(a) With respect to any trust which is a private foundation, as defined in Section 509 of the Internal Revenue Code, or a charitable trust, as defined in Section 4947(a)(1) of the Internal Revenue Code, the governing instrument of which permits distributions to the extent of the net income of the trust each year but does not permit distributions from trust principal, the trustees of the trust may elect, without judicial proceedings and notwithstanding any provision to the contrary contained in the governing instrument of the trust, to distribute in any year, for the purposes specified in the governing instrument, that amount from the principal of the trust which, when added to the income of the trust available for distribution during such year, will enable the trust to avoid any liability for the tax imposed by Section 4942 of the Internal Revenue Code, by filing a written election, which may be a continuing one, with the Attorney General of this state to have this Code section and Code Sections 53-12-130 and 53-12-131 apply to the trust. A distribution from trust principal pursuant to the election shall only be in the form of cash or securities which are either listed or admitted to unlisted trading privileges upon any stock exchange or are quoted regularly in any newspaper or newspapers having a general circulation in this state.

(b) Any election made under subsection (a) of this Code section may be revoked at any time by filing written notice of revocation with the Attorney General of this state.