§ 4304 - Unlawful sales; delivery - Vermont Statutes

§ 4304. Unlawful sales; delivery

It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or his principal does not own the security sold, or if owning the security, does not deliver it against the sale within 20 days thereafter, or does not within five days after the sale deposit it in the mails or other usual channels of transportation; but no person may be considered to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make delivery or deposit within that time, or that to do so would cause undue inconvenience or expense. (1965, No. 88, § 3.)