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

§ 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