Section 55-9-9 – Distributions required to avoid taxes.
55-9-9. Distributions required to avoid taxes. The trustee of a trust described in §55-9-7 shall distribute for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (1).
Section 55-9-10 – Retention of excess business holdings prohibited.
55-9-10. Retention of excess business holdings prohibited. The trustee of a trust described in §55-9-7 shall not retain any excess business holdings which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (3).
Section 55-9-11 – Investments to jeopardize exempt purposes prohibited.
55-9-11. Investments to jeopardize exempt purposes prohibited. The trustee of a trust described in §55-9-7 shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for […]
Section 55-9-1 – Express trusts–Creation for charitable, educational, religious, or other public use.
55-9-1. Express trusts–Creation for charitable, educational, religious, or other public use. Express trusts of real or personal property, or both, may be created to receive by grant, devise, gift, or bequest, and to take charge of, invest and administer in accordance with the terms of the trust, upon and for any charitable, benevolent, educational, religious […]