View all text of Chapter 1404 [§ 140401 - § 140412]

§ 140407. Tax-exempt status required as condition of charter

If the corporation fails to maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986, the charter granted under this chapter shall terminate.

(Added Pub. L. 111–95, § 1(a), Nov. 6, 2009, 123 Stat. 3003.)