1490                           LAWS OF MARYLAND                       CH. 732

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.

26.

(a) 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 fore-
going, or any other foreign government with which the United States
currently maintains diplomatic relations, if the security is recog-
nized 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;

(4)    Any security issued by and representing an interest in or a
debt of, or guaranteed by any federal savings and loan association,
or any building and loan or similar association organized and super-
vised under the laws of any state and authorized to do business in
this State;

(5)    Any security issued by and representing an interest in or a
debt of, or guaranteed by, any insurance company organized under
the laws of any state and authorized to do business in this State;

(6)    Any security issued or guaranteed by any federal credit
union or any credit union, industrial loan association, or similar
association organized and supervised under the laws of this State;

(7)    Any security issued or guaranteed by any railroad, other
common carrier, public utility, or holding company which is (A)
subject to the jurisdiction of the Interstate Commerce Commission;
(B) a registered holding company under the Public Utility Holding
Company Act of 1935 or a subsidiary of such a company within the
meaning of that act; (C) regulated in respect of its rates and
charges by a governmental authority of the United States or any
state; or (D) regulated in respect of the issuance or guarantee of the
security by a governmental authority of the United States, any
state, Canada, or any Canadian Province;

(8)    Any security listed or approved for listing upon notice of
issuance on the New York Stock Exchange, The American Stock
Exchange, the Pacific Coast Stock Exchange, the Midwest Stock
Exchange, or the Philadelphia-Baltimore Stock Exchange or any
other Exchange which the Commissioner deems to have substan-
tially the same standards for listing as required by the above men-
tioned Exchanges; any other security of the same issuer which is of
senior or substantially equal rank; any security called for by sub-