SPIRO T. AGNEW, Governor                      1487

that such action is in the public interest; and, granting the Securi-
ties Commissioner the power to deny, revoke, suspend, cancel or
withdraw a registration where applicant has been convicted of a
crime other than one which involves the securities industry, and
granting the Securities Commissioner the power to deny, revoke,
suspend, cancel or withdraw a registration where it is determined
that an applicant has engaged in dishonest or unethical practices;
26(a) and 26(b), further conditioning the limited offering exemp-
tion; and 34(e), extending the period of limitations so as to make
it conform with the Federal statute; and adding new sections
15(d), setting forth the effective and expiration dates of agent
registrations; and 18(g), empowering the Securities Commissioner
to fine a Broker/Dealer or an agent for violations of this Act;
all generally amending the Maryland Securities Act.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 15(b), 15(c), 16(a), 16(b), 18(a), 26(a), 26(b) and
34(e) of Article 32A of the Annotated Code of Maryland (1967
Replacement Volume), title "Department of Law," subtitle "Mary-
land Securities Act," be and they are hereby repealed and re-
enacted with amendments to read as follows:

15.

(b)    It is unlawful for any broker-dealer or issuer to employ an
agent unless the agent is registered. [The registration of an agent
is not effective during any period when he is not associated with a
particular broker-dealer registered under this act or a particular
issuer.] When an agent [begin or] terminates a connection with a
broker-dealer or issuer, or [begins or] terminates those activities
which make him an agent, the agent as well as the broker-dealer or
issuer shall promptly notify the Commissioner.

15.

(c)    [Every registration expires one year from its effective date
unless renewed. The Commissioner by rule or order may prepare an
initial schedule for registrations and renewals so that subsequent
renewals of registrations may be staggered by calendar months or
any other period. For this purpose the Commissioner by rule may
reduce the registration fee proportionately.] Unless sooner termi-
nated under other provisions of this subtitle, all registrations of
broker-dealers and agents shall expire on October 31st of each year;
provided, however, that all such registrations in effect on October
31, 1968, shall remain in effect, without renewal or the payment of
any additional registration fee, until October 31, 1969 unless sooner
terminated under other provisions of this subtitle.

16.

(a) (1) A broker-dealer or agent may obtain an initial [or
renewal] registration by filing with the Commissioner an applica-
tion together with a consent to service of process pursuant to Section
38 (g). The application shall contain whatever information the Com-
missioner by rule requires concerning such matters as (1) the appli-
cant's form and place of organization; (2) the applicant's proposed
method of doing business; (3) the qualifications and business history