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7.1445 Conflicts of interest—Prohibited acts.

Cite as [A.S.C.A. § 7.1445 ]

A member or an employee of the Board may not have any direct or indirect interest in the income, gains or profits on any investment made by the Board, or receive any pay or emolument for services in connection with any investment made by the Board. A member or an employee of the Board or an agent engaged by the Board may not become an endorser or surety or in any manner an obligor of investment made by the fund or for money loaned by or borrowed from the Fund, nor may the members, employees, or agents be held liable for actions taken in good faith and in performance of their duties. Participation as a member of the Fund is not construed to include interest, pay, or emolument within the meaning of this section.

History: 1971, PL 12-29 § 20; 1981, PL 17-28 § 11; amd 1986, PL 19-37 § 16.

Amendments: 1986 Replaced “his” with “their”.