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 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. 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.
Structure Mississippi Code
Chapter 19 - Domestic Companies
§ 83-19-1. Classifications of insurance companies
§ 83-19-3. Insurance of apparatus
§ 83-19-5. Expiration of charters under special acts
§ 83-19-7. Expiration of charters under general insurance laws
§ 83-19-11. Organization of insurance companies
§ 83-19-15. Organizational meeting
§ 83-19-16. Commissioner of Insurance to be notified of changes in officers or directors
§ 83-19-19. Certificate of organization
§ 83-19-27. Examination of financial ability, condition, and affairs
§ 83-19-29. New companies to file financial statement each quarter for two years
§ 83-19-31. Capital required for various classes of companies
§ 83-19-33. Capital stock payment
§ 83-19-35. Commissioner to approve the price per share of stock
§ 83-19-41. No stock to be placed on option
§ 83-19-43. Qualification of certain stock sales with securities exchange commission
§ 83-19-45. Organization through sale of stock in holding company prohibited
§ 83-19-47. Violation to invalidate organization of company
§ 83-19-51. Investment of funds by domestic insurance companies
§ 83-19-53. Investment to finance buildings for General Services Administration
§ 83-19-55. Real estate holdings
§ 83-19-57. Capital impairment
§ 83-19-59. Application to increase or reduce capital stock
§ 83-19-61. Increase of capital stock
§ 83-19-63. Reduction of capital stock
§ 83-19-67. Regulation of management contracts
§ 83-19-69. Certain contracts prohibited in another state
§ 83-19-75. Penalty for failure to report impairment of surplus
§ 83-19-77. Exceptions to surplus requirements
§ 83-19-79. "Equity security" defined
§ 83-19-81. Statements of ownership of equity securities
§ 83-19-83. Recovery of profit realized from certain purchase or sale of equity security
§ 83-19-85. Prohibition of certain sales of equity security
§ 83-19-87. Certain purchases or sales of equity securities excepted
§ 83-19-89. Certain arbitrage transactions excluded
§ 83-19-91. Solicitation of proxies, consents, or authorizations
§ 83-19-93. Transmission of security information
§ 83-19-95. Provisions inapplicable to certain equity securities