MARVIN MANDEL, Governor

1963

(H) ISSUER.

"ISSUER" MEANS ANY PERSON WHO ISSUES OR PROPOSES
TO ISSUE A SECURITY, EXCEPT THAT:

(1)    WITH RESPECT TO CERTIFICATES OF DEPOSIT,
VOTING-TRUST CERTIFICATES, OR COLLATERAL-TRUST
CERTIFICATES OR WITH RESPECT TO CERTIFICATES OF INTEREST
OR SHARES IN AN UNINCORPORATED INVESTMENT TRUST NOT
HAVING A BOARD OF DIRECTORS OR PERSONS PERFORMING SIMILAR
FUNCTIONS OR OF THE FIXED, RESTRICTED MANAGEMENT, OR UNIT
TYPE, THE TERM "ISSUER" MEANS THE PERSON PERFORMING THE
ACTS AND ASSUMING THE DUTIES OF DEPOSITOR OR MANAGER
UNDER THE PROVISIONS OF THE TRUST OR OTHER AGREEMENT OR
INSTRUMENT UNDER WHICH THE SECURITY IS ISSUED; AND

(2)   WITH RESPECT TO CERTIFICATES OF INTEREST
OR PARTICIPATION IN OIL, GAS, OR MINING TITLES OR LEASES
OR IN PAYMENTS OUT OF PRODUCTION UNDER THE TITLES OR
LEASES, THERE IS NOT CONSIDERED TO BE ANY "ISSUER."

(I) NONISSUER DISTRIBUTION OR TRANSACTION.

"NONISSUER DISTRIBUTION" AND "NONISSUER
TRANSACTION" MEAN A DISTRIBUTION OR TRANSACTION, AS THE
CASE MAY BE, NOT DIRECTLY OR INDIRECTLY FOR THE BENEFIT
OF THE ISSUER.

(J) OFFER; OFFER TO SELL.

"OFFER" OR "OFFER TO SELL," EXCEPT AS PROVIDED IN
§11-102(A) OF THIS SUBTITLE, INCLUDES EVERY ATTEMPT OR
OFFER TO DISPOSE OF OR SOLICITATION OF AN OFFER TO BUY, A
SECURITY OR INTEREST IN A SECURITY FOR VALUE.

(K) PERSON.

"PERSON" MEANS AN INDIVIDUAL, A CORPORATION, A
PARTNERSHIP, AN ASSOCIATION, A JOINT-STOCK COMPANY, A
TRUST WHERE THE INTERESTS OF THE BENEFICIARIES ABE
EVIDENCED BY A SECURITY, AN UNINCORPORATED ORGANIZATION,
A GOVERNMENT, OR A POLITICAL SUBDIVISION OF A GOVERNMENT.

(L) PUBLIC UTILITY HOLDING COMPANY ACT OF 1935.

"PUBLIC UTILITY HOLDING COMPANY ACT OF 1935" MEANS
THE FEDERAL STATUTE OF THAT NAME.

(M) SALE; SELL.

"SALE" OR "SELL," EXCEPT AS PROVIDED IN §11-102(A)
OF THIS SUBTITLE, INCLUDES EVERY CONTRACT OF SALE OF,
CONTRACT TO SELL, OR DISPOSITION OF A SECURITY OR
INTEREST IN A SECURITY FOR VALUE.