58-5-70. Short sales by insider as misdemeanor--Delivery of securities sold, when required.
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/sd/title-58/chapter-58-5/58-5-70A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It shall be a Class 2 misdemeanor 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;