Ch. 11                                    LAWS OF MARYLAND                                 

nothing of value is given by stockholders for the dividend other
than the surrender of a right to a cash or property dividend when
each stockholder may elect to take the dividend in cash,
property, or stock;

(3)  Any act incident to a class vote by stockholders,
under the certificate of incorporation or the applicable
corporation statute, on a merger, consolidation, split-up,
spin-off, share exchange, reclassification of securities, or
transfer of corporate assets in consideration of the issuance, in
whole or in part, of securities of another corporation; or

(4)  Any act incident to a judicially "approved
reorganization in which a security is issued:

(i) In exchange for one or more outstanding
securities, claims, or property interests; or

(ii) Partly in such exchange and partly for
cash.

DRAFTER'S NOTE: This corrects stylist id errors in §
ll-102(a) of the Corporations and Associations
Article.

The stylistic errors, the placement of commas,
occurred in Ch. 311 of the Acts of 1975.

The stylistic errors were noted by the Computer
Division of the Department of Legislative Reference.

(b) As used in this title, ["fraud," "deceit,"] "FRAUD",
"DECEIT", and "defraud" are not limited to common-law deceit.

DRAFTER'S NOTE: This corrects stylistic errors in §
ll-102(b) of the Corporations and Associations
Article.

The stylistic errors, the placement of commas,
occurred in Ch. 1 of the Acts of 1962.

The stylistic errors were noted by the Computer
Division of the Department of Legislative Reference.

11-302.

(b) (1) It is unlawful for any investment advisor to enter
into, extend, or renew any investment advisory contract, unless
it provides in writing that:

(3) ["Assignment,"] "ASSIGNMENT", as used in
paragraph: (1) (ii) of this subsection, includes any direct or
indirect transfer or hypothecation of an investment advisory

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