Sec. 3. It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such domestic insurance 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 twenty (20) days thereafter, or does not within five (5) days after such sale deposit it 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.
Formerly: Acts 1965, c.5, s.3.
Structure Indiana Code
Article 2. Powers and Duties of Insurers
Chapter 10. Equity Securities of Insurance Companies
27-2-10-1. Statement of Equity Ownership and Changes in Holdings
27-2-10-3. Short Sales; Time for Delivery of Securities Sold
27-2-10-4. Exemption of Dealers
27-2-10-5. Exemption of Arbitrage Transactions
27-2-10-6. "Equity Security" Defined
27-2-10-7. Exemption of Sale of Registered Securities or Securities in Closely Held Corporation