Ch. 553                                     1993 LAWS OF MARYLAND

Section 11-510.1                                                                                                  

Annotated Code of Maryland
(1993 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

              Article - Corporations and Associations

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)     (1) [The registrant] A FACE-AMOUNT CERTIFICATE COMPANY OR AN
OPEN-END MANAGEMENT COMPANY, at the time of filing, shall pay [a] AN INITIAL
REGISTRATION fee of $500 and within [6 months] 60 DAYS after the registrant's fiscal
year END during which its registration statement is effective either:

[(1)](I) Pay a fee of $1,300; or

[(2)](II) 1. 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

            2. [pay] 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 $500 or more than $1,000].

(2) (I) WHEN CALCULATING THE FEE PURSUANT TO PARAGRAPH
(1)(II)2 OF THIS SUBSECTION, THE INITIAL REGISTRATION FEE OF $500 SHALL BE
DEDUCTED FROM THE AMOUNT DUE UNDER PARAGRAPH (1)(II)2 OF THIS
SUBSECTION. IN NO EVENT MAY THE AGGREGATE REGISTRATION FEE AGGREGATE
FEE DUE.

(II) THE AGGREGATE FEE DUE UNDER THIS PARAGRAPH MAY NOT
EXCEED $1,500.

(III) IF THE AMOUNT DUE UNDER PARAGRAPH (1)(II)2 OF THIS
SUBSECTION IS LESS THAN $500, NO ADDITIONAL AMOUNT MAY BE PAYABLE, AND
(NO CREDIT OR REFUND MAY BE ALLOWED OR RETURNED.

(C)     (1) A UNIT INVESTMENT TRUST, AT THE TIME OF FILING, SHALL PAY AN
INITIAL REGISTRATION FEE OF $500 AND WITHIN 60 DAYS AFTER THE ANNIVERSARY
OF THE UNIT INVESTMENT TRUST'S EFFECTIVE DATE EITHER:

(I) PAY A FEE OF $1,300; OR

(II) 1. FILE A REPORT ON A FORM THE COMMISSIONER BY RULE
ADOPTS, REPORTING ALL SALES OF SECURITIES TO PERSONS WITHIN THIS STATE
DURING THE EFFECTIVE PERIOD OF THE REGISTRATION STATEMENT; AND

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