<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="11-505" title_number="11" title_name="Maryland Securities Act" subtitle_number="5" subtitle_name="Registration of Securities">
  <level label="a">
    <text>A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer.</text>
  </level>
  <level label="b">
    <text>A registration statement may be filed in the manner and form designated by rule or order of the Commissioner, including filing by electronic transmission.</text>
  </level>
</section>
