HARRY HUGHES, Governor

2897

to the State's share which are related to the State's
teacher social security contributions, and additions to the
State's share which are targeted to certain low expenditure
counties and special education services, all as set forth in
Section 1 of this Act; and if said appropriation is not made
in the Budget Bill, this Act shall be null and void without
the necessity of further action by the General Assembly.

SECTION 5. AND BE IT FURTHER ENACTED, That the
effectiveness of this Act is contingent upon the passage of
either House Bill 1297 or Senate Bill 947 of 1981. If
neither of these bills should be passed, the provisions of
this Act are null and void without the need of further
action by the General Assembly.

SECTION 4 6. AND BE IT FURTHER ENACTED, That
subject to the provisions of Section 2 5 above, this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 775

(House Bill 1308)

AN ACT concerning

Maryland Securities Act

FOR the purpose of authorizing the Securities Commissioner
to impose certain fees; altering the amount of certain
fees and the provisions respecting refunds of those
fees; allowing the Commissioner to regulate the
expiration of certain registrations; allowing certain
filings to be made with persons designated by the
Commissioner by rule or order; altering exemptions from
the securities act for certain securities and
transactions; authorizing the issuance of cease and
desist orders; altering certain penalty provisions and
standards of proof; making changes in style; and
generally relating to the powers of the Securities
Commissioner.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section ll-203(a), 11-206(e), 11-403, ll-405(a),
11-406, 11-407, 11-506, 11-601, 11-602, and
ll-701(a) and (d), 11-702, and 11-705(a)(1)

Annotated Code of Maryland

(1975 Volume and 1980 Supplement)