Ch. 613                                    1997 LAWS OF MARYLAND

Act of 1940,] REGISTERED UNDER § 11-502, § 11-503, OR § 11-504 OF THIS SUBTITLE
may be amended after its effective date so as to increase the securities specified as
proposed to be offered.

11-510.1.

(a)     A face-amount certificate company, an open-end management company, A
CLOSED-END MANAGEMENT COMPANY THAT IS NOT A FEDERAL COVERED
SECURITY UNDER § 18(B)(1) OF THE SECURITIES ACT OF 1933 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.] SHALL COMPLY WITH
THE REQUIREMENTS OF THIS SECTION, IF THE COMPANY OR TRUST FILES:

(1)     A NOTICE UNDER § 11-503.1 OF THIS SUBTITLE OF THE OFFER OR
SALE IN THIS STATE OF AN INDEFINITE AMOUNT OF FEDERAL COVERED
SECURITIES SPECIFIED IN § 18(B)(2) OF THE SECURITIES ACT OF 1933; OR

(2)     AN APPLICATION TO REGISTER UNDER § 11-503 OF THIS SUBTITLE
THE OFFER AND SALE IN THIS STATE OF AN INDEFINITE AMOUNT OF SECURITIES.

(b)     (1) A face-amount certificate company or an open-end management
company, at the time of filing, shall pay an initial [ registration] fee of $500 and within 60
days after the [registrant's] ISSUER'S fiscal year end during which its registration
statement is effective [either:] OR NOTICE REQUIRED BY § 11-503.1(B) IS FILED:

(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 fiscal year; and

2. Pay a fee of 0.1 percent of the maximum aggregate offering
price at which the [registered] securities [are] WERE sold in this State.

(2) (i) When calculating the fee [pursuant to] IN ACCORDANCE WITH
paragraph (l)(ii)2 of this subsection, the initial [registration] fee of $500 shall be
deducted from the aggregate fee due.

(ii) [The] EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS
SECTION, THE aggregate fee due under this paragraph may not exceed $1,500.

(hi) If the amount due under paragraph (l)(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:] AT THE TIME OF FILING, A UNIT INVESTMENT TRUST, OR
A CLOSED-END MANAGEMENT COMPANY THAT IS NOT A FEDERAL COVERED
SECURITY UNDER § 18(B)(1) OF THE SECURITIES ACT OF 1933 SHALL PAY AN INITIAL
FEE OF $500.

(2) WITHIN 60 DAYS AFTER THE ANNIVERSARY OF THE DATE ON WHICH
THE ISSUER'S OFFER BECAME EFFECTIVE OR ITS NOTICE FILED UNDER § 11-503(B)

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