Prohibited sales of securities
(1) No beneficial owner, director or officer, as described in ORS 732.430 (Filing statement of security ownership with director) directly or indirectly, shall sell any equity security of such insurer if the person selling the security or the person’s 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 five 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 the person proves that notwithstanding the exercise of good faith the person was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense. [Formerly 738.750]
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