Alabama § 27-27-55 Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales

Alabama Statutes

§ 27-27-55 — Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales

Alabama § 27-27-55

Title 27Insurance

Ch. 27Organization and Corporate Procedures of Stock and Mutual Insurers

This text of Alabama § 27-27-55 (Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-27-55 (2026).

Text

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:

(1)Does not own the security sold; or

(2)If owning the security, does not deliver it against such sale within 20 days thereafter or does not within five 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.

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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:
(1) Does not own the security sold; or
(2) If owning the security, does not deliver it against such sale within 20 days thereafter or does not within five 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.