Indiana § 27-2-10-3 Short sales; time for delivery of securities sold

Indiana Statutes

§ 27-2-10-3 — Short sales; time for delivery of securities sold

Indiana·Title 27 INSURANCE·Art. 2 POWERS AND DUTIES OF INSURERS·Ch. 10 Equity Securities of Insurance Companies

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.

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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 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.

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