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

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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.

                    
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