HARRY HUGHES, Governor                               867

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

Approved April 8, 1980.

CHAPTER 119
(Senate Bill 377)

AN ACT concerning

Corporations and Associations - Takeover Offers -
Employee Stock Ownership Plans

FOR the purpose of allowing an alternative plan for the
purchase of certain stock through an Employee Stock
Ownership Plan; requiring the offeror to provide a
sufficient number of statements of intention to take
over to employees. the Securities Commissioner to
require notice as to employee stock ownership plan
alternatives to a corporate takeover and to take other
action on takeovers to be consistent with the
Securities Exchange Act of 1934; and making this Act an
emergency measure.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 11-902

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be repealed, amended, or enacted to read as follows: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

11-902.

(a) It is unlawful for any person to make a take-over
offer involving a target company, or to acquire or solicit
the acquisition of any equity securities of a target company
pursuant to the offer, unless at least 20 days prior to the
dates on which the offer is made and copies of the offer are
first published or sent or given to security holders, the
offeror has filed with the Commissioner, together with the
consent to service of process specified in § 11-802 (a) of
this title and a filing fee of $100, and sent by certified
mail or personally delivered to the target company at its
principal office a written statement which contains the
information prescribed in subsection (b) of this section.