DEPARTMENT OF LAW 1387

notes, shares, profit sharing agreements, service agreements, membership
certificates and trustee certificates, or other securities, that he, they, or it
have filed with the Attorney General the registration statement referred to
in Section 11, and thereby has or have qualified to sell stocks, bonds, or
other securities.

1937, ch. 348, see. 10C.

13. The provisions of Section 11 of this Article shall not apply to any
person, firm or corporation selling or offering for sale stocks, bonds, notes,
shares, profit sharing agreements, service agreements, membership certifi-
cates and trustee certificates, or other securities:

(a) As trustee, executor, administrator, or receiver; or

(b) Under the orders of any Court; or

(c) Under the power given in any instrument whereby such stocks,
bonds, notes, shares, profit sharing agreements, service agreements, mem-
bership certificates and trustee certificates, or other securities have been
pledged as security for a debt.

An. Code, 1924, sec. 11. 1920, ch. 552, sec. 11. 1931, ch. 271, sec. 11.

14. If it shall appear to the Attorney General of the State of Mary-
land that in the issuance, sale, promotion, negotiation, advertisement of
or distribution of any stocks, bonds, notes, shares, profit sharing agree-
ments, service agreements, membership certificates and trustees certificates,
or other securities within the State of Maryland, any person, partnership
or corporation is employing or is about to employ any device, scheme or
artifice to defraud, or for obtaining money or property by means of any
false or fraudulent pretense, representation or promise, or the said Attor-
ney General believes it to be in the interest of the public that an investi-
gation be made with a view to the issuance of an order such as herein
provided, he may require such person, partnership or corporation to file
with him a statement in writing under oath as to all facts concerning the
same, and for that purpose may prescribe forms upon which said state-
ments shall be made. The Attorney General may require, in addition
thereto, such further data and information as he may deem relevant and
make such special investigation as may be necessary, and for the purposes
of this sub-title the Attorney General, or an Assistant Attorney General
duly authorized by him, shall have power to require by subpoena or sum-
mons, the attendance and testimony of witnesses and the production of any
books, accounts, records, papers and correspondence relating to any matter
which the Attorney General is authorized by this sub-title'to consider'or
investigate. The Attorney General or his duly authorized assistant, may
sign subpoenas, administer oaths and.affirmations, examine witnesses and
receive evidence. In case of disobedience to a subpoena or of the con-
tumacy of any witness appearing before the Attorney General or his duly
authorized Assistant Attorney General, the Attorney General may invoke
the aid of the Circuit Court of any of the counties of the State of Mary-
land, or of the Superior Court of Baltimore City. Such court may there-
upon issue an order requiring the person subpoenaed to obey the subpoena
or to give evidence or produce books, accounts, records, papers and cor-
respondence touching the matter in question. Any failure to obey such
order of the court may be punished by such court as a contempt thereof.
In the case of a failure or refusal of any person, partnership or cor-