104                             LAWS OF MARYLAND                        [CH. 68

exchange or national securities association suspending or expelling
a broker-dealer or certain persons affiliated with a broker-dealer
shall under certain circumstances constitute a ground for denial,
suspension or revocation of the registration under said sub-title
of such broker-dealer or such affiliated persons; changing provi-
sions relating to the time during which a registration statement
is effective and to the withdrawal of registration statements;
removing a provision that outstanding securities of the same class
as a registered security are considered registered for the purposes
of non-issuer distribution during certain periods after the effec-
tive date of the registration statement; providing that securities
of a non-profit local industrial development corporation are
exempt securities; removing an exemption for certain non-issuer
transactions in securities previously registered; providing an
exemption for certain non-issuer transactions in securities
effected by or through registered broker-dealers; and relating
generally to the circumstances under which securities may be
offered and sold by persons other than the issuer thereof without
registration of such securities under said sub-title, to the regis-
tration of broker-dealers and agents, to the registration of securi-
ties and exemptions therefrom, and to the administration of said
sub-title; and relating generally to the sale or offering for sale of
securities in this State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 16 (b), 18 (a), 23 (f), 26 (a), and 26 (b) of Article
32A of the Annotated Code of Maryland (1962 Supplement), title
"Department of Law", sub-title "Maryland Securities Act", sub-
headings "Registration of Broker-Dealers and Agents", "Registra-
tion of Securities", and "General Provisions", be and they are hereby
repealed and re-enacted, with amendments, to read as follows:

16. Registration procedure.

(b) Filing fee.—Every applicant for initial or renewal registra-
tion as a broker-dealer shall pay a filing fee of $75.00 [in the case
of a broker-dealer, plus $2.00 for each partner, officer, director or
principal doing business in this State, and $15.00 in the case of an
agent]. Every applicant for initial or renewal registration as an
agent shall pay a filing fee of $15.00 except that a partner, officer
or director of a broker-dealer applying for initial or renewal regis-
tration as an agent of such broker-dealer shall pay a filing fee of
$2.00. When application is denied or withdrawn, the Commissioner
shall retain one-half of the fee. The maximum initial or renewal
registration filing [fee] fees payable with the application of any
broker-dealer and its agents 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],

18. Denial, revocation, suspension, cancellation and withdrawal
of registration.

(a) Grounds for denial, suspension or revocation.—The Commis-
sioner may by order deny, suspend, or revoke any registration if he
finds (1) that the order is in the public interest and (2) that the
applicant or registrant or, in the case of a broker-dealer, any part-
ner, officer, or director, any person occupying a similar status or