New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 43-4

Notwithstanding any provision to the contrary contained in any law of this State or in any trust instrument, and except as otherwise provided in section 5 of this act, each trust instrument governing a split-interest trust or a private foundation trust other than one as described in section 3 of this act, shall, by virtue of this act and without any further act by any person or persons, be deemed to include the following:

“Distributions of this trust shall be made at such times and in such manner as not to subject the trust 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 the said code, and shall not make any investment as defined in section 4944 of the said code, and shall not make any taxable expenditure which would subject it to tax under section 4945 of the said code.”