32 LAWS OF MARYLAND [CH. 1

(b) The appointment of the first Commissioner to serve under
this act shall be made by the Attorney General within thirty days
after June 1, 1962, and within ninety days after such date the
Commissioner shall, in compliance with ARTICLE 41, SECTIONS
244-256, INCLUSIVE, the Administrative Procedure Act, (1) adopt
and cause to be printed rules for the administration of this act as
herein provided, and (2) cause to be prepared and printed forms for
application for registration of broker-dealers, and agents under this
act. He shall give notice of the availability of copies of such rules and
forms by publication not less frequently than once a week for three
successive weeks in a newspaper of general circulation in Baltimore
and in Washington, D. C., and in such other manner as he may deem
appropriate. ANY AMENDMENTS OR ADDITIONS TO SAID
RULES SHALL LIKEWISE BE ADOPTED IN CONFORMITY
WITH ARTICLE 41, SECTIONS 244-256, INCLUSIVE, THE AD-
MINISTRATIVE PROCEDURE ACT

(c) Any security which, prior to or within ninety days after
June 1, 1962, has been sold or disposed of by the issuer or bona
fide offered to the public shall be exempt from the registration pro-
visions of this act, but this exemption shall not apply to any new
offering of any such security by an issuer or underwriter subsequent
to such ninety days.

§ 41. Statutory Policy.

This act shall be so construed as to effectuate its general purpose
to make uniform the law of those states which enact it and to co-
ordinate the interpretation and administration of this act with the
related federal regulation.

§ 42. Short Title.

This act may be cited as the Maryland Securities Act.

§ 43. Severability of Provisions.

If any provision of this act or the application thereof to any per-
son or circumstance is held invalid, the invalidity shall not affect
other provisions or applications of the act which can be given effect
without the invalid provision or application, and to this end the pro-
visions of this act are severable.

§ 44. Repeal and Saving Provisions.

(a) Any suit, action, prosecution or proceedings pending on
June 1, 1962, or which may thereafter be initiated on the basis
of facts or circumstances occurring prior to such date shall be
governed by and subject to the sub-title "Blue Sky Law" which was
in effect prior to June 1, 1962, as if this sub-title had not been
enacted.

(b) All administrative orders as to which review proceedings have
not been instituted by June 1, 1962, shall be governed by Section 35,
except that no review proceeding may be instituted unless the peti-
tion is filed within any period of limitation which would have applied
had this sub-title not been enacted.