FORMERLY SENATE BILL NO. 103
AN ACT TO REVISE THE TRUST LAW RELATING TO TRUSTS CLASSIFIED AS PRIVATE FOUNDATIONS FOR FEDERAL INCOME TAX PURPOSES.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 35, Title 12, Delaware Code, is hereby amended by adding the following new Section 3540:
§ 3540. Powers and duties of certain trustees
All trustees of any trust governed by the laws of this State whose governing instrument or instruments do not expressly provide that this section shall not apply to such trust are required to act or to refrain from acting so as not to subject the trust to the taxes imposed by Section 4941 (relating to taxes on self-dealing), 4942 (relating to taxes on failure to distribute income), 4943 (relating to taxes on excess business holdings), 4944 (relating to taxes on investments which jeopardize charitable purpose), or 4945 (relating to taxable expenditures) of the Internal Revenue Code of 1954, or corresponding provisions of any subsequent United States internal revenue law.
Section 2. This act shall be effective upon its approval by the Governor.
Approved May 20, 1971