§ 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.