In re Arkansas Iolta Foundation, Inc.
Court: Supreme Court of Arkansas; June 27, 1994; Arkansas; State Supreme Court
The Board of Directors of the Arkansas IOLTA Foundation, Inc. is modified to allow the President of the Arkansas Bar Association to designate an agent to serve in their place. This modification alters the Per Curiam Order from November 9, 1987, regarding the governance of interest on lawyers’ trust accounts. The qualified recipient of these interest earnings is established as a newly formed Arkansas nonprofit corporation governed by a Board of Directors, which will consist of the Chief Justice or a designated agent, five members of the lay public appointed by the Governor (three of whom represent low-income individuals as recommended by community action organizations), five lawyers appointed by the President of the Arkansas Bar Association, and the President or their designated agent, totaling twelve members. Terms for Directors, excluding the Chief Justice and the President, will be staggered. The Board is required to amend its Bylaws and Articles of Incorporation to incorporate these changes.