SPIRO T. AGNEW, Governor                      1493

record or beneficial owner of ten per cent 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 subtitle or under
any federal or state act against the offering or sale of the security or
any security of the same class.

34.

(e) No person may sue under this section more than [two] three
years after the contract of sale; provided, however, that no action
shall be maintained to enforce any liability created under subsection
(a) (1) of this section unless brought within one year after the
violation upon which it is based, and that no action shall be main-
tained to enforce any liability created under subsection (a) (2) of this
section unless brought within one year after the discovery of the un-
true statement or omission, or after such discovery should have
been made by the exercise of reasonable diligence; and provided,
further that any action pending on June 1, 1968 or which thereafter
may be instituted on the basis of facts or circumstances occurring
prior to such date shall be governed by the provisions of this sub-
section in effect prior to such date. No person may sue under this
section (1) if the buyer received a written offer, before suit and at a
time when he owned the security, to refund the consideration paid
together with interest at six percent per year from the date of pay-
ment, less the amount of any income received on the security, and he
failed to accept the offer within thirty days of its receipt, or (2) if the
buyer received such an offer before suit and at a time when he did not
own the security, unless he rejected the offer in writing within
thirty days of its receipt.

Sec. 2. Be it enacted by the General Assembly of Maryland, That
two new sections be and they are hereby added to Article 32A of the
Annotated Code of Maryland (1957 Edition), said new sections to be
known as Section 15(d) to follow immediately after Section 15(c)
and Section 18 (g) to follow immediately after Section 18 (f) and to
to read as follows:

15.

(d) Every registration of an agent expires when the agent ter-
minates his connection with a broker-dealer registered under this
Act or with an issuer. When such a person who is currently
registered as an agent under this Act begins a connection with
another broker-dealer or issuer, he shall file an application for initial
registration as provided in Section 16(a) and shall pay the filing fee
fee prescribed by Section 16(b). Unless the Commissioner takes
action under Section 18 hereof to deny or suspend such registration,
the said agent registration shall become effective thirty days after
receipt of the application by the Commissioner and shall continue
in effect until it expires under the provisions of subsection (c)
hereof, or under the provisions of this subsection, whichever would
earlier occur. The Commissioner shall be empowered to waive the
thirty day period or any portion thereof at his discretion.

18.

(g) The Commissioner shall, upon notice and hearing as further
defined by subsection (c) of this section, have the right to fine any