It is enacted by the General Assembly as follows:
SECTION 1. The act passed at the January session, 1928, approvedMarch 23, 1928, and entitled, "An Act to Incorporate theQuinnville Fire District in the Town of Lincoln" as amendedis hereby further amended to read as follows:
Sec. 13. The elected fire wardens shall be permitted to applyfor 501(c)(3) status from the Internal Revenue Service for thepurpose of receiving certain grants. Upon declaration and approvalof such status by the Internal Revenue Service, the followingprovisions shall apply to said fire district:
(A) Notwithstanding any other provisions of these articles, theorganization is organized exclusively for one or more of the purposesas specified in section 501(c)(3) of the Internal Revenue Codeof 1986, and shall not carry on any activities not permitted tobe carried on by an organization exempt from federal income taxunder IRC 501(c)(3) or corresponding provisions of any subsequenttax laws.
(B) No part of the net earnings of the organization shall inureto the benefit of any member, trustee, director, officer of theorganization, or any private individual (except that reasonablecompensation may be paid for services rendered to or for the organization),and no member, trustee, officer of the organization or any privateindividual shall be entitled to share in the distribution of anyof the organization's assets on dissolution of the organization.
(C) No substantial part of the activities of the organizationshall be carrying on propaganda, or otherwise attempting to influencelegislation (except as otherwise provided by IRC 501(b)) or participatingin, or intervening in (including the publication or distributionof statements) any political campaign on behalf of or in oppositionto any candidates for public office.
(D) In the event of dissolution, all of the remaining assetsand property of the organization shall after payment of necessaryexpenses thereof be distributed to such organizations as shallqualify under section 501(c)(3) of the Internal Revenue Code of1986, or corresponding provisions of any subsequent federal taxlaws, or to the federal government or state or local governmentfor a public purpose, subject to the approval of a justice ofthe supreme court of the state of Rhode Island.
(E) In any taxable year in which the organization is a privatefoundation as described in the IRC 509(a), the organization shalldistribute its income for said period at such time and manneras not to subject it to tax under IRC 4942, and the organizationshall not (a) engage in any act of self dealing as defined inIRC 4941(d), (b) retain any excess business holdings as definedin IRC 4943 (c), (c) make any investments in such a manner asto subject the organization to tax under IRC 4944, or (d) makeany taxable expenditures as defined in IRC 4945(d) or correspondingprovisions of any subsequent federal tax laws.
SECTION 2. This act shall take effect upon passage.