Sec. 31.04.10.08. Exemption from Insurance Article, §3-119(e), Annotated Code of Maryland, of Transactions Involving the Deposit or Withdrawal of Equity Securities under a Voting Trust or Deposit Agreement

Any acquisition or disposition of an equity security involved in the deposit of the security under, or the withdrawal of the security from, a voting trust or deposit agreement, and the acquisition or disposition in connection therewith of the certificate representing the security, shall be exempt from the operation of Insurance Article, §3-119(e), Annotated Code of Maryland, if substantially all of the assets held under the voting trust or deposit agreement immediately after the deposit or immediately before the withdrawal, as the case may be, consisted of equity securities of the same class as the security deposited or withdrawn. However, this regulation does not apply to the extent that there shall have been either:

A. A purchase of an equity security of the class deposited and a sale of any certificate representing an equity security of the class; or

B. A sale of an equity security of the class deposited and a purchase of any certificate representing an equity security of the class (otherwise than in a transaction involved in the deposit or withdrawal or in a transaction exempted by any other section of any regulation under Insurance Article, §3-119(e), Annotated Code of Maryland, within a period of less than 6 months which includes the date of the deposit or withdrawal.