§ 26-25-105 — Unlawful sales of equity securities

(a) No beneficial owner, director or officer shall sell
any equity security of the insurer if the person selling the
security or his principal:
(i) Does not own the security sold;
(ii) If owning the security, does not deliver it
against the sale within twenty (20) days from the date of sale;
or
(iii) Does not within five (5) days from the date of
sale deposit it in the mails or other usual channels of
transportation.
(b) No person is guilty of violating this section if he
proves that notwithstanding the exercise of good faith he was
unable to make the delivery or deposit within the time specified
in subsection (a) of this section, or that making the delivery
or deposit would have caused undue inconvenience or expense.