Oklahoma § 60-174.2 - Articles of incorporation deemed to contain certain
Full text of Oklahoma Oklahoma Statutes § 60-174.2 — Articles of incorporation deemed to contain certain, with citation guidance and answers to common questions.
§ 60-174.2. Articles of incorporation deemed to contain certain
provisions - Amendment.
A. Notwithstanding any provisions of Oklahoma law or in the
articles of incorporation to the contrary, except as provided in
subsection B hereof, the articles of incorporation of each
corporation which is a private foundation as described in Section
509 of the Federal Internal Revenue Code of 1954 shall be deemed to
contain the following provisions: "The corporation shall make
distributions at such time and in such manner as not to subject it
to tax under Section 4942 of the Federal Internal Revenue Code; the
corporation shall not engage in any act of self-dealing which would
subject it to tax under Section 4941 of the Code; the corporation
shall not retain any excess business holdings which would subject it
to tax under Section 4943 of the Code; the corporation shall not
make any investments which would subject it to tax under Section
4944 of the Code; and the corporation shall not make any taxable
expenditures which would subject it to tax under Section 4945 of the
Code." With respect to any such corporation organized prior to
January 1, 1970, this subsection A shall apply only for its taxable
years beginning on or after January 1, 1972.
B. The articles of incorporation of any corporation described
in subsection A hereof may be amended to expressly exclude the
application of subsection A, and, in the event of such amendment,
subsection A shall not apply to such corporation.
C. All references in this section to the "Code" are to the
Federal Internal Revenue Code of 1954, and all references in this
section to specific sections of the Code include corresponding
provisions of any subsequent federal tax laws.
Laws 1971, c. 303, § 2, emerg. eff. June 17, 1971.
Oklahoma Statutes - Title 60. Property
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 60-174.2
What does Oklahoma Statutes § 60-174.2 cover?
Section 60-174.2 ("Articles of incorporation deemed to contain certain") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 60-174.2?
A common citation format is "Oklahoma Statutes § 60-174.2" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 60-174.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.