Marvin Mandel, Governor                           769

(d) make 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 In-
ternal Revenue Code of 1954.

446.

Each corporation which is a "private foundation" as defined in
Section 509 of the Internal Revenue Code of 1954 shall distribute
for the purposes specified in its articles of organization, for each
taxable year, amounts at least sufficient to avoid liability for the
tax imposed by Section 4942 (a) of the Internal Revenue Code
of 1954.

447.

The provisions of Sections 445 and 446 shall not apply to any
corporation to the extent that a court of competent jurisdiction,
pursuant to a judicial proceeding begun by such corporation before
January 1, 1972, shall determine that such application would be
contrary to the terms of the articles of organization or other instru-
ment governing such corporation or governing the administration
of charitable funds held by it and that the same may not properly
be changed to conform to such sections.

448.

Nothing in this Act shall impair the rights and powers of the
courts or the attorney general of this state with respect to any
corporation.

449.

All references to sections of the Internal Revenue Code of 1954
shall include future amendments to such sections and corresponding
provisions of future Internal Revenue laws.

450.

If any provision of this Act or the application thereof to any
circumstance is held to be invalid such invalidity shall not affect
the validity of the other provisions or any other application of this
Act which can be given effect without the invalid provision or
application, and to this end, all the provisions of this Act are hereby
declared to be severable.

Sec. 2. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the imme-
diate preservation of the public health and safety, and having been
passed by a yea and nay vote supported by three-fifths of the
members elected to each of the two Houses of the General Assembly,
the same shall take effect from the date of its passage.

Approved May 6, 1971.