17:17B-3 - Unlawful sales of equity securities;Ā defense
17:17B-3.Ā Unlawful sales of equity securities;Ā defense
It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver it against such sale within 20 days thereafter, or does not within 5 days after such sale deposit itĀ in the mails or other usual channels of transportation:Ā but no person shall beĀ deemed to have violated this section if he proves that notwithstanding theĀ exercise of good faith he was unable to make such delivery or deposit withinĀ such time, or that to do so would cause undue inconvenience or expense.
L.1965, c. 57, s. 3.
It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver it against such sale within 20 days thereafter, or does not within 5 days after such sale deposit itĀ in the mails or other usual channels of transportation:Ā but no person shall beĀ deemed to have violated this section if he proves that notwithstanding theĀ exercise of good faith he was unable to make such delivery or deposit withinĀ such time, or that to do so would cause undue inconvenience or expense.
L.1965, c. 57, s. 3.