17B:18-55 - Limitation on sale of stock by director, officer and principal stockholders - New Jersey Statutes

17B:18-55.  Limitation on sale of stock by director, officer and principal stockholders
    It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any stock of such insurer if the person selling  the stock or his principal a. does not own the stock sold, or b. if owning the  stock, 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.1971, c. 144, s. 17B:18-55.