MARVIN MANDEL, Governor

1997

(17) ANY ADDITIONAL INFORMATION WHICH THE
COMMISSIONER REQUIRES BY RULE OR ORDER.

(C)   EFFECTIVE DATE OF REGISTRATION STATEMENT.

A REGISTRATION STATEMENT UNDER THIS SECTION BECOMES
EFFECTIVE WHEN THE COMMISSIONER SO ORDERS.

(D)   PROSPECTUS.

(1) AS A CONDITION OF REGISTRATION UNDER THIS
SECTION, A PROSPECTUS CONTAINING ANY DESIGNATED PART OF
THE INFORMATION SPECIFIED IN SUBSECTION (B) OF THIS
SECTION SHALL BE SENT OR GIVEN TO EACH PERSON TO WHOM AN
OFFER IS MADE BEFORE OR CONCURRENTLY WITH THE FIRST TO
OCCUR OF:

(1)    THE FIRST WRITTEN OFFER MADE 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 BACH RECIPIENT OF THE PRELIMINARY PROSPECTUS
BEFORE OR CONCURRENTLY WITH WHICHEVER EVENT IN PARAGRAPH
(1)(II), (III), AND (IV) FIRST OCCURS.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §22.

The only changes are technical changes in
style.

11-505. WHO MAY PILE REGISTRATION STATEMENT.

A REGISTRATION STATEMENT MAY BE FILED BY THE ISSUER,
ANY OTHER PERSON ON WHOSE BEHALF THE OFFERING IS TO BE
MADE, OR A REGISTERED BROKER-DEALER.

REVISOR'S NOTE: This section presently appears as