Insurance Law 1220 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1219 Misconduct by directors; insolvency up ARTICLE 12 Organization and Corporate Procedure next SECTION 1221 Transactions by officers, directors and certain shareowners in the insurer's shares Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1220 Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies Insurance (ISC) CHAPTER 28, ARTICLE 12 § 1220. Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies. No officer or director of a co-operative fire insurance company or of a fraternal benefit society shall sell his position as such officer or director for any money or valuable consideration, or accept or receive, directly or indirectly, any money or valuable consideration for his resignation as such officer or director. He shall be guilty of a felony if any money or valuable consideration accepted or received for any such sale or resignation exceeds five hundred dollars. If it is a less amount, he shall be guilty of a misdemeanor.