Exhibit 14.1 Code of Ethics
CODE OF ETHICS
for the Principal Executive Officer,
Principal Financial Officer, Controllers and
Other Personnel Responsible for the
Compilation, Maintenance, Recording,
Preparation, Reporting and Dissemination
of Financial Information
of
FONAR CORPORATION
Fonar Corporation (the "Company") is committed to conducting its business
in compliance with all the applicable laws and regulations of the countries in
which it operates and in accordance with high standards of business conduct. The
Company strives to maintain the highest standards of accuracy, completeness and
disclosure in its financial dealings, records and reports. These standards serve
as the basis for managing the Company's business, for meeting the Company's
duties to its shareholders and for maintaining compliance with financial
reporting requirements. All of the Company's personnel described below must
agree to comply with the following principles, and the Chief Executive Officer,
in his or her capacity as the Company's principal executive officer, to whom all
senior financial officers and personnel ultimately report, will promote and
support this Code of Ethics, and, to the extent consistent with his or her
duties and responsibilities, comply with the principles set forth in this Code
of Ethics.
Each employee of the Company having responsibility for compiling,
recording, maintaining and reporting financial information will adhere to and
advocate the following principals and responsibilities governing his or her
professional and ethical conduct, each to the best of his or her knowledge and
ability and to the extent the following apply to his or her duties on behalf of
the Company.
1. Act with honesty and integrity and in an ethical manner, avoiding actual or
apparent conflicts of interest in personal and professional relationships.
2. Promptly disclose to the Company through the Chief Executive Officer, Chief
Financial Officer, General Counsel or Audit Committee, any transaction or
relationship that reasonably could be expected to give rise to a conflict
of interest between personal and professional relationships.
3. Provide other Company personnel with information that is accurate,
complete, objective, relevant, timely and understandable, for both the
internal use of the Company and to promote full, fair, accurate, timely and
understandable disclosure in reports and documents that the Company files
with or submits to, the Securities and Exchange Commission and in other
public communications made by registrant.
4. Comply with the rules and regulations of federal, state, provincial and
local governments and other appropriate and private and public regulatory
agencies.
5. Act in good faith, responsibility, with due care, competence and diligence,
without misrepresenting material facts or allowing my independent judgment
to be subordinated.
6. Use good business and professional judgment in the processing and recording
of all financial transactions.
7. Respect the confidentiality of information acquired in the course of the
Company's business, except when authorized or otherwise legally obligated
to disclose such information, and not use confidential information acquired
in the course of work for personal advantage.
8. Share knowledge and maintain skills important and relevant to the Company's
needs.
9. Promote ethical behavior among co-workers in the work environment.
10. Achieve responsible use of and control over all assets and resources
employed or entrusted to him or her.
11. Comply with generally accepted accounting standards and practices, rules,
regulations and controls, where applicable.
12. Ensure that accounting entries are promptly and accurately recorded and
properly documented and that no accounting entry intentionally distorts or
disguises the true nature of any business transaction.
13. Maintain books and records that fairly and accurately reflect the Company's
business transactions.
14. Sign only those documents that he or she believes to be accurate and
truthful.
15. Devise, implement and maintain sufficient internal controls in connection
with his or her duties or position to assure that financial record keeping
objectives are met.
16. Prohibit the establishment of any undisclosed or unrecorded funds or assets
for any purpose and provide for the proper and prompt recording of all
disbursements of funds and all receipts.
17. Not knowingly be a party to any illegal activity or engage in acts that are
discreditable to his or her profession or the Company.
18. Respect and contribute to the legitimate and ethical objects of the
Company.
19. Engage in only those services for which he or she has the necessary
knowledge, skill and expertise.
20. Not make, or tolerate to be made, false or artificial statements or entries
for any purpose in the books and records of the Company or in any internal
or external correspondence, memoranda, or communication of any type,
including telephone or wire communications.
21. Report to the Company through the Chief Executive Officer, Chief Financial
Officer, General Counsel, or Audit Committee, any situation where he or she
knows or believes the Code of Ethics, the Company's standards or the laws
are being violated.
Those required to comply with this Code of Ethics understand that they are
accountable for adherence to this Code of Ethics, that failure to comply with
this Code of Ethics will not be tolerated by the Company and that deviations
therefrom or violations thereof will result in serious consequences, which may
include, but may not be limited to, serious reprimand, dismissal or other legal
actions.
No person required to comply with this Code of Ethics who takes or refuses
to take any action on this basis of his or her good faith reliance on this Code
of Ethics will be subject to dismissal, disciplinary action, demotion, deprival
of benefits or other reprisals by the Company.
The parties subject to this Code of Ethics will acknowledge in writing that
they agree to comply with these requirements.
I have read and agree to comply with the within Code of Ethics and agree to
comply with the requirements contained herein.