Is that a violation of AICPA code of professional conduct? and under which rule of the code this case?

Question

A cpa firm which performs audit services is owned 60% by the cpa members of the firm and 40% by a retired member of the firm who is no longer a cpa.

Answer 1

Why would it violate the code of conduct for a retired partner to retain an ownership position in the firm? If the retired partner consulted for clients of the firm, I could see a problem. Simply retiring should be fine.