WILLIAM DONALD SCHAEFER, Governor Ch. 533

registration becomes effective at noon of the 30th day after an
application is filed. The Commissioner by rule or order may
specify an earlier effective date, and he by order may defer the
effective date until noon of the 30th day after the filing of any
amendment.

11-408.

(A)  A registered broker-dealer may file an application for
registration of a successor, whether or not the successor is then
in existence, for the unexpired portion of the year. There is no
filing fee.

(B)   IF A BROKER-DEALER SUCCEEDS TO AND CONTINUES THE
BUSINESS OF A REGISTERED BROKER-DEALER AND THE SUCCESSOR FILES AN
APPLICATION FOR REGISTRATION WITHIN 30 DAYS AFTER THE SUCCESSION,
THE REGISTRATION OF THE PREDECESSOR REMAINS EFFECTIVE AS THE
REGISTRATION OF THE SUCCESSOR FOR 60 DAYS AFTER THE SUCCESSION.

(C)  EACH REGISTERED AGENT OF A BROKER-DEALER WHOSE
SUCCESSOR IS REGISTERED PURSUANT TO EITHER SUBSECTION (A) OR (B)
OF THIS SECTION SHALL CONTINUE TO BE REGISTERED IN ACCORDANCE
WITH SUCH RULES AS THE COMMISSIONER SHALL ADOPT.

11-409.

(a)  Any broker-dealer registered in this State shall have
and maintain a net capital of not less than $15,000, and a
broker-dealer registered in this State, other than one who deals
exclusively in securities exempt under § 11-601(1) or (2) of this
title, may not permit his aggregate indebtedness to all other
persons to exceed 2,000 percent of his net capital; but the
Commissioner by rule or order may permit any class of
broker-dealers to maintain a net capital in an amount other than
$15,000 or to increase or decrease the required percent of net
capital except that the Commissioner may not permit any net
capital or percent of net capital requirement which is contrary
to the limits set by the federal [securities and exchange
commission.] SECURITIES AND EXCHANGE COMMISSION.

(b)  The terms "aggregate indebtedness" and "net capital"
shall be defined by rule of the Commissioner.

11-412.

(a) The Commissioner by order may deny, suspend, or revoke
any registration if he finds that the order is in the public
interest and that the applicant or registrant or, in the case of
a broker-dealer, any partner, officer, or director, any person
occupying a similar status or performing similar functions, or
any person directly or indirectly controlling the broker-dealer:

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