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January 14, 1992

 

 

Honorable William R. Bullock
Circuit/Chancery Judge
15th Judicial District
P.O. Box 499
Dardanelle, AR 72834

RE: Advisory Opinion 91-07(4)

Dear Judge Bullock:

In your request for an opinion you stated that you and a family member own approximately 36% of the capital stock of the Bank of Dardanelle Bankshares, Inc. Other distant relatives own stock in that corporation aggregating substantially more than 50% of the corporations outstanding shares. This corporation is a holding company which owns all the capital shares of the Bank of Dardanelle, Dardanelle, Arkansas.

You have proposed that you become a Director of the Bank of Dardanelle Bankshares, Inc., and have asked if such proposed action is permissible under the Arkansas Code of Judicial Conduct Awhich may soon be adopted in Arkansas, if applicable.

Our response is as follows:

1. Under the presently applicable Arkansas Code of Judicial Conduct which adopted the least restrictive version of Canon 5C(2) of the American Bar Association's Model Code, there is no provision which would specifically prohibit a judge from serving on a bank=s board.

2. Memberships on a bank's board is specifically prohibited by Canon 4D(3) of the proposed Arkansas Code of Judicial Conduct now pending before the Arkansas Supreme Court.

We are enclosing herewith, a copy of Advisory Opinion No. 91-04-02 which has previously addressed this question in more detail.

Very truly yours,

 

Bruce T. Bullion, Chair




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