Chapter 68A

Section 1. In the administration of any trust which is a ''private foundation'', as defined in section 509 of the Internal Revenue Code of 1954, or a ''split-interest trust'' as defined in section 4947(a)(2) of said Code, the following acts shall be prohibited: (a) engaging in an…

Section 2. In the administration of any trust which is a ''private foundation'' as defined in section 509 of said Code, or which is a ''charitable trust'' as defined in section 4947(a)(1) of said Code, there shall be distributed, for the purposes specified in the trust instrument…

Section 3. The provisions of sections one and two shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the same may not properly be ch…

Section 4. No corporation which is a ''private foundation'' as defined in section 509 of said Code, shall (a) engage in any act of ''self-dealing'' (as defined in section 4941(d) of said Code), which would give rise to any liability for the tax imposed by section 4941(a) of said …

Section 5. Each corporation which is a ''private foundation'' as defined in section 509 of said Code shall distribute, for the purposes specified in its articles of organization, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section …

Section 6. The provisions of sections four and five shall not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the articles of organization or other instrument governing such corp…

Section 7. Nothing in this chapter shall impair the rights and powers of the courts or the attorney general of the commonwealth with respect to any trust or corporation.

Section 8. All references in this chapter to sections of the Internal Revenue Code of 1954 shall include future amendments to such sections and corresponding provisions of future Internal Revenue laws.