MARVIN MANDEL, Governor

1989

OFFER IS MADE BEFORE OR CONCURRENTLY WITH THE FIRST TO
OCCUR OF:

(I)         THE FIRST WRITTEN OFFER TO HIM, OTHER
THAN BY MEANS OF A PUBLIC ADVERTISEMENT, BY OR FOR THE
ACCOUNT OF THE ISSUER OR ANY OTHER PERSON ON WHOSE BEHALF
THE OFFERING IS BEING MADE, OR BY ANY UNDERWRITER OR
BROKER-DEALER WHO IS OFFERING PART OF AN UNSOLD ALLOTMENT
OR SUBSCRIPTION TAKEN BY HIM AS A PARTICIPANT IN THE
DISTRIBUTION;

(II)       THE CONFIRMATION OF ANY SALE MADE BY OR
FOR THE ACCOUNT OF THE PERSON;

(III)       PAYMENT UNDER THE SALE; OR

(IV)          DELIVERY OF THE SECURITY UNDER THE
SALE.

(2)         PARAGRAPH (1)(I) OF THIS SUBSECTION MAY

BE SATISFIED BY THE USE OF A PRELIMINARY PROSPECTUS, SO
DESIGNATED AND BEARING THE LEGEND WHICH THE

COMMISSIONER PRESCRIBES, IF A FINAL PROSPECTUS IS SENT
OR GIVEN TO EACH RECIPIENT OF THE PRELIMINARY PROSPECTUS
BEFORE OR CONCURRENTLY WITH WHICHEVER EVENT IN PARAGRAPH
(1)(II), (III), AND (IV) FIRST OCCURS.

(D) EFFECTIVE DATE OF REGISTRATION STATEMENT.

IF A STOP ORDER IS NOT IN EFFECT AND A PROCEEDING
IS NOT PENDING UNDER §§ 11-511 THROUGH 11-513 OF THIS
SUBTITLE, A REGISTRATION STATEMENT UNDER THIS SECTION
AUTOMATICALLY BECOMES EFFECTIVE AT:

(1)          3 O'CLOCK EASTERN STANDARD TIME IN THE
AFTERNOON OF THE 10TH FULL BUSINESS DAY AFTER THE FILING
OF THE REGISTRATION STATEMENT OR THE LAST AMENDMENT; OR

(2)          AT ANY EARLIER TIME WHICH THE
COMMISSIONER DETERMINES.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §20.

The only changes are technical changes in
style.

11-503. REGISTRATION BY COORDINATION.

(A) SECURITY FOR WHICH REGISTRATION STATEMENT HAS
BEEN FILED UNDER FEDERAL ACT.

ANY SECURITY FOP WHICH A REGISTRATION STATEMENT HAS
BEEN FILED UNDER THE SECURITIES ACT OF 1933 IN CONNECTION