Any corporation which is a 'private foundation' (as defined in Section 509(a) of the United States Internal Revenue Code) may amend its articles of incorporation expressly to exclude the application of Sections 79-11-51 and 79-11-53, or any portion thereof, in the manner provided by Section 79-4-10.01 et seq. or Sections 79-11-101 through 79-11-399, whichever is applicable. The corporation shall not be liable to anyone for any payments made under Section 79-11-53 prior to such amendment.Codes, 1942, § 672-223; Laws, 1972, ch. 440, § 3; Laws, 1987, ch. 485, § 152, eff. 1/1/1988.Amended by Laws, 2013, ch. 419, SB 2684, 5, eff. 7/1/2013.
Mississippi Legal Code