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Session Laws, 1989
Volume 771, Page 4379   View pdf image
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WILLIAM DONALD SCHAEFER, Governor Ch. 805

11-414.

If the Commissioner finds that any registrant or applicant
for registration is no longer in existence, has ceased to do
business as a [broker-dealer or agent,] BROKER-DEALER, AGENT,
INVESTMENT ADVISER, OR INVESTMENT ADVISER REPRESENTATIVE, is
subject to an adjudication of mental incompetence or to the
control of a committee, conservator, or guardian, or cannot be
located after reasonable search, the Commissioner by order may
cancel the registration or applicat adviser representative, is
subject to an adjudication of mental incompetence or to the
control of a committee, conservator, or guardian, or cannot be
located after reasonable search, the Commissioner by order may
cancel the registration or applicat adviser representative, is
subject to an adjudication of mental incompetence or to the
control of a committee, conservator, or guardian, or cannot be
located after reasonable search, the Commissioner by order may
cancel the registration or application.

11-415.

(a)  Withdrawal from registration as a [broker-dealer or
agent] BROKER-DEALER, AGENT, INVESTMENT ADVISER, OR INVESTMENT
ADVISER REPRESENTATIVE becomes effective 30 days after receipt of
an application to withdraw or within any shorter period of time
which the Commissioner determines, unless:

(1)  A revocation or suspension proceeding is pending
when the application is filed; or

(2)  A proceeding to revoke, suspend, or impose
conditions on the withdrawal is instituted within 30 days after
the application is filed.

(b)   If a proceeding is pending or instituted, withdrawal
becomes effective at the time and on the conditions the
Commissioner by order determines.

(c)   If no proceeding is pending or instituted and
withdrawal automatically becomes effective, the Commissioner
nevertheless may institute a revocation or suspension proceeding
under § 11-412 (a) (2) within one year after withdrawal became
effective and enter a revocation or suspension order as of the
last date on which registration was effective.

11-416.

An order may not be entered under any part of §§ 11-412
through 11-415 of this subtitle, except § 11-413 (a), without:

(1) Appropriate prior notice to the applicant or
registrant, as well as the employer or prospective employer if

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Session Laws, 1989
Volume 771, Page 4379   View pdf image
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