RCW 24.40.020
Articles of incorporation deemed to contain prohibiting provisions.
The articles of incorporation of every corporation to which this chapter applies shall be deemed to contain provisions prohibiting the corporation from:
(1) Engaging in any act of "self-dealing" (as defined in section 4941(d) of the Internal Revenue Code of 1954), which would give rise to any liability for the tax imposed by section 4941(a) of the Internal Revenue Code of 1954;
(2) Retaining any "excess business holdings" (as defined in section 4943(c) of the Internal Revenue Code of 1954), which would give rise to any liability for the tax imposed by section 4943(a) of the Internal Revenue Code of 1954;
(3) Making any investment which would jeopardize the carrying out of any of its exempt purposes, within the meaning of section 4944 of the Internal Revenue Code of 1954, so as to give rise to any liability for the tax imposed by section 4944(a) of the Internal Revenue Code of 1954; and
(4) Making any "taxable expenditures" (as defined in section 4945(d) of the Internal Revenue Code of 1954) which would give rise to any liability for the tax imposed by section 4945(a) of the Internal Revenue Code of 1954.
[ 1971 c 59 § 3.]
Structure Revised Code of Washington
Title 24 - Corporations and Associations (Nonprofit)
Chapter 24.40 - Tax Reform Act of 1969, State Implementation—Not for Profit Corporations.
24.40.020 - Articles of incorporation deemed to contain prohibiting provisions.
24.40.030 - Articles of incorporation deemed to contain provisions for distribution.
24.40.040 - Rights, powers, of courts, attorney general, not impaired.
24.40.050 - Construction of references to federal code.
24.40.060 - Present articles of incorporation may be amended—Application to new corporation.
24.40.070 - Severability—1971 c 59.
24.40.080 - Tax reform act of 1969, state implementation—Charitable trusts.