Section 407. Penalty.--Subject to the provisions of subsection (a) of section 406 and subsection (c) of section 406.1, 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.
(407 amended June 2, 1965, P.L.77, No.54)