No such beneficial owner, director or officer shall directly or indirectly sell any equity security of such insurer 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 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.
History: Laws 1984, ch. 127, ยง 611.
Structure New Mexico Statutes
Article 36 - Insider Trading in Equity Security of Domestic Insurer
Section 59A-36-1 - "Equity security" defined.
Section 59A-36-2 - Ownership statements; filing.
Section 59A-36-3 - Recovery of profits.
Section 59A-36-4 - Sale and delivery.
Section 59A-36-5 - Sales by dealers.
Section 59A-36-6 - Arbitrage transactions.