6 LAWS OF MARYLAND [CH. 1

or withdrawn, the Commissioner shall retain one-half of the fee. THE
MAXIMUM INITIAL OR RENEWAL REGISTRATION FILING
FEE PAYABLE WITH THE APPLICATION OF ANY BROKER-
DEALER SHALL BE $500. 00, REGARDLESS OF THE NUMBER
OF PARTNERS, OFFICERS, DIRECTORS, PRINCIPALS DOING
BUSINESS IN THIS STATE AND AGENTS AFFILIATED WITH
SUCH BROKER-DEALER WHO MAY BE COVERED BY SUCH
APPLICATION.

(c) A registered broker-dealer may file an application for regis-
tration of a successor, whether or not the successor is then in
existence, for the unexpired portion of the year. There shall be no
filing fee.

(d) Any broker-dealer registered in this state shall have and
maintain a net capital of not less than $15, 000, and no such broker-
dealer (other than one who deals exclusively in securities exempt
under sections 26 (a) (1) or 26 (a) (2) of this act) shall permit his
aggregate indebtedness to all other persons to exceed 2, 000 percentum
of his net capital. The terms "aggregate indebtedness" and "net
capital'' shall be defined by rule of the Commissioner.

[See page image for strike through]

(E) THE COMMISSIONER MAY BY RULE REQUIRE REGIS-
TERED BROKER-DEALERS AND AGENTS TO POST SURETY
BONDS IN AMOUNTS UP TO TEN THOUSAND DOLLARS, CON-
DITIONED THAT THE REGISTRANT WILL COMPLY WITH
THE PROVISIONS OF THIS ACT AND THE RULES AND REGU-
LATIONS ISSUED PURSUANT THERETO. SUCH BOND MAY
BE SO DRAWN TO COVER THE ORIGINAL REGISTRATION
AND ANY RENEWALS THEREOF. ANY APPROPRIATE DE-
POSIT OF CASH OR SECURITY SHALL BE ACCEPTED IN LIEU
OF ANY SUCH BOND. EVERY BOND SHALL PROVIDE THAT
NO SUIT MAY BE MAINTAINED TO ENFORCE ANY LIABIL-
ITY THEREON UNLESS BROUGHT WITHIN TWO YEARS
AFTER THE CONTRACT OF SALE OR OTHER ACT UPON
WHICH SUCH SUIT IS BASED AND SHALL ALSO PROVIDE
THAT THE LIABILITY OF THE SURETY ON EACH SUCH
BOND TO ALL PERSONS AGGRIEVED SHALL IN NO EVENT
EXCEED IN THE AGGREGATE THE PENAL SUM THEREOF.

§ 17, Post-Registration Provisions.

(a) Every registered broker-dealer shall make and keep such ac-
counts, correspondence, memoranda, papers, books, and other rec-
ords as the Commissioner by rule prescribes. All records so required