ART. 56] BROKERS. 1347

1904, art. 56, sec. 17. 1888, art. 56, sec. 20. 1860, art 56, sec. 13.
1842, ch. 257, sec. 3.

17. Any person who shall make it a business to deal in any manner
upon his own account or for others in the purchase or sale of stocks,
bills, notes, bank notes or other obligations shall be deemed and taken
to be a broker; but no person having a license himself shall be obliged
to pay a license for the clerks or agents employed by him.

Ibid. sec. 18. 1888. art. 56, sec. 21. 1860, art. 56, sec. 14.
1841, ch. 282, sec. 4.

18. If any person who has obtained such license shall die or shall
remove from and cease to use and exercise the business of a broker
thereunder in the county or city therein named before the expiration
of the term therein specified, the benefit of said license for the unex-
pired term shall inure to and be continued in his legal representative
or assignee upon application to the proper clerk for that purpose,
accompanied by the oath of the party applying, made before a judge
of a court of record and endorsed on said license that the party or
parties to whom said license was originally granted is or are deceased,
or has or have removed from and ceased to use or exercise the said
business in the county or city named in said license.

Ibid. sec. 19. 1888, art. 56, sec. 22. 1860, art 56, sec. 15.
1841, ch. 282, sec. 4.

19. Upon said application and affidavit; the clerk shall, by his
endorsement, on said license, authorize such legal representative or
assignee to use or exercise the business of such broker for the unexpired
term in said license named.

Ibid. sec. 20. 1888, art. 56, sec. 23. 1860, art. 56. sec. 16.
1841, ch. 282, sec. 4.

20. No individual, copartnership or firm, legal representative or
assignee shall use or occupy at the same time more than one office or
place of business for the transaction of his or their business, but any
individual, copartnership or firm may hold at the same time a license
as a stockbroker, a license as an exchange broker, and a license as a
bill broker upon paying to the clerk the several sums herein prescribed
for a license therefor.

Ibid. sec. 21. 1888. art. 56, sec. 24. 1860, art, 56, sec. 17. 1841, ch. 282,

sec. 5. 1862, ch. 144. 1868, ch. 209. 1868. ch. 448.

1874, ch. 256. 1878, ch. 270.

21. If any individual, copartnership or firm shall use or exercise
the business or occupation of a stock broker, or an exchange broker, or
a bill broker, or a pawn broker, or a merchandise broker, or a real
estate broker, or an insurance broker, or a grain broker, without having
procured a license as required by this article, he shall be subject to a
penalty of five hundred dollars for each offense, one-half for the use
of the State, and the other half to the informer.

This section is a revenue measure, and indicates that there is no illegality
in the unlicensed broker's contract. Coates v. Locust Point Co., 102 Md. 296.