§ 11-414. Cancellation of registration or application; abandonment of notice filing

   (a) Cancellation of registration or application. -- By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant:

   (1) Has abandoned the application;

   (2) Is no longer in existence;

   (3) Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative;

   (4) Is subject to an adjudication of mental incompetence or the control of a committee, conservator, or guardian; or

   (5) Cannot be located after reasonable search.

(b) Abandonment of notice filing. -- The Commissioner may deem abandoned a notice filing that a federal covered adviser has filed under § 11-405 of this subtitle, if the Commissioner finds that the federal covered adviser:

   (1) Has abandoned the notice filing;

   (2) Is no longer in existence;

   (3) Has ceased to do business as a federal covered adviser;

   (4) Is subject to adjudication of mental incompetence or to the control of a committee, conservator, or guardian; or

   (5) Cannot be located after a reasonable search.

HISTORY: An. Code 1957, art. 32A, § 18; 1975, ch. 311, § 2; 1989, ch. 805, § 2; 1992, ch. 619; 1997, ch. 613, § 2.