16 LAWS OF MARYLAND [CH. 1

(b) Every person filing a registration statement shall pay a filing
fee of one-tenth of one percent of the maximum aggregate offering
price at which the registered securities are to be offered in this
state, but the fee shall in no case be less than $25. 00 or more than
$250. 00. When a registration statement is withdrawn before the
effective date or a pre-effective stop order is entered under section
24, the Commissioner shall retain one-half of the fee.

(c) Every registration statement shall specify (1) the amount
of securities to be offered in this state; (2) the states in which a
registration statement or similar document in connection with the
offering has been or is to be filed; and (3) any adverse order,
judgment, or decree entered in connection with the offering by the
regulatory authorities in each state or by any court or the Securities
and Exchange Commission.

(d) Any document filed under this act may be incorporated by
reference in the registration statement to the extent that the docu-
ment is currently accurate.

(e) The Commissioner may by rule or otherwise permit the
omission of any item of information or document from any regis-
tration statement.

(f) Every registration statement is effective for one year from
its effective date, or any longer period during which the security
is being offered or distributed in a non-exempted transaction by or
for the account of the issuer or other person on whose behalf the
offering is being made or by any underwriter or broker-dealer who
is still offering part of an unsold allotment or subscription taken
by him as a participant in the distribution, except during the time
a stop order is in effect under section 24. All outstanding securities
of the same class as a registered security are considered to be regis-
tered for the purpose of any non-issuer transaction (1) so long as
the registration statement is effective and (2) between the thirtieth
day after the entry of any stop order suspending or revoking the
effectiveness of the registration statement under section 24 (if the
registration statement did not relate in whole or in part to a non-
issuer distribution) and one year from the effective date of the
registration statement. A registration statement may not be with-
drawn for one year from its effective date if any securities of the
same class are outstanding. A registration statement may be with-
drawn otherwise only in the discretion of the Commissioner.

(g) So long as a registration statement, registered by qualifica-
tion or notification, is effective, the Commissioner may by rule or
order require the person who filed the registration statement to file
reports, not more often than quarterly, to keep reasonably current the
information contained in the registration statement and to disclose
the progress of the offering.

(h) A registration statement relating to a security issued by
a face-amount certificate company or a redeemable security issued
by an open-end management company or unit investment trust, as
those terms are defined in the Investment Company Act of 1940,
may be amended after its effective date so as to increase the securities
specified as proposed to be offered. Such an amendment becomes
effective when the Commissioner so orders. Every person filing such
an amendment shall pay a filing fee, calculated in the manner speci-