charitable remainder trust

(10) (A) Any company organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes— (i) no part of the net earnings of which inures to the benefit of any private shareholder or individual; or (ii) which is or maintains a fund described in subparagraph (B). (B) For the purposes of subparagraph (A)(ii), a fund is described in this subparagraph if such fund is a pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of one or more of the following: (i) assets of the general endowment fund or other funds of one or more charitable organizations; (ii) assets of a pooled income fund; (iii) assets contributed to a charitable organization in exchange for the issuance of charitable gift annuities; (iv) assets of a charitable remainder trust or of any other trust, the remainder interests of which are irrevocably dedicated to any charitable organization; (v) assets of a charitable lead trust; (vi) assets of a trust, the remainder interests of which are revocably dedicated to or for the benefit of 1 or more charitable organizations, if the ability to revoke the dedication is limited to circumstances involving— (I) an adverse change in the financial circumstances of a settlor or an income beneficiary of the trust; (II) a change in the identity of the charitable organization or organizations having the remainder interest, provided that the new beneficiary is also a charitable organization; or (III) both the changes described in subclauses (I) and (II); (vii) assets of a trust not described in clauses (i) through (v), the remainder interests of which are revocably dedicated to a charitable organization, subject to subparagraph (C); or (viii) such assets as the Commission may prescribe by rule, regulation, or order in accordance with section 80a–6(c) of this title . (C) A fund that contains assets described in clause (vii) of subparagraph (B) shall be excluded from the definition of an investment company for a period of 3 years after December 8, 1995 , but only if— (i) such assets were contributed before the date which is 60 days after December 8, 1995 ; and (ii) such assets are commingled in the fund with assets described in one or more of clauses (i) through (vi) and (viii) of subparagraph (B). (D) For purposes of this paragraph— (i) a trust or fund is “maintained” by a charitable organization if the organization serves as a trustee or administrator of the trust or fund or has the power to remove the trustees or administrators of the trust or fund and to designate new trustees or administrators; (ii) the term “pooled income fund” has the same meaning as in section 642(c)(5) of title 26 ; (iii) the term “charitable organization” means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of title 26 ; (iv) the term “charitable lead trust” means a trust described in section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of title 26; (v) the term “charitable remainder trust” means a charitable remainder annuity trust or a charitable remainder unitrust, as those terms are defined in section 664(d) of title 26 ; and (vi) the term “charitable gift annuity” means an annuity issued by a charitable organization that is described in section 501(m)(5) of title 26 .


15 USC § 80a-3(c)(10)

Scoping language

in this subparagraph
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