DIRECTOR - MUTUAL ASSOCIATION

Opinion No. 37 (1978)


QUESTION: May a judge continue to serve as a director of a mutual savings and loan association, incorporated under prior laws of this State, wherein the depositors own, ratably, all of the reserve funds and assets of the association?

ANSWER: It is the opinion of the Committee that such an entity falls within the definition of a "publicly owned business" as set out in the Canon 5C(2) of the Code of Judicial Conduct and continued service as a director would be in violation of such canon.