17B:18-55 - Limitation on sale of stock by director, officer and principal stockholders
17B:18-55.Ā Limitation on sale of stock by director, officer and principal stockholders
It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any stock of such insurer if the person sellingĀ the stock or his principal a. does not own the stock sold, or b. if owning theĀ stock, does not deliver it against such sale within 20 days thereafter, or doesĀ not within 5 days after such sale deposit it in the mails or other usualĀ channels of transportation;Ā but no person shall be deemed to have violatedĀ this section if he proves that notwithstanding the exercise of good faith heĀ was unable to make such delivery or deposit within such time, or that to do soĀ would cause undue inconvenience or expense.
L.1971, c. 144, s. 17B:18-55.
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It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any stock of such insurer if the person sellingĀ the stock or his principal a. does not own the stock sold, or b. if owning theĀ stock, does not deliver it against such sale within 20 days thereafter, or doesĀ not within 5 days after such sale deposit it in the mails or other usualĀ channels of transportation;Ā but no person shall be deemed to have violatedĀ this section if he proves that notwithstanding the exercise of good faith heĀ was unable to make such delivery or deposit within such time, or that to do soĀ would cause undue inconvenience or expense.
L.1971, c. 144, s. 17B:18-55.
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