694A.040 - Unlawful sales of equity securities. - Nevada Statutes

694A.040  Unlawful sales of equity securities.  It is unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such insurer if the person selling the security or the principal of the person:

      1.  Does not own the security sold; or

      2.  If the owner of 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,

Ê but no person shall be deemed to have violated this section if he or she proves that notwithstanding the exercise of good faith he or she was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.

      (Added to NRS by 1971, 1825)