Section 364 - Previously issued annuitiesA charitable gift annuity issued prior to the effective date of this act shall be deemed to be a qualified charitable gift annuity if both of the following conditions are met:
(1) The charitable gift annuity qualified as a charitable contribution under the provisions of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1 et seq.) governing charitable deductions at the time the charitable gift annuity was issued.(2) The issuing organization was a qualified charity at the time the charitable gift annuity was issued or becomes a qualified charity within one year of the effective date of this act.1996, Oct. 16, P.L. 712, No. 127, § 4, effective in 60 days.