Sec. 02.02.04.04. Designated Institutional Investor

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A. Definitions.

(1) "Accredited investor" has the same meaning as set forth in Regulation D, 17 CFR §230.501(a)(1)-(3), (7), and (8), which is incorporated by reference.

(2) "Qualified institutional buyer" has the same meaning as set forth in Rule 144A, 55 FR 17933 (1990), which is incorporated by reference.

B. For purposes of the Maryland Securities Act, Corporations and Associations Article, §11-602(8), Annotated Code of Maryland, an institutional investor includes the following:

(1) An accredited investor; or

(2) A qualified institutional buyer.

                    
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