106                             LAWS OF MARYLAND                        [CH. 68

(J) Has failed reasonably to supervise his agents if he is a
broker-dealer; or

(K) Has failed to pay the proper filing fee; but the Commis-
sioner may enter only a denial order under this clause, and he shall
vacate any such order when the deficiency has been corrected.

The Commissioner may not institute a suspension or revocation
proceeding on the basis of a fact or transaction known to him when
registration became effective unless the proceeding is instituted
within the next thirty days.

23. Provisions applicable to registration generally.

(f) Effective period of registration statement; [outstanding se-
curities considered registered;] withdrawal of registration statement.
—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 registered 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 a 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registration statement may not be withdrawn for one year from its
effective date if any securities of the same class are outstanding.]
A registration statement may be withdrawn [otherwise] only in the
discretion of the Commissioner.

26. Exemptions.

(a) Exempt securities.—The following securities are exempted
from Sections 19 and 27:

(1)  Any security (including a revenue obligation) issued or
guaranteed by the United States, any state, any political subdivision
of a state, or any agency or corporation or other instrumentality of
one or more of the foregoing , OR THE DEVELOPMENT CREDIT
CORPORATION OF MARYLAND; or any certificate of deposit for
any of the foregoing;

(2)  Any security issued or guaranteed by Canada, any Canadian
province, any political subdivision of any such province, any agency
or corporate or other instrumentality of one or more of the foregoing,
or any other foreign government with which the United States
currently maintains diplomatic relations, if the security is recognized
as a valid obligation by the issuer or guarantor;

(3)  Any security issued by and representing an interest in or a
debt of, or guaranteed by, any bank organized under the laws of the
United States, or any bank, savings institution, or trust company
organized and supervised under the laws of any state;