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LAWS OF MARYLAND

Ch. 598

Annotated Code of Maryland

(1975 Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Corporations and Associations

11-205.

The Commissioner by rule or order may require the
filing of any prospectus, pamphlet, circular, form letter,
advertisement, or other sales literature or advertising
communication addressed or intended for distribution to
prospective investors, including clients or prospective
clients of an investment adviser, unless the security or
transaction is exempted by Subtitle 6 of this title.

11-501.

It is unlawful for any person to offer or sell any
security in the State unless:

(1)  It is registered under this title; or

(2)  The security or transaction is exempted
under Subtitle 6 of this title.

11-602.

The following transactions are exempted from §§ 11-205
and 11-501 of this title:

(14) ANY SALE OF SECURITIES TO AN EMPLOYEE STOCK
OWNERSHIP PLAN TRUST, AS DEFINED IN THE INTERNAL REVENUE
CODE OF 1954, ANY ACCRUAL OF INTERESTS OF PARTICIPANTS IN
THE PLAN, AND ANY DISTRIBUTION MADE UNDER THE PLAN TO
PARTICIPANTS OR BENEFICIARIES OF THE PLAN.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 599
(House Bill 432)
AN ACT concerning

Legacy to Testamentary Trust