Arkansas § 15-5-204 - Prohibition on personal interests in contracts.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-5-204 — Prohibition on personal interests in contracts., with citation guidance and answers to common questions.
§ 15-5-204. Prohibition on personal interests in contracts.
No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or investments of the authority. The General Assembly finds and declares, in furtherance of the public purposes set forth in § 15-5-201, that it shall not be deemed a violation of the provisions of this section if any member of the Board of Directors of the Arkansas Development Finance Authority or any firm owned by a member or by which a member is employed, shall participate in any program of the authority, provided that such participation shall be on the same terms and subject to the same conditions governing all other participants in the program. Any member, officer, employee, or agent of the authority who is found guilty of violating this section is barred from public employment in the state in any capacity for a period of five (5) years from the date he or she was found guilty of violating this section, in addition to such other penalties as may be provided by law.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 15-5-204
What does Arkansas Code of 1987 Annotated § 15-5-204 cover?
Section 15-5-204 ("Prohibition on personal interests in contracts.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-5-204?
A common citation format is "Arkansas Code of 1987 Annotated § 15-5-204" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-5-204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.