Delaware § 5105 - Unlawful sale of securities.

§ 5105. Unlawful sale of securities.

No such beneficial owner, director or officer, directly or indirectly, shall sell any equity security of such insurer if the person selling the security or 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 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 such person proves that, notwithstanding the exercise of good faith, was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.

18 Del. C. 1953, §  5105;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;