MARVIN MANDEL,

Governor

1999

STATEMENT.

THE COMMISSIONER BY RULE OR OTHERWISE MAY PERMIT
THE OMISSION OF ANY ITEM OF INFORMATION OR DOCUMENT FROM
ANY REGISTRATION STATEMENT.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §23(c) through (e).

The only changes are technical changes in
style.

11-508. EFFECTIVE PERIOD OF REGISTRATION STATEMENT;
WITHDRAWAL OF REGISTRATION STATEMENT.

(A)   EFFECTIVE PERIOD.

EVERY REGISTRATION STATEMENT IS EFFECTIVE FOR ANY
PERIOD DURING WHICH THE SECURITY IS BEING OFFERED OR
DISTRIBUTED IN A NONEXEMPTED TRANSACTION BY OR FOR THE
ACCOUNT OF THE ISSUER OR OTHER PERSON ON WHOSE BEHALF THE
OFFERING IS BEING MADE OR BY ANY UNDERWRITER OR
BROKER-DEALER WHO IS STILL OFFERING PART OF AN UNSOLD
ALLOTMENT OR SUBSCRIPTION TAKEN BY HIM AS A PARTICIPANT
IN THE DISTRIBUTION, EXCEPT DURING THE TIME A STOP ORDER
IS III EFFECT UNDER §§ 11-511 THROUGH 11-513 OF THIS
SUBTITLE.

(B)   WITHDRAWAL.

A REGISTRATION STATEMENT MAY BE WITHDRAWN ONLY IN
THE DISCRETION OF THE COMMISSIONER.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §23(f).

The only changes are technical changes in
style.

11-509. REPORTS BY PERSON FILING REGISTRATION
STATEMENT.

AS LONG AS A REGISTRATION STATEMENT REGISTERED BY
QUALIFICATION OR NOTIFICATION IS EFFECTIVE, THE
COMMISSIONER BY RULE OR ORDER MAY REQUIRE THE PERSON WHO
FILED THE REGISTRATION STATEMENT TO FILE REPORTS, NOT
MORE OFTEN THAN QUARTERLY, TO KEEP REASONABLY CURRENT THE
INFORMATION CONTAINED IN THE REGISTRATION STATEMENT AND
TO DISCLOSE THE PROGRESS OF THE OFFERING.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §23(g).

The only changes are technical changes in