MARVIN MANDEL, Governor                               1979

Art. 32A, §16(b).

The only changes are technical changes in
style.

11-408.           REGISTRATION OF SUCCESSOR.

A REGISTERED BROKER-DEALER MAY FILE AN APPLICATION
FOR REGISTRATION OF A SUCCESSOR, WHETHER OR NOT THE
SUCCESSOR IS THEN IN EXISTENCE, FOR THE UNEXPIRED PORTION
OF THE YEAR.        THERE IS NO FILING FEE.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §16(c).

The only changes are technical changes in
style.

11-409.          NET CAPITAL; AGGREGATE INDEBTEDNESS.

(A)       REQUIREMENTS.

ANY BROKER-DEALER REGISTERED IN THIS STATE SHALL
HAVE AND MAINTAIN A NET CAPITAL OF NOT LESS THAN $15,000,
AND A BROKER-DEALER REGISTERED IN THIS STATE, OTHER THAN
ONE WHO DEALS EXCLUSIVELY IN SECURITIES EXEMPT UNDER
§11-601(1) OR (2) OF THIS TITLE, MAY NOT PERMIT HIS
AGGREGATE INDEBTEDNESS TO ALL OTHER PERSONS TO EXCEED
2,000 PERCENT OF HIS NET CAPITAL.

(B)   CONSTRUCTION OF TERMS.

THE TERMS "AGGREGATE INDEBTEDNESS" AND "NET CAPITAL"
SHALL BE DEFINED BY RULE OF THE COMMISSIONER.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §16(d).

The only changes are technical changes in
style.

11-410. SURETY.

(A) BOND OR DEPOSIT REQUIRED.

(1)    THE COMMISSIONER BY RULE MAY REQUIRE
REGISTERED BROKER-DEALERS AND AGENTS TO POST SURETY BONDS
IN AMOUNTS UP TO $10,000, CONDITIONED THAT THE REGISTRANT
WILL COMPLY WITH THE PROVISIONS OF THIS TITLE AND THE
RULES AND REGULATIONS ISSUED UNDER THIS TITLE. THE
BOND MAY BE DRAWN TO COVER THE ORIGINAL REGISTRATION AND
ANY RENEWALS OF THE REGISTRATION.

(2)    ANY APPROPRIATE DEPOSIT OF CASH OR