2020                                         LAWS OF MARYLAND                     [Ch. 311

WHICH ENACT IT AND TO COORDINATE THE INTERPRETATION AND
ADMINISTRATION OF THIS TITLE WITH THE RELATED FEDERAL
REGULATION.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §41.

The catchline is changed to read "Uniformity
of Interpretation."

No other changes are made.

11-805. SHORT TITLE.

THIS TITLE MAY BE CITED AS THE MARYLAND SECURITIES
ACT.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §42.

GENERAL REVISOR'S NOTE:

In revising this title, the Commission to Revise the
Annotated Code concluded that present Art. 32A, §43 is
unnecessary and repetitive in light of the general
severability provisions of Art. 1, §23, and that present
Art. 32A, §40(a) and (b), which are transitional
provisions, and §44, which deals with proceedings pending
on June 1, 1962, are obsolete. Accordingly, Art. 32A,
§§ 40(a) and (b), 43, and 44 are proposed for repeal.

For a general review of the Maryland Securities Act,
see Shapiro and Sachs, "Blue Sky Law and Practice: An
Overview," 4 U. Balt. L.Rev. 1 (1974).

SECTION 3. AND BE IT FURTHER ENACTED, That new
Sections 31, 38, 38A, 52, 57, 61, 69, 117, and 135 be and
they are hereby added to Article 11 — Banks and Trust
Companies of the Annotated Code of Maryland (1968
Replacement Volume and 1974 Supplement), to read as
follows:

Article 11 — Banks and Trust Companies

31. ACCEPTANCE OF DRAFTS; PERSONAL PROPERTY.

(A) ACCEPTANCE OF DRAFTS.

(1) A STATE BANK MAY ACCEPT FOR PAYMENT AT A
LATER DATE ANY DRAFT WHICH: