MARVIN MANDEL, Governor

1975

style.

SUBTITLE 4. REGISTRATION OF BROKER-DEALERS AND AGENTS.

11-401. TRANSACTION OF BUSINESS BY UNREGISTERED PERSON

UNLAWFUL.

IT IS UNLAWFUL FOR ANY PERSON TO TRANSACT BUSINESS
IN THIS STATE AS A BROKER-DEALER OR AGENT UNLESS HE IS
REGISTERED UNDER THIS TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §15(a).

The only changes are technical changes in
style.

11-402.           AGENT REQUIRED TO BE REGISTERED.

IT IS UNLAWFUL FOR ANY BROKER-DEALER OR ISSUER TO
EMPLOY AN AGENT UNLESS THE AGENT IS REGISTERED. WHEN AN
AGENT TERMINATES A CONNECTION WITH A BROKER-DEALER OR
ISSUER OR TERMINATES THOSE ACTIVITIES WHICH MAKE HIM AN
AGENT, THE AGENT AND THE BROKER-DEALER OR ISSUER SHALL
PROMPTLY NOTIFY THE COMMISSIONER.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §15(b).

The only changes are technical changes in
style.

11-403.           EXPIRATION AND RENEWAL.

UNLESS SOONER TERMINATED UNDER OTHER PROVISIONS OF
THIS TITLE, THE REGISTRATION OF EACH BROKER-DEALER AND
AGENT EXPIRES ON OCTOBER 31 OF EACH YEAR.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §15(c).

The provision of present §15 (c) which relates
to registration in effect on October 31, 1968
is deleted as obsolete.

The only other changes are technical changes
in style.

11-404. AGENT TERMINATING CONNECTION WITH

BROKER-DEALER;         BEGINNING CONNECTION WITH ANOTHER

BROKER-DEALER.

(A) TERMINATION OF AGENT'S CONNECTION.