WILLIAM DONALD SCHAEFER, Governor Ch. 533

(c) When a registration statement is withdrawn before the
effective date or a preeffective stop order is entered under §§
11-511 through 11-513 of this subtitle, the Commissioner shall
retain the filing fee.

11-508.

(a)   [Every registration statement is effective for any
period during which the security is being offered or distributed
in a nonexempted transaction by or for the account of the issuer
or other person on whose behalf the offering is being made or by
any underwriter or broker-dealer who is still offering part of an
unsold allotment or subscription taken by him as a participant in
the distribution, except during the time a stop order is in
effect under §§ 11-511 through 11-513 of this subtitle.] A
REGISTRATION STATEMENT REMAINS EFFECTIVE FOR 1 YEAR AFTER ITS
EFFECTIVE DATE UNLESS THE COMMISSIONER BY RULE OR ORDER EXTENDS
THE PERIOD OF EFFECTIVENESS. A REGISTRATION STATEMENT IS NOT
EFFECTIVE WHILE A STOP ORDER IS IN EFFECT UNDER §§ 11-511 THROUGH
11-513 OF THIS SUBTITLE.

(b)  A registration statement may be withdrawn only in the
discretion of the Commissioner.

11-510.1.

(A)  A FACE-AMOUNT CERTIFICATE COMPANY, AN OPEN-END
MANAGEMENT COMPANY, OR A UNIT INVESTMENT TRUST, AS THOSE TERMS
ARE DEFINED IN THE INVESTMENT COMPANY ACT OF 1940, MAY REGISTER
AN INDEFINITE AMOUNT OF SECURITIES UNDER A REGISTRATION
STATEMENT.

(B)  THE REGISTRANT, AT THE TIME OF FILING, SHALL PAY A FEE
OF $100 AND WITHIN 6 MONTHS AFTER THE REGISTRANT'S FISCAL YEAR
DURING WHICH ITS REGISTRATION STATEMENT IS EFFECTIVE EITHER:

(1)  PAY A FEE OF $650; OR

(2)  FILE A REPORT ON A FORM THE COMMISSIONER BY RULE
ADOPTS, REPORTING ALL SALES OF SECURITIES TO PERSONS WITHIN THIS
STATE DURING THE FISCAL YEAR, AND PAY A FEE OF 0.1 PERCENT OF THE
MAXIMUM AGGREGATE OFFERING PRICE AT WHICH THE REGISTERED
SECURITIES ARE SOLD IN THIS STATE, WHICH FEE MAY NOT BE IN ANY
CASE LESS THAN $100 OR MORE THAN $400.

11-601.

The following securities are exempted from §§ 11-205 and
11-501 of this title:

(1) (i) Any security, including a revenue obligation,
issued or guaranteed by the United States, any state, any
political subdivision of a state, or any agency or corporation or

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