N.Y. Insurance Law § 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

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.