1986

LAWS OF MARYLAND

[Ch. 311

ON NOTICE AND HEARING AS PROVIDED IN §11-416 OF
THIS SUBTITLE, THE COMMISSIONER MAY FINE ANY
BROKER-DEALER OR AGENT IN AN AMOUNT NOT TO EXCEED $100
FOR EACH VIOLATION OF THIS TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §18(g).

The present cross—reference to "subsection
(c)," which is now §11—413, is corrected to
refer to §11—416, presently appearing as
subsection (f) of §18.

The only other changes are technical changes
in style.

SUBTITLE 5. REGISTRATION OF SECURITIES.

11-501. REGISTRATION REQUIREMENT.

IT IS UNLAWFUL FOR ANY PERSON TO OFFER OR SELL ANY
SECURITY IN THE STATE UNLESS:

(1)   IT IS REGISTERED UNDER THIS TITLE; OR

(2)   THE SECURITY OR TRANSACTION IS EXEMPTED UNDER
SUBTITLE 6 OF THIS TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §19.

The only changes are technical changes in
style.

11-502. REGISTRATION BY NOTIFICATION.

(A) SECURITIES WHICH MAY BE REGISTERED BY
NOTIFICATION.

THE FOLLOWING SECURITIES MAY BE REGISTERED BY
NOTIFICATION, WHETHER OR NOT THEY ARE ALSO ELIGIBLE FOR
REGISTRATION BY COORDINATION UNDER §11-503:

(1) ANY SECURITY WHOSE ISSUER AND ANY
PREDECESSOR HAVE BEEN IN CONTINUOUS OPERATION FOR AT
LEAST FIVE YEARS IF:

(I) THERE HAS BEEN NO DEFAULT DURING THE
CURRENT FISCAL YEAR OR WITHIN THE THREE PRECEDING FISCAL
YEARS IN THE PAYMENT OF PRINCIPAL, INTEREST, OF DIVIDENDS
ON ANY SECURITY OF THE [[ISSUEROR]] ISSUER OR ANY
PREDECESSOR WITH A FIXED MATURITY OR A FIXED INTEREST OR
DIVIDEND PROVISION; AND