It is unlawful for a beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the insurer if the person selling the security or his principal (a) does not own the security sold, or (b) if owning the security, does not deliver it against the sale within twenty days thereafter, or does not within five days after the sale deposit it in the mails or other usual channels of transportation. A person is not considered to have violated this section if he proves that, notwithstanding the exercise of good faith, he was unable to make the delivery or deposit within this time or that to do so would cause undue inconvenience or expense.
HISTORY: Former 1976 Code Section 38-23-60 [1947 (45) 322; 1952 Code Section 37-1006; 1962 Code Section 37-1006] recodified as Section 38-35-60 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-50 [1962 Code Section 62-474; 1966 (54) 2146] recodified as Section 38-23-60 by 1987 Act No. 155, Section 1.
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