North Dakota § 26.1-05-13 Conditions of sale

North Dakota Statutes

§ 26.1-05-13 — Conditions of sale

North Dakota·Title 26.1 Insurance·Ch. 26.1-05 Organization and Operation of Domestic Companies

A beneficial owner, director, or officer, directly or indirectly, may not sell any equity security
of a domestic stock insurance company if the person selling the security or the person's
principal does not own the security sold, or if owning the security, does not deliver it against
such sale within twenty days thereafter, or does not within five days after the sale deposit it in
the mails or other usual channels of transportation. A person does not violate this section if the
person proves that notwithstanding the exercise of good faith the person 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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A beneficial owner, director, or officer, directly or indirectly, may not sell any equity security
of a domestic stock insurance company if the person selling the security or the person's
principal does not own the security sold, or if owning the security, does not deliver it against
such sale within twenty days thereafter, or does not within five days after the sale deposit it in
the mails or other usual channels of transportation. A person does not violate this section if the
person proves that notwithstanding the exercise of good faith the person was unable to make
such delivery or deposit within such time, or that to do so would cause undue inconvenience or
expense.

North Dakota § 26.1-05-13 (Conditions of sale) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.