Sec. 38a-120. (Formerly Sec. 38-68d). Sales of securities restricted.
Sec. 38a-120. (Formerly Sec. 38-68d). Sales of securities restricted. No such
beneficial owner, director or officer, directly or indirectly, shall 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
twenty days thereafter, or does not within five 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.
(February, 1965, P.A. 273, S. 4.)
History: Sec. 38-68d transferred to Sec. 38a-120 in 1991.
Annotation to former section 38-68d:
Sec. 38-62 et seq. cited. 207 C. 77.