**EXHIBIT      14**

| I. | DEFINITIONS |
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|   | A. | “Corporation”                  shall mean Chanticleer Holdings,                  Inc. |
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|   | B. | “Access                  Person” means any director, officer, general partner, or Advisory Person                  of the Corporation. |
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|   | C. | “Advisory                  Person” means any employee of the Corporation, who, in connection with                  his                  or her regular functions or duties, makes, participates in, or                  obtains                  information regarding the purchase or sales of a security by the                  Corporation, or whose functions relate to the making of any                  recommendations with respect to such purchases or sales; and any                  natural                  person in a control relationship to the Corporation who obtains                  information concerning recommendations made to the Corporation                  with regard                  to the purchase or sale of a                  security. |
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|   | D. | “Purchase                  or sale of a security” includes, inter                  alia,                  the writing of an option to purchase or sell a                  security. |
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|   | E. | “Control”                  shall have the same meaning as that set forth in Section 2(a)(9)                  of the                  Investment Company Act of 1940. |
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|   | F. | “Security”                  shall have the meaning set forth in 2(a)(36) of the Investment                  Company Act                  of 1940, except that it shall not include shares of registered                  open-end                  investment companies, securities issued by the Government of the                  United                  States, short term debt securities which are “government securities”                  within the meaning of Section 2(a)(16) of the Investment Company                  Act of                  1940, bankers’ acceptances, bank certificates of deposit, commercial                  paper, and such other money market instruments as designated by                  the                  board. |
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|   | G. | “Beneficial                  ownership” shall be interpreted in the same manner as it would be in                  determining whether a person is subject to the provisions of Section                  16 of                  the Securities Exchange Act of 1934 and the rules and regulations                  there                  under, except that the determination of direct or indirect beneficial                  ownership shall apply to all securities which an Access Person                  has or                  acquires. |
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|   | H. | “Investment                  company” means a company registered as such under the Investment Company                  Act of 1940, as amended. |
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|   | I. | “Manipulation”                    means to alter by artful, insidious, or unfair means to serve                    one’s                    purpose. |
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| II. | PROHIBITIONS |
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|   | A. | No                  Access Person of The Corporation, or any of it’s subsidiaries, shall                  purchase or sell, directly or indirectly, any security in which                  he or she                  has, or by reason of such transaction acquires, any direct or indirect                  beneficial ownership and which he or she knows or should have known                  at the                  time of such purchase or sale: |
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|   | 1. | is                    being considered for purchase or sale by the Corporation;                    or |
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|   | 2. | is                    being purchased or sold by the Corporation;                    or |
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|   | 3. | is                    being sold short by the                    Corporation. |
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| III. | EXEMPTED                    TRANSACTIONS |
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|   | A. | The                    prohibitions of Section 2 of this Code shall not apply                    to: |
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|   | 1. | Purchases                    or sales affected in any account over which the Access Person                    has no                    direct or indirect influence or                    control. |
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|   | 2. | Purchases                    or sales of securities that are not eligible for purchase or                    sale by the                    Corporation. |
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|   | 3. | Purchases                    or sales that are not voluntary or purposefully made on the part                    of either                    the Access Person or the                    Corporation. |
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|   | 4. | Purchases,                    which are part of an automatic dividend reinvestment                    plan. |
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|   | 5. | Purchases                    effected upon the exercise of rights issued by an issuer pro-rata                    to                    all holders of a class of securities, to the extent such rights                    were                    acquired from the issuer, and sales of such rights so                    acquired. |
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|   | 6. | Purchases                    or sales that receive the prior approval of the Corporation’s Board                    because they are only remotely potentially harmful to the Corporation,                    because they would be very unlikely to affect a highly institutional                    market, or because they clearly are not related economically                    to the                    securities to be purchased, sold or held by the                    Corporation. |
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| IV. | REPORTING |
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|   | A. | Every                    Access Person shall voluntarily report to the Corporation, on                    a timely                    basis, the information described in Section 4(c) of this Code                    with respect                    to transactions in any security in which such Access Person has,                    or by                    reason of such transaction acquires, any direct or indirect beneficial                    ownership in the security; provided, however, that an Access                    Person shall                    not be required to make a report with respect to transactions                    effected for                    any account over which such person does not have any direct or                    indirect                    influence. |
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|   | B. | An                    employee of the Corporation who is not an Access Person need                    only report a                    transaction in a security if such director, at the time of that                    transaction, knew or, in the ordinary course of fulfilling his                    or her                    official duties as a director of the Corporation, should have                    known that,                    during the 15-day period immediately preceding the date of the                    transaction                    by the director, such security was purchased or sold by the Corporation                    or                    was being considered by the Corporation or its investment advisor                    for the                    purchase or sale by the                    Corporation. |
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|   | C. | Every                    report shall be made not later than 10 days after the end of                    the calendar                    quarter in which the transaction to which the report relates                    was effected,                    and shall contain the following                    information: |
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|   | 1. | The                    date of the transaction, the title and number of shares, and                    the principal                    amount of each security involved. |
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|   | 2. | The                    nature of the transaction (i.e., purchase, sale or any other                    type of                    acquisition or disposition). |
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|   | 3. | The                    price at which the transaction was                    effected. |
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|   | 4. | The                    name of the broker, dealer or bank with or through whom the transaction                    was effected. |
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|   | D. | It                    is the intent of the Corporation to abide by Rule 17j-1, dictating                    the                    reporting requirement, and as the Rule is amended, from time                    to time, to                    review the Rule to insure that the Corporation diligently abides                    by all                    aspects of the reporting requirements under said                    Rule. |
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| V. | SANCTIONS |
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|   | A. | Section                  (b)(1) of Rule 17j-1 requires Corporations to “use reasonable diligence,                  and institute procedures reasonably necessary, to prevent violations” of                  its codes of ethics. |
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|   | B. | Upon                  discovering a violation of this Code of Ethics, the board of directors                  of                  the Corporation may impose such sanctions as it deems appropriate,                  including, inter                  alia,                  a                  letter of censure or suspension or termination of the employment                  of the                  violator. Such a violation might include, but are not limited to,                  filing                  incomplete, untimely, or false reports and engaging in any manipulative                  practice or course of business that operates as a fraud upon such                  registered investment company. |
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|   | C. | Rule                  17j-1 does not supplant any obligation or prohibition to which                  an Access                  Person may be subject under the Investment Advisors Act of 1940                  or any                  other federal securities laws. |
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