Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 11-705

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
  • Statute: A law passed by a legislature.
(a) (1) Any person who willfully violates any provision of this title, except § 11-303 or § 11-305 of this title or who willfully violates any rule or order under this title except a rule or order under § 11-305 of this title, or who willfully violates § 11-303 of this title knowing the statement made to be false or misleading in any material respect, on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 3 years or both.

(2) Any person who willfully violates § 11-305 of this title or who willfully violates a rule or order under § 11-305 of this title, on conviction is subject to a fine not exceeding $100,000 or imprisonment not exceeding 5 years or both.

(3) A person may not be imprisoned for the violation of any rule or order if the person proves that the person had no knowledge of the rule or order.

(4) An indictment or information may not be returned under this title more than 5 years after the alleged violation.

(b) The Commissioner may refer available evidence concerning violations of this title or of any rule or order under this title to the State‘s Attorney or the Attorney General who, with or without the reference, may institute the appropriate criminal proceedings under this title.

(c) Nothing in this title limits the power of this State to punish any person for any conduct which constitutes a crime by statute or at common law.

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