HARRY HUGHES, Governor

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Commissioner has given his approval thereto, or after
disapproval of such acquisition of control or merger by the
Commissioner, shall constitute a violation of this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, That the
provisions of this Act do not apply to any person who,
directly or indirectly, owns, controls, holds with power to
vote, or holds proxies, representing more than 10 percent
and less than 15 percent of the voting securities of any
other person on or before the date of the introduction of
this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for
the immediate preservation of the public health and safety
and having been passed by a yea and nay vote supported by
three-fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

May 19, 1981
The Honorable James Clark, Jr.
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, today I have vetoed Senate Bill 1106.

This bill alters the definition of "control" in the
Maryland Insurance Acquisitions Disclosure and Control Act
by lowering the threshold for presumption of control by any
"person" (individual, partnership, corporation, etc.) to ten
percent of the voting securities of any other "person".

House Bill 1864, which was enacted by the General
Assembly and signed by me on May 19, 1981, accomplishes the
same purpose.

Therefore it is unnecessary for me to sign Senate Bill
1106.

Sincerely,
Harry Hughes
Governor