1968

LAWS OF MARYLAND

[Ch. 311

(2) THE MEMBERS SHALL BE SELECTED ON THE
BASIS OF THEIR EXPERIENCE AND QUALIFICATIONS TO ADVISE
THE COMMISSIONER ON ALL PHASES OF THE SECURITIES
BUSINESS.

(B)   TERMS OF MEMBERS.

(1)     THE MEMBERS      SHALL BE APPOINTED FOR
STAGGERED TERMS OF THREE YEARS      EACH, WITH TWO MEMBERS
BEING APPOINTED EACH YEAR, TO    SERVE WITHOUT COMPENSATION
AND ELIGIBLE FOR REAPPOINTMENT    FOR ADDITIONAL TERMS.

(2)   THE TERMS UNDER WHICH THE FIRST MEMBERS
ARE APPOINTED SHALL BE DESIGNATED BY THE GOVERNOR AT THE
TIME OF THEIR APPOINTMENT.

(C)   CHAIRMAN; MEETINGS.

(1)   THE MEMBERS OF THE COMMITTEE SHALL SELECT
THEIR OWN CHAIRMAN.

(2)    MEETINGS OF THE COMMITTEE SHALL BE HELD
WHEN CALLED BY THE COMMISSIONER.

(D)   COMMISSIONER TO CONSULT WITH COMMITTEE.

THE COMMISSIONER SHALL CONSULT WITH THE COMMITTEE AND
IT SHALL GIVE HIM THE BENEFIT OF ITS ADVICE ON ANY
MATTERS PERTAINING TO THE ADMINISTRATION OF THIS TITLE,
PARTICULARLY THE ADOPTION, AMENDMENT, OR REPEAL OF RULES,
REGULATIONS, AND FORMS PROVIDED FOR IN THIS TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §39.

The only changes are technical changes in
style.

11-203. RULES, FORMS, AND ORDERS.

(A) POWERS OF COMMISSIONER GENERALLY.

(1)   THE COMMISSIONER FROM TIME TO TIME MAY
MAKE, AMEND, AND RESCIND THE RULES, FORMS, AND ORDERS
NECESSARY TO CARRY OUT THE PROVISIONS OF THIS TITLE,
INCLUDING RULES AND FORKS GOVERNING REGISTRATION
STATEMENTS, APPLICATIONS, AND REPORTS AND DEFINING ANY
TERMS, WHETHER OR NOT USED IN THIS TITLE, TO THE EXTENT
THAT THE DEFINITIONS ARE NOT INCONSISTENT WITH THE
PROVISIONS OF THIS TITLE.

(2)    FOR THE PURPOSE OF RULES AND FORMS, THE
COMMISSIONER MAY CLASSIFY SECURITIES, PERSONS, AND
MATTERS WITHIN HIS JURISDICTION, AND PRESCRIBE DIFFERENT