MARVIN MANDEL, Governor                             1715

(III) IF THE SELLER RECEIVED A WRITTEN
OFFER FROM THE BUYER, BEFORE SUIT, TO RETURN THE
SECURITY, TOGETHER WITH THE AMOUNT OF ANY INCOME RECEIVED
ON THE SECURITY, LESS INTEREST AT 6 PERCENT PER YEAR FROM
THE DATE OF PAYMENT, AND HE FAILED TO ACCEPT THE OFFER
WITHIN 30 DAYS OF ITS RECEIPT.

(i) The rights and remedies provided by this title
are in addition to any other rights or remedies that may
exist at law or in equity, but this title does not create
any cause of action not specified in this section or
[§11-410] SECTIONS 11-410 OR 11-906 of this title.

11-705.

(a)        (1) Any person who willfully violates any
provision of this title, except [§] SECTIONS 11-303 OR
11-904(1) of this [subtitle] TITLE or who willfully
violates any rule or order under this title, or who
willfully violates [§] SECTIONS 11-303 OR 11-904(1) of
this [subtitle] TITLE knowing the statement made to be
false or misleading in any material respect, on
conviction is subject to a fine not exceeding $5,000 or
imprisonment not exceeding three years or both;

11-801.

(b)        Sections 11-301, 11-304, [and] 11-401, AND
11-703 of this title apply to any person who buys or
offers to buy if:

(1)        The offer to buy is made in this State;

or

(2)        The offer to sell is made and accepted
in this State.

SECTION 1.         AND BE IT FURTHER ENACTED, That new

Sections 11-901 through 11—908, inclusive, to be under
the new subtitle "Subtitle 9. Corporate Take-Over Offers"
be and they are hereby added to Article — Corporations
and Associations, of the Annotated Code of Maryland (1975
Volume and 1975 Supplement) to read as follows;

Article — Corporations and Associations

SUBTITLE 9. CORPORATE TAKE-OVER OFFERS

11-901.

(A)    IN THIS SUBTITLE, UNLESS THE CONTEXT REQUIRES
OTHERWISE, THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)    "AFFILIATE" OF A PERSON MEANS ANY PERSON
CONTROLLING, CONTROLLED BY, OR UNDER COMMON CONTROL WITH
THAT PERSON.