La. Rev. Stat. § 22:691.22
Unlawful sales
Louisiana · Louisiana Revised Statutes Title 22 — Insurance · Status: effective
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- Citation
- La. Rev. Stat. § 22:691.22, Unlawful sales, Louisiana, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2704286
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Full text
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 (1) does not own the security sold, or (2) 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.