1890                                        LAWS OF MARYLAND                                    Ch. 505

(8)  All the information required under the provisions
of the Securities Exchange Act and the applicable rules and
regulations promulgated under the Securities Exchange Act with
respect to tender offers, prior to making a tender offer, to be:

(i) Contained in a tender offer for, or request
or invitation for tenders of, securities published or sent or
given to security holders; and

(ii) Filed with the Securities and Exchange
Commission, under the provisions of the Securities Exchange Act
and the applicable rules and regulations promulgated under the
Securities Exchange Act with respect to tender offers; and

(9)  To the extent the Commissioner provides by rule,
a notice printed in a conspicuous manner that reads substantially
as follows:

"Under federal law, an employee stock ownership plan
to purchase the stock of this company may be established as an
alternative to purchase by the offeror described in this
statement. For further information about employee stock
ownership plans, you may write the financial assistance officer
at the Maryland Department of Economic and Community Development,

2525 Riva Road, Annapolis, Maryland 21401."

(c)  An offeror may, subsequent to the filing required by

subsection (a) of this section, publish a notice of intention to

make a take-over offer containing a full and fair summary of the

information required by subsection (b) of this section, provided

that the notice of intention contains a legend, prominently

displayed on the notice, stating that an offer may not be made,

and tenders are not being and may not be solicited, until the

expiration of the period prescribed by subsection (a) of this

section, and specifying the date on which offers may first be

made. A target company may, but need not, mail a copy of this
notice of intention to its stockholders, but is not responsible

for the contents of the notice of intention.

(d)  In addition to other powers of the Commissioner, the
Commissioner, by rule or order, may modify, suspend, or exempt
transactions from particular provisions of this subtitle to the
extent the Commissioner deems such action necessary or
appropriate to make their applications reasonably consistent with
the Securities Exchange Act of 1934.]

[11-903.

Copies of all advertisements, circulars, letters, or other
materials published by the offeror or the target company,
soliciting or requesting the acceptance or rejection of the
take-over offer, shall be filed with the Commissioner and sent to
the target company or offeror, respectively, not later than the
time copies of the solicitation materials are first published or
used or sent to security holders of the target company.]