Section 11-102 – Rules of Interpretation
(a) The terms “offer”, “offer to sell”, “sale”, and “sell”, as defined in § 11–101(m) and (p) of this subtitle, do not include: (1) Any bona fide pledge or loan; (2) Any stock dividend, whether the corporation distributing the dividend is the issuer of the stock or not, if nothing of value is given by stockholders for the […]