<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="11-303" title_number="11" title_name="Maryland Securities Act" subtitle_number="3" subtitle_name="Fraudulent and Other Prohibited Practices">
  <text>It is unlawful for any person to make or cause to be made, in any document filed with the Commissioner or in any proceeding under this title, any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.</text>
</section>
