HARRY HUGHES, Governor

629

CHAPTER 198

(House Bill 506)

AN ACT concerning

Maryland Securities Act - Enforcement - Injunctions

FOR the purpose of repealing certain venue requirements for
injunctive actions brought by the Securities Commissioner to
enforce compliance with the provisions and rules of the
Maryland Securities Act.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 11-702

Annotated Code of Maryland

(1975 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

11-702.

Whenever it appears to the Commissioner that any person has
engaged or is about to engage in any act or practice constituting
a violation of any provision of this title or any rule or order
under this title, he may in his discretion bring an action [in
the circuit court of the county in which the person resides or
transacts business] to enjoin the acts or practices and to
enforce compliance with this title or any rule or order under
this title. On proper showing a permanent or temporary injunction
or restraining order shall be granted and a receiver or
conservator may be appointed for the defendant or the defendant's
assets. The court may not require the Commissioner to post a
bond.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 8, 1984.