J. MILLARD TAWES, Governor 25

§ 30. Administration of Act.

(a) This act shall be administered by the Division of Securities
which is hereby created as a division of the Department of Law. The
principal executive officer of the Division of Securities shall be the
Securities Commissioner to be appointed by the Attorney General,
. who shall also have the power to employ such officers and employees
as may be necessary to carry out the purposes of this act. The
Securities Commissioner shall be a practicing lawyer of the State of
Maryland in good standing, shall hold his office at the
pleasure of the Attorney General, and shall receive such salary as
shall be provided in the state budget.

(b) It is unlawful for the Commissioner or any of the officers or
employees in the Division of Securities to use for personal benefit any
information which is filed with or obtained by the Commissioner and
which is not made public. No provision of this act authorizes the
Commissioner or any of his officers or employees to disclose any such
information except among themselves or when necessary or appro-
priate in a proceeding or investigation under this act. No provision
of this act either creates or derogates from any privilege which
exists at common law or otherwise when documentary or other
evidence is sought under a subpoena directed to the Commissioner or
any of his officers or employees.

§ 31. Investigations and Subpoenas.

(a) The Commissioner in his discretion (1) may make such public
or private investigations within or outside of this state as he deems
necessary to determine whether any person has violated or is about
to violate any provision of this act or any rule or order hereunder, or
to aid in the enforcement of this act or in the prescribing of rules
and forms hereunder, (2) may require or permit any person to file
a statement in writing, under oath or otherwise as the Commissioner
determines, as to all the facts and circumstances concerning the mat-
ter to be investigated, and (3) may publish information concerning
any violation of this act or any rule or order hereunder.

(b) For the purpose of any investigation or proceeding under this
act, the Commissioner or any officer designated by him may ad-
minister oaths and affirmations, subpoena witnesses, compel their at-
tendance, take evidence, and require the production of any books,
papers, correspondence, memoranda, agreements or other documents
or records which the Commissioner deems relevant or material to the
inquiry.

(c) In case of contumacy by, or refusal to obey a subpoena issued
to, any person, the circuit court of the City or county in which such
person resides or transacts business, upon application by the Com-
missioner, may issue to the person an order requiring him to appear
before the Commissioner, or the officer designated by him, there to
produce documentary evidence if so ordered or to give evidence touch-
ing the matter under investigation or in question. Failure to obey the
order of the court may be punished by the court as a contempt of
court.

(d) No person is excused from attending and testifying or from
producing any document or record before the Commissioner, or in