WILLIAM DONALD SCHAEFER, Governor Ch. 533

(4) An undertaking to forward all future amendments
to the federal prospectus, other than an amendment which merely
delays the effective date of the registration statement, promptly
and in any event not later than the first business day after the
day they are forwarded to or filed with the Securities and
Exchange Commission, whichever first occurs.

(c) (1) A registration statement under this section

automatically becomes effective at the moment the federal

registration statement becomes effective, if all   the following
conditions are satisfied:

(i) A stop order is not in effect and a
proceeding is not pending under §§ 11-511 through 11-513 of this
subtitle?

(ii) The registration statement has been on
file with the Commissioner for at least ten days; and

(iii) A statement of the maximum and minimum
proposed offering prices and the maximum underwriting discounts
and commissions has been on file for two full business days or
any shorter period which the Commissioner permits by rule or
otherwise, and the offering is made within those limitations.

(2)  The registrant promptly shall notify the
Commissioner [by [ telephone or telegram] TELEPHONE, TELEGRAM,
OR BY ANY OTHER MEANS THAT THE COMMISSIONER BY RULE OR ORDER MAY
DEEM APPROPRIATE of the date and time when the federal
registration statement became effective and the content of the
price amendment, if any, and promptly shall file a post-effective
amendment containing the information and documents in the price
amendment.

(3)   "Price amendment" means the final federal
amendment which includes a statement of the offering price,
underwriting and selling discounts or commissions, amount of
proceeds, conversion rates, call prices, and other matters
dependent on the offering price.

(4)  On failure to receive the required notification
and post-effective amendment with respect to the price amendment,
the Commissioner may enter a stop order without notice or
hearing, retroactively denying effectiveness to the registration
statement or suspending its effectiveness until compliance with
this subsection, if he promptly notifies the registrant by
telephone or telegram, and promptly confirms by letter or
telegram when he notifies by telephone, of the issuance of the
order. If the registrant proves compliance with the requirements
of this subsection as to notice and post-effective amendment, the
stop order is void as of the time of its entry.

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