Unlawful sales of securities

It shall be unlawful for any beneficial owner, director, or officer directly or indirectly to sell any equity security of such insurer if the person selling the security or his principal: (1) Does not own the security sold; (2) If owning the security, does not deliver it against such sale within 20 days thereafter; or (3) Does not within five days after the sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this Code section if he proves that notwithstanding the exercise of good faith he was unable to make the delivery or deposit within that time or that to do so would cause undue inconvenience or expense. 687 33-14-96 History. — Code 1933, § 56-1603, enacted by Ga. L. 1965, p. 378, § 3. 33-14-94. Sales by dealers in ordinary course of business and incident to establishment or maintenance of primary or secondary market exempted from article. Code Section 33-14-92 shall not apply to any purchase and sale, or sale and purchase, and Code Section 33-14-93 shall not apply to any sale of an equity security of a domestic stock insurer not then or theretofore held by him in an investment account by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market otherwise than on an exchange as defined in the Securities Exchange Act of 1934 for such security. The Commissioner may by any rules and regulations as he deems necessary or appropriate in the public interest define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. History. — Code 1933, § 56-1604, enacted by Ga. L. 1965, p. 378, § 3.