85 STAT. ]
PUBLIC LAW 92-177-DEC. 6, 1971
tion) and the governing- instrument of any nonexempt split-interest trust described in section 4947(a)(2) of the Code (but only to the extent that section 508(e) of the Code is applicable to such nonexempt split-interest trust) shall be deemed during such particular year to contain all of the following provisions: "(1) The trust shall not engage in any act of self-dealing which is taxable under section 4941 of the Code. "(2) The trust shall make distributions at such time and in such manner as not to subject it to tax under section 4942 of the Code. "(8) The trust shall not retain any excess business holdings which would subject it to tax under section 4948 of the Code. "(4) The trust shall not make any investments which would subject it to tax under section 4944 of the Code. "(5) The trust shall not make any taxable expenditures wdiich would subject it to tax under section 4945 of the Code. With respect to any such trust created prior to January 1, 1970, subsection (a) shall apply to taxable years beginning on or after January 1, 1972. " (b) Notwithstanding any provision to the contrary in the governing instrument, the trustee or trustees of any trust described in subsection (a), other than a trust described in section 4947(a)(2) of the Code, may, without application to any court, amend the governing instrument expressly to include the provisions required by section 508(e) of the Code by executing a written amendment to the trust and delivering a copy thereof, by certified mail, to each named beneficiary, if any. "(c) Xotwithstanding any [jiovision to the contrarv in the governing instrument, the ti'ustee or ti'ustees of any trust described in section 4947(a)(2) of the Code to which subsection (a) is applicable may, after obtaining the written consent of the creator of such trust if then living and competent to give such consent, and without application to any court, amend the governing instrument expressly to include the provisions required by section 508(e) of the Code by executing a written amendment to the trust and delivering a copy thereof by certified mail, to each named beneficiary, if any. " (d) Xotwithstanding any provision to the contrary in the governing instrument, the trustee or trustees of any trust described in section 4947(a)(2) of the Code to which subsection (a) is applicable, with the consent of each beneticiary named in such governing insti'ument, may, without application to any court, amend the gover-ning instrument to conform to the provisions of section 664 of the Code by executing a written amendment to the trust foi- such purpose. Consent shall not be required as to individual named beneficiaries not living at the time of the amendment. In the case of any individual beneficiary not competent to give consent, the consent of a guardian, appointed by a court of competent jurisdiction, shall be treated as consent of the beneficiary. In the case of any amendment to a trust created by will, such amendment may, if provided in the amendment, be deemed to apply as of the date of death of the testator. "(e) The provisions of subsection (a) shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the governing instrument and that such instrument may not properly be amended to confor-m with subsection (a).
495 83 Stat. 517. 26 USC 4947.
Effective date,
^^ Stat. 562.
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