N.J. Stat. tit. 15, ch. 19

in effect

N.J. Stat. § 15:19-1 Definitions

As used in this act: (a) "code" means the Internal Revenue Code of 1954 as amended; (b) "private foundation trust" means a charitable trust administered by a corporation as herein defined, and which is a private foundation described in section 509(a) of the code, including each nonexempt charitable trust described in section 4947(a)(1) of the code which is treated as a private foundation; (c) "corporation" means a corporation organized under Title 15 of the Revised Statutes or under any other law of this State applicable to corporations not for profit, to function as a private foundation trust. L.1971, c. 337, s. 1, eff. Dec. 13, 1971.

N.J. Stat. § 15:19-2 Certificates of incorporation; contents

Notwithstanding any provision to the contrary contained in any law of this State and except as otherwise provided in section 3 of this act, the certificate of incorporation of every corporation as herein defined, shall be deemed to include the following: "This corporation shall make distributions at such times and in such manner as not to subject it to tax under section 4942 of the Internal Revenue Code of 1954, as amended, and shall not engage in any act of self-dealing as defined in section 4941 of the said code, and shall not retain any excess business holdings as defined in section 4943 of said code, and shall not make any investments as defined in section 4944 of the said code, and shall not make any taxable expenditures which would subject it to tax under section 4945 of the said code." L.1971, c. 337, s. 2, eff. Dec. 13, 1971.

N.J. Stat. § 15:19-3 Certificate of incorporation; exclusion of provision by amendment

The governing body of any corporation as herein defined may, without judicial proceedings, amend its certificate of incorporation to expressly exclude the provisions of section 2 of this act, by executing a certificate of amendment incorporating such exclusion and filing a copy thereof in the office of the Secretary of State of this State. Upon the filing of such amendment, the provisions of section 2 of this act shall not be applicable to such corporation. L.1971, c. 337, s. 3, eff. Dec. 13, 1971.

N.J. Stat. § 15:19-4 Construction of act to qualify for maximum tax exemptions

This act shall be so construed as to enable split-interest trusts and private foundation trusts to qualify for the maximum tax exemptions available to such trusts under the provisions of the Internal Revenue Code of 1954 as amended. L.1971, c. 337, s. 4, eff. Dec. 13, 1971.

N.J. Stat. § 15:19-5 Act not to impair power of courts and attorney general

Nothing in this act shall impair the power conferred by law upon the courts or the Attorney General of this State with respect to any corporation subject to the provisions of this act. L.1971, c. 337, s. 5, eff. Dec. 13, 1971.

N.J. Stat. § 15:19-6 Effective date; application to corporations

This act shall take effect immediately, and shall apply to all corporations as described in section 2 hereof, whether organized before or after the effective date of this act. L.1971, c. 337, s. 6, eff. Dec. 13, 1971.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026