J. MILLARD TAWES, Governor                       109;

the number of subscribers does not exceed ten, and (C) no payment
is made by any subscriber;

(11)   Any transaction pursuant to an offer to existing security
holders of the issuer, including persons who at the time of the
transaction are holders of convertible securities, non-transferable
warrants, or transferable warrants exercisable within not more than
ninety days of their issuance, if (A) no commission or other re-
muneration (other than a standby commission) is paid or given di-
rectly or indirectly for soliciting any security holder in this State, or
(B) the issuer first files a notice specifying the terms of the offer
and the Commissioner does not by order disallow the exemption
within the next five full business days;

(12)  Any offer (but not a sale) of a security for which a registra-
tion statement has been filed under this sub-title if NO STOP ORDER
OR REFUSAL ORDER IS IN EFFECT AND no public pro-
ceeding or examination looking toward such an order is pending, and
if the offeror complies with Sections 20 (c) or 22 (d) [.] ;

(13)  Any offer or sale of a security by or through a registered
broker-dealer if (1) such offer or sale is not directly or indirectly
for the benefit of the issuer or a person who is known or who should
reasonably be known to such broker-dealer to be the record or bene-
ficial owner of ten percent or more of the outstanding voting se-
curities of the issuer, (2) the security is not part of an unsold allot-
ment or subscription taken by a participant in a distribution directly
or indirectly for the benefit of the issuer or a person who is known
or who should reasonably be known to such broker-dealer to be the
record or beneficial owner of ten percent or more of the outstanding
voting securities of the issuer, and (3) no administrative stop order
or similar order or permanent or temporary injunction of any court
of competent jurisdiction is in effect under this sub-title or under any
federal or state act against the offering or sale of the security or any
security of the same class.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1963, but nothing herein contained shall apply to events occur-
ring and transactions completed prior to the effective date hereof.

Approved March 14, 1963.

CHAPTER 69
(Senate Bill 142)

AN ACT to repeal and re-enact, with amendments, Section 51 (b) of
Article 25 of the Annotated Code of Maryland (1957 Edition), title
"County Commissioners", sub-title "County Treasurers", to provide
for an increase in the salary of the County Treasurer of Allegany
County effective with the next term of office.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 51 (b) of Article 25 of the Annotated Code of Maryland
(1957 Edition), title "County Commissioners", sub-title "County
Treasurers", be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows: