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Session Laws, 1989
Volume 771, Page 4362   View pdf image
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Ch. 805

LAWS OF MARYLAND

Article - Corporations and Associations

Section 11-401 through 11-417 to be under the amended
subtitle "Subtitle 4. Registration of
Broker-Dealers, Agents, Investment Advisers, and
Investment Adviser Representatives"

Annotated Code of Maryland

(1985 Replacement Volume and 1988 Supplement)

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

Article - Corporations and Associations

11-101.

(a)   In this title, unless the context requires otherwise,
the following words have the meanings indicated.

(b)  (1) "Agent" means an individual other than a
broker-dealer who represents a broker-dealer or issuer in
effecting or attempting to effect the purchase or sale of
securities.

(2)   "Agent" includes a partner, officer, or director
of a broker-dealer or issuer, or a person occupying a similar
status or performing similar functions, only if he otherwise
comes within this definition.

(3)   "Agent" does not include an individual who
represents an issuer in:

(i) Effecting a transaction in a security
exempted by § 11-601 (1), (2), (3), (10), or (11) of this title;

(ii) Effecting a transaction exempted by §
11-602 of this title; or

(iii) Effecting a transaction with an existing
employee, partner, or director of the issuer if no commission or
other remuneration is paid or given directly or indirectly for
soliciting any person in the State.

(c)  (1) "Broker-dealer" means a person engaged in the
business of effecting transactions in securities for the account
of others or for his own account.

(2) "Broker-dealer" does not include:

(i) An agent;

(ii) An issuer;

- 4362 -

 

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Session Laws, 1989
Volume 771, Page 4362   View pdf image
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