US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 28
                    ORGANIZATION AND CORPORATE PROCEDURES
                         OF STOCK AND MUTUAL INSURERS
    41-2862.  RESTRICTIONS ON SALE OF EQUITY SECURITIES. 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:
    (a)  does not own the security sold; or
    (b)  if owning the security, does not deliver it against such sale within
twenty (20) days thereafter, or does not within five (5) days after such sale
deposit in the mails or other usual channels of transportation; but no person
shall be deemed to have violated this section if he proves that
notwithstanding the exercise of good faith he was unable to make such delivery
or deposit within such time, or that to do so would cause undue inconvenience
or expense.