The first season the rule was in effect (1997-98), there was a note in the comments on the changes that said players should remain standing - the quote was something like "this is not intended to be a clipboard timeout" - but there was no penalty for sitting down.
Nothing in the rulebook covers actions during the 30-sec. However, if I had a dollar for every time I've argued over that rule or lack thereof, I'd be about $75 richer.
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"To win the game is great. To play the game is greater. But to love the game is the greatest of all."
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