17:17B-3 - Unlawful sales of equity securities; defense - New Jersey Statutes

17:17B-3.  Unlawful sales of equity securities;  defense
    It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such 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 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 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.

     L.1965, c. 57, s. 3.