There is a newer version of the Maryland Code
2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 11-501 - Registration requirement
MD Corp & Assn Code § 11-501 (2013) What's This?
§11-501.
A person may not offer or sell any security in this State unless:
(1) The security is registered under this title;
(2) The security or transaction is exempted under Subtitle 6 of this title; or
(3) The security is a federal covered security.
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