A. Notwithstanding any provisions of Oklahoma law or in the articles of incorporation to the contrary, except as provided in subsection B hereof, the articles of incorporation of each corporation which is a private foundation as described in Section 509 of the Federal Internal Revenue Code of 1954 shall be deemed to contain the following provisions: "The corporation shall make distributions at such time and in such manner as not to subject it to tax under Section 4942 of the Federal Internal Revenue Code; the corporation shall not engage in any act of self-dealing which would subject it to tax under Section 4941 of the Code; the corporation shall not retain any excess business holdings which would subject it to tax under Section 4943 of the Code; the corporation shall not make any investments which would subject it to tax under Section 4944 of the Code; and the corporation shall not make any taxable expenditures which would subject it to tax under Section 4945 of the Code." With respect to any such corporation organized prior to January 1, 1970, this subsection A shall apply only for its taxable years beginning on or after January 1, 1972.
B. The articles of incorporation of any corporation described in subsection A hereof may be amended to expressly exclude the application of subsection A, and, in the event of such amendment, subsection A shall not apply to such corporation.
C. 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 the Code include corresponding provisions of any subsequent federal tax laws.
Laws 1971, c. 303, § 2, emerg. eff. June 17, 1971.