RAMSAY YOUTH SERVICES INC
CODE OF ETHICS FOR CEO & SENIOR FINANCIAL OFFICER
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<TYPE>EX-10.166
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<FILENAME>g81502exv10w166.txt
<DESCRIPTION>CODE OF ETHICS FOR CEO & SENIOR FINANCIAL OFFICER
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                                                                  Exhibit 10.166

                                 ETHICS FOR CEO
                          AND SENIOR FINANCIAL OFFICERS


         The Company has a Code of Conduct applicable to all employees of the
Company. The CEO and all senior financial officers, including the CFO, are bound
by the provisions set forth therein relating to ethical conduct, conflicts of
interest and compliance with law. In addition to the Code of Conduct, the CEO
and all senior financial officers are subject to the following additional
specific policies:

         1.       The CEO and all senior financial officers are responsible for
                  full, fair, accurate, timely and understandable disclosure in
                  the periodic reports required to be filed by the Company with
                  the SEC. Accordingly, it is the responsibility of the CEO and
                  each senior financial officer promptly to bring to the
                  attention of the Audit Committee any material information of
                  which he or she becomes aware that affects the disclosures
                  made by the Company in its public filings or otherwise assist
                  the Audit Committee in fulfilling its responsibilities.

         2.       The CEO and each senior financial officer shall promptly bring
                  to the attention of the Audit Committee any information he or
                  she may have concerning (a) significant deficiencies in the
                  design or operation of internal controls which could adversely
                  affect the Company's ability to record, process, summarize and
                  report financial data or (b) any fraud, whether or not
                  material, that involves management or other employees who have
                  a significant role in the Company's financial reporting,
                  disclosure or internal controls.

         3.       The CEO and each senior financial officer shall promptly bring
                  to the attention of the CEO and to the Audit Committee any
                  information he or she may have concerning any violation of the
                  Company's Code of Conduct, including any actual or apparent
                  conflicts of interest between personal and professional
                  relationships, involving any management or other employees who
                  have a significant role in the Company's financial reporting,
                  disclosure or internal controls.

         4.       The CEO and each senior financial officer shall promptly bring
                  to the attention of the CEO and to the Audit Committee any
                  information he or she may have concerning evidence of a
                  material violation of the securities or other laws, rules or
                  regulations applicable to the Company and the operation of its
                  business, by the Company or any agent thereof, or of violation
                  of the Code of Conduct or of these additional procedures.

         5.       The Board of Directors shall determine, or designate
                  appropriate persons to determine, appropriate actions to be
                  taken in the event of violations of the Code of Conduct or of
                  these additional procedures by the CEO and the



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                  Company's senior financial officers. Such actions shall be
                  reasonably designed to deter wrongdoing and to promote
                  accountability for adherence to the Code of Conduct and to
                  these additional procedures, and shall include written notices
                  to the individual involved that the Board has determined that
                  there has been a violation, censure by the Board, demotion or
                  re-assignment of the individual involved, suspension with or
                  without pay or benefits (as determined by the Board) and
                  termination of the individual's employment. In determining
                  what action is appropriate in a particular case, the Board of
                  Directors or such designee shall take into account all
                  relevant information, including the nature and severity of the
                  violation, whether the violation was a single occurrence or
                  repeated occurrences, whether the violation appears to have
                  been intentional or inadvertent, whether the individual in
                  question had been advised prior to the violation as to the
                  proper course of action and whether or not the individual in
                  question had committed other violations in the past.














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