72-34-203. Restrictions on trustees under charitable trust, private foundations, or split-interest trust. During any period when a trust is considered to be a charitable trust, a private foundation, or a split-interest trust, the trustee may not do any of the following:
     (1) engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;
     (2) retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;
     (3) make any investments in such manner as to subject the property of the trust to tax under section 4944 of the Internal Revenue Code; or
     (4) make any taxable expenditure as defined in section 4945(d) of the Internal Revenue Code.

     History: En. Sec. 101, Ch. 685, L. 1989.