12 LAWS OF MARYLAND [CH. 1

(c) A registration statement under this section automatically be-
comes effective at the moment the federal registration statement be-
comes effective if all the following conditions are satisfied: (1) no
stop order is in effect and no proceeding is pending under section
24; (2) the registration statement has been on file with the Com-
missioner for at least ten days; and (3) a statement of the maxi-
mum and minimum proposed offering prices and the maximum un-
derwriting discounts and commissions has been on file for two full
business days or such shorter period as the Commissioner permits
by rule or otherwise and the offering is made within those limita-
tions. The registrant shall promptly notify the Commissioner by
telephone or telegram of the date and time when the federal regis-
tration statement became effective and the content of the price
amendment, if any, and shall promptly file a post-effective amend-
ment containing the information and documents in the price amend-
ment. "Price amendment" means the final federal amendment which
includes a statement of the offering price, underwriting and selling
discounts or commissions, amount of proceeds, conversion rates, call
prices,, and other matters dependent upon the offering price. Upon
failure to receive the required notification and post-effective amend-
ment with respect to the price amendment, the Commissioner may
enter a stop order, without notice or hearing, retroactively denying
effectiveness to the registration statement or suspending its effective-
ness until compliance with this subsection, if he promptly notifies the
registrant by telephone or telegram (and promptly confirms by
letter or telegram when he notifies by telephone) of the issuance
of the order. If the registrant proves compliance with the require-
ments of this subsection as to notice and post-effective amendment,
the stop order is void as of the time of its entry. The Commissioner
may by rule or otherwise waive either or both of the conditions
specified in clauses (2) and (3). If the federal registration state-
ment becomes effective before all the conditions in this subsection
are satisfied and they are not waived, the registration statement
automatically becomes effective as soon as all the conditions are
satisfied. If the registrant advises the Commissioner of the date
when the federal registration statement is expected to become effec-
tive, the Commissioner shall promptly advise the registrant by
telephone or telegram, at the registrant's expense, whether all the
conditions are satisfied and whether he then contemplates the in-
stitution of a proceeding under section 24; but this/advice by the
Commissioner does not preclude the institution of such a proceeding
⁽at any time.

(d) Any security for which the documents required by any regula-
tion adopted by the Securities and Exchange Commission under
sections 3 (b) or 3 (c) of the Securities Act of 1933 have been filed
with said Commission in connection with the same offering may be
registered by coordination upon compliance with subsections (b) and
(c) of this section in such manner as the Commissioner by rule or
order may prescribe. For purposes of this subsection, the terms
"federal registration statement" and "federal prospectus" shall in-
clude the documents (including the offering circular, if any) which
may be filed with the Securities and Exchange Commission pursuant
to any such regulation.