33-3-443. Short sales of equity securities prohibited -- time for delivery after sale. (1) 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:
     (a) does not own the security sold; or
     (b) if owning the security, 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.
     (2) 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.

     History: En. Sec. 3, Ch. 159, L. 1965; R.C.M. 1947, 40-4753.