§ 507. Penalty
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 507
§ 507. Penalty
Subject to the provisions of subsection (a) of section 406 and subsection (c) of section 406.1,1 no director, trustee, or officer of any stock or mutual life insurance company, incorporated under any law of this Commonwealth, shall receive any money or valuable thing for negotiating, procuring, recommending, or aiding in any purchase by, or sale to, such company of any property, or any loan from such company; nor be directly or indirectly pecuniarily interested, either as principal, co-principal, agent, or beneficiary, in any such purchase, sale, or transaction. Any person violating any provision of this section shall be guilty of a misdemeanor, and, upon conviction, shall be sentenced to pay a fine not exceeding five hundred dollars.
Credits
1921, May 17, P.L. 682, art. IV, § 407. Amended 1965, June 2, P.L. 77, § 2.
Footnotes
40 P.S. §§ 506, 506.1.
40 P.S. § 507, PA ST 40 P.S. § 507
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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