Section 11-501 - Registration requirement.
§ 11-501. Registration requirement.
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.
[An. Code 1957, art. 32A, § 19; 1975, ch. 311, § 2; 1980, ch. 598; 1997, ch. 613, § 2.]