A. Notwithstanding any provision of Oklahoma law or in the governing instrument to the contrary, except as provided in subsection C hereof, the governing instrument of each trust which is a private foundation as described in Section 509 of the Federal Internal Revenue Code of 1954, including each nonexempt charitable trust described in Section 4947(a)(1) of the Code which is treated as a private foundation, and the governing instrument of each nonexempt split-interest trust as described in Section 4947(a)(2) of the Code, but only to the extent that Section 508(e) of the Code is applicable to such nonexempt split-interest trust under Section 4947(a)(2) of the Code, shall be deemed to contain the following provisions: "The trust shall make distributions at such time and in such manner as not to subject the trust to tax under Section 4942 of the Federal Internal Revenue Code; the trust shall not engage in any act of self-dealing which would subject it to tax under Section 4941 of the Code; the trust shall not retain any excess business holdings which would subject it to tax under Section 4943 of the Code; the trust shall not make any investments which would subject it to tax under Section 4944 of the Code; and the trust shall not make any taxable expenditures which would subject it to tax under Section 4945 of the Code." With respect to any such trust created prior to January 1, 1970, this subsection A shall apply only for its taxable years beginning on or after January 1, 1972.
B. The trustee of any trust described in subsection A hereof, with the consent of the trustor, if then living and competent to give consent, may, without judicial proceedings, amend the governing instrument to expressly include the provisions required by Section 508(e) of the Code by executing a written amendment to the trust and filing a duplicate original of such amendment with the Secretary of State of the State of Oklahoma.
C. The trustee of any trust described in subsection A hereof, with the consent of the trustor, if then living and competent to give consent, may, without judicial proceedings, amend such trust to expressly exclude the application of subsection A by executing a written amendment to the trust and filing a duplicate original of such amendment with the Secretary of State of the State of Oklahoma, and, upon the filing of such amendment, subsection A shall not apply to such trust.
D. All references in this section to the "Code" are to the Federal Internal Revenue Code of 1954, and all references in this section to specific sections of this Code include corresponding provisions of any subsequent federal tax laws.
Laws 1971, c. 303, § 1, emerg. eff. June 17, 1971.