ยง 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.
Structure New York Laws
Article 12 - Organization and Corporate Procedure
1201 - Incorporation of Stock or Mutual Insurance Companies.
1203 - Non-Use of Corporate Charter.
1204 - Sale of Insurance Securities.
1206 - Amendments to Charters and Increase of Capital of Insurance Corporations.
1207 - Options for the Purchase of Shares.
1208 - Method of Amending Mutual Company Charters.
1209 - Management and By-Laws of Mutual Insurance Corporations.
1210 - By-Laws of Domestic Stock Life Insurance Companies.
1211 - Mutual Insurance Corporations; Membership and Dividends.
1212 - Service of Process Upon Superintendent as Attorney.
1213 - Service of Process on Superintendent as Attorney for Unauthorized Insurers.
1214 - Acting for Foreign Corporation Which Has Not Designated Superintendent as Attorney.
1215 - Forfeiture of Office by Director or Trustee of a Domestic Mutual Insurer.
1216 - Notice of Indemnification of Directors and Officers of Insurance Corporations.
1217 - Vouchers for Disbursements.
1218 - Regulation of Stock Ownership, Interlocking Directors and Common Management.
1219 - Misconduct by Directors; Insolvency.
1221 - Transactions by Officers, Directors and Certain Shareowners in the Insurer's Shares.