2002

LAWS OF MARYLAND

[Ch. 311

CORRECTED.

(B) LIMITATION ON PROCEEDING.

THE COMMISSIONER MAY NOT INSTITUTE A STOP-ORDER
PROCEEDING AGAINST AN EFFECTIVE REGISTRATION STATEMENT ON
THE BASIS OF A FACT OR TRANSACTION KNOWN TO HIM WHEN THE
REGISTRATION STATEMENT BECAME EFFECTIVE UNLESS THE
PROCEEDING IS INSTITUTED WITHIN THE NEXT 30 DAYS.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §24(a).

The only changes are technical changes in
style.

11-512. SUMMARY POSTPONEMENT OR SUSPENSION.

(A)      COMMISSIONER'S ORDER.

THE COMMISSIONER BY ORDER SUMMARILY MAY POSTPONE OR
SUSPEND THE EFFECTIVENESS OF THE REGISTRATION STATEMENT
PENDING FINAL DETERMINATION OF ANY PROCEEDING UNDER
§11-511 OF THIS SUBTITLE.

(B)       NOTIFICATION.

ON THE ENTRY OF THE ORDER, THE COMMISSIONER
PROMPTLY SHALL NOTIFY EACH PERSON SPECIFIED IN §11-513
OF THIS SUBTITLE:

(1)    THAT IT HAS BEEN ENTERED;

(2)         THE REASONS FOR ITS ENTRY; AND

(3)       THAT WITHIN 15 DAYS AFTER THE RECEIPT OF
A WRITTEN REQUEST THE MATTER WILL BE SET DOWN FOR
HEARING.

(C)       EFFECT OF ORDER.

(1)       IF A HEARING IS NOT REQUESTED AND ONE
IS NOT ORDERED BY THE COMMISSIONER, THE ORDER WILL REMAIN
IN EFFECT UNTIL IT IS MODIFIED OR VACATED BY THE
COMMISSIONER.

(2)       IF A HEARING IS REQUESTED OR ORDERED, THE
COMMISSIONER, AFTER NOTICE OF AND OPPORTUNITY FOR HEARING
TO EACH PERSON SPECIFIED IN §11-513 OF THIS SUBTITLE, MAY
MODIFY OR VACATE THE ORDER OR EXTEND IT UNTIL FINAL
DETERMINATION.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §24(b).