New York § 1220 Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies

New York Statutes

§ 1220 — Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies

New York § 1220

Law ISCInsurance

Art. 12Organization and Corporate Procedure

This text of New York § 1220 (Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 1220 (2026).

Text

  § 1220. Misconduct by officers and directors of co-operative fire\ninsurance companies and of fraternal benefit societies. No officer or\ndirector of a co-operative fire insurance company or of a fraternal\nbenefit society shall sell his position as such officer or director for\nany money or valuable consideration, or accept or receive, directly or\nindirectly, any money or valuable consideration for his resignation as\nsuch officer or director. He shall be guilty of a felony if any money or\nvaluable consideration accepted or received for any such sale or\nresignation exceeds five hundred dollars. If it is a less amount, he\nshall be guilty of a misdemeanor.\n

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§ 1220. Misconduct by officers and directors of co-operative fire\ninsurance companies and of fraternal benefit societies. No officer or\ndirector of a co-operative fire insurance company or of a fraternal\nbenefit society shall sell his position as such officer or director for\nany money or valuable consideration, or accept or receive, directly or\nindirectly, any money or valuable consideration for his resignation as\nsuch officer or director. He shall be guilty of a felony if any money or\nvaluable consideration accepted or received for any such sale or\nresignation exceeds five hundred dollars. If it is a less amount, he\nshall be guilty of a misdemeanor.\n