 1-1-10.)