HARRY HUGHES, Governor

2905

(iii) An administrative stop order or similar
order or permanent or temporary injunction of any court of
competent jurisdiction is not in effect under this title or
under any federal or State act against the offering or sale
of the security or any security of the same class[.];

(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[.]; AND

(15)  TO THE EXTENT PERMITTED BY RULE OR ORDER OF THE
COMMISSIONER, ANY OFFER OR SALE WITHIN THIS STATE BY AN
ISSUER NOW OR HEREAFTER EXEMPTED FROM SECTION 5 OF THE
SECURITIES ACT OF 1933 BY VIRTUE OF A RULE OR REGULATION
ADOPTED BY THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION UNDER SECTION 3(B) OR SECTION 4(2) OF THAT ACT;
IF THE ISSUER FILES WITH THE COMMISSIONER A NOTICE OF INTENT
TO CLAIM EXEMPTION UNDER THIS PARAGRAPH, AT SUCH TIME OR
TIMES, IN SUCH FORM, AND CONTAINING SUCH INFORMATION AS THE
COMMISSIONER DETERMINES.

11-701.

(a) In his discretion, the Commissioner may:

(1)  Make public or private investigations within
or outside of this State as he considers necessary to:

(i) Determine whether any person has
violated or is about to violate any provision of this title
or any rule or order under this title; or

(ii) Aid in the enforcement of this title
or in the prescribing of rules and forms under this title;

(2)  Require or permit any person to file a
statement in writing, under oath or otherwise as the
Commissioner determines, as to all the facts and
circumstances concerning the matter to be investigated;
[and]

(3)  Publish information concerning any violation of
this title or any rule or order under this title[.]; AND

(4)  ISSUE A CEASE AND DESIST ORDER AS TO ANY PRACTICE
OR ACT FOUND BY THE COMMISSIONER TO BE IN VIOLATION OF THIS
TITLE PROVIDED THAT NOTICE AND OPPORTUNITY FOR A HEARING ARE
GIVEN TO EACH PERSON NAMED IN THE ORDER.

(d) A person is not excused from attending and
testifying or from producing any document or record before
the Commissioner, or in obedience to the subpoena of the
Commissioner or any officer designated by him, or in any
proceeding instituted by the Commissioner, on the ground
that the testimony or evidence, documentary or otherwise,