2021 Hawaii Revised Statutes
Title 24. Insurance
431. Insurance Code
431:4-210 Unlawful sales of equity security.
§431:4-210 Unlawful sales of equity security. It shall be unlawful for any beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or the person's principal:
(1) Does not own the security sold; or
(2) 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.
No person shall be deemed to have violated this section if the person proves that notwithstanding the exercise of good faith the person was unable to make delivery or deposit within the required time, or that to do so would cause undue inconvenience or expense. [L 1987, c 347, pt of §2; am L 2018, c 18, §25]
