1980

LAWS OF MARYLAND

[Ch. 311

SECURITY SHALL BE ACCEPTED IN PLACE OF THE BOND.
(B) REQUIRED PROVISIONS OF BOND.
EVERY BOND SHALL PROVIDE THAT:

(1)            A SUIT MAY NOT BE MAINTAINED TO ENFORCE
ANY LIABILITY ON THE BOND UNLESS BROUGHT WITHIN TWO
YEARS AFTER THE CONTRACT OF SALE OR OTHER ACT ON WHICH
THE SUIT IS BASED; AND

(2)          THE LIABILITY OF THE SURETY ON EACH BOND
TO ALL PERSONS AGGRIEVED MAY NOT IN ANY EVENT EXCEED IN
THE AGGREGATE THE PENAL SUM OF THE BOARD.

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

The only changes are technical changes in
style.

11-411.          POST-REGISTRATION PROVISIONS.

(A)       RECORDS TO BE KEPT BY BROKER-DEALER.

EVERY REGISTERED BROKER-DEALER SHALL MAKE AND KEEP
THE ACCOUNTS, CORRESPONDENCE, MEMORANDA, PAPERS, BOOKS,
AND OTHER RECORDS WHICH THE COMMISSIONER BY RULE
PRESCRIBES. ALL REQUIRED RECORDS SHALL BE PRESERVED FOR
THREE YEARS UNLESS THE COMMISSIONER BY RULE PRESCRIBES
OTHERWISE FOR PARTICULAR TYPES OF RECORDS.

(B)       FINANCIAL REPORTS.

EVERY REGISTERED BROKER-DEALER SHALL FILE THE

FINANCIAL REPORTS WHICH THE COMMISSIONER BY RULE

PRESCRIBES.

(C)       CORRECTING INFORMATION FILED WITH COMMISSIONER.

IF THE INFORMATION CONTAINED IN ANY DOCUMENT FILED
WITH THE COMMISSIONER IS OR BECOMES INACCURATE OR

INCOMPLETE IN ANY MATERIAL RESPECT, THE REGISTRANT
PROMPTLY SHALL FILE A CORRECTING AMENDMENT, UNLESS

NOTIFICATION OF THE CORRECTION HAS BEEN GIVEN UNDER
§11-402 OF THIS SUBTITLE.

(D)   EXAMINATION OF RECORDS.

(1) ALL THE RECORDS REFERRED TO IN SUBSECTION
(A) OF THIS SECTION ARE SUBJECT AT ANY TIME OR FROM TIME
TO TIME TO THE REASONABLE PERIODIC, SPECIAL, OR OTHER
EXAMINATIONS BY REPRESENTATIVES OF THE COMMISSIONER,