WILLIAM DONALD SCHAEFER, Governor Ch. 533

(1)  With respect to certificates of deposit,
voting-trust certificates, or collateral-trust certificates or
with respect to certificates of interest or shares in an
unincorporated investment trust not having a board of directors
or persons performing similar functions or of the fixed,
restricted management, or unit type, the term "issuer" means the
person performing the acts and assuming the duties of depositor
or manager under the provisions of the trust or other agreement
or instrument under which the security is issued; and

(2)  With respect to certificates of interest or
participation in oil, gas, or mining titles or leases or in
payments out of production under the titles or leases, there is
not considered to be any "issuer".

(i) "Nonissuer distribution" and "nonissuer transaction"
mean a distribution or transaction, as the case may be, not
directly or indirectly for the benefit of the issuer.

(j) "Offer" or "offer to sell", except as   provided in §

11-102 (a) of this subtitle, includes every attempt   or offer to

dispose of or solicitation of an offer to buy,   a security or
interest in a security for value.

(k) "Person" means an individual, a corporation, a
partnership, an association, a joint-stock company, a trust where
the interests of the beneficiaries are evidenced by a security,
an unincorporated organization, a government, or a political
subdivision of a government.

(1) "Public Utility Holding Company Act of 1935" means the
federal statute of that name.

(m) "Sale" or "sell", except as provided in § 11-102 (a) of
this subtitle, includes every contract of sale of, contract to
sell, or disposition of a security or interest in a security for
value.

(n) "Securities Act of 1933" and "Securities Exchange Act
of 1934" mean the federal statutes of those names.

(o) (1) "Security" means any:

(i) Note;

(ii) Stock;

(iii) Treasury stock;

(iv) Bond;

(v) Debenture;

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