For each taxable year, a private foundation shall distribute for the purposes specified in its charter amounts sufficient to avoid tax liability under § 4942(a) of the Internal Revenue Code.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 90; Acts 1988, c. 110, § 1.

Formerly Art. 23, § 445.