§74-9103. Not-for-profit foundation.
157 words·~1 min read·
/ok/title-74-state-government/74-9103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. There is hereby authorized the establishment of a not-for- profit foundation to raise funds for the Mental Wellness Division Revolving Fund, created in Section 2 of this act, and the achievement of the goals of this act.
B. The foundation created pursuant to this section may receive funds from any public or private source to carry out the purposes of this act including, but not limited to, gifts or grants from any department, agency, or instrumentality of the United States or of this state for any purpose consistent with the provisions of this act.
C. Upon proper incorporation, the foundation shall secure tax- exempt status under the appropriate provision of Section 501(c) of the Internal Revenue Code, 26 U.S.C., Section 501(c).
D. Any member of the foundation who may have a financial interest in an action under consideration by the foundation shall abstain from voting on such matter. Added by Laws 2022, c. 165, § 3.