[Federal Register Volume 61, Number 82 (Friday, April 26, 1996)]
[Rules and Regulations]
[Pages 18495-18499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10367]



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FEDERAL RESERVE SYSTEM

12 CFR Parts 207, 220, 221, and 224

[Regulations G, T, U, and X]


Securities Credit Transactions; List of Marginable OTC Stocks; 
List of Foreign Margin Stocks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; determination of applicability of regulations.

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SUMMARY: The List of Marginable OTC Stocks (OTC List) is composed of 
stocks traded over-the-counter (OTC) in the United States that have 
been determined by the Board of Governors of the Federal Reserve System 
to be subject to the margin requirements under certain Federal Reserve 
regulations. The List of Foreign Margin Stocks (Foreign List) is 
composed of foreign equity securities that have met the Board's 
eligibility criteria under Regulation T. The OTC List and the Foreign 
List are published four times a year by the Board. This document sets 
forth additions to and deletions from the previous OTC List and the 
previous Foreign List.

EFFECTIVE DATE: May 13, 1996.

FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation 
Analyst, Division of Banking Supervision and Regulation, (202) 452-
2781, Board of Governors of the Federal Reserve System, Washington, 
D.C. 20551. For the hearing impaired only, contact Dorothea Thompson, 
Telecommunications Device for the Deaf (TDD) at (202) 452-3544.

SUPPLEMENTARY INFORMATION: Listed below are the deletions from and 
additions to the Board's OTC List, which was last published on January 
29, 1996 (61 FR 2667), and became effective February 12, 1996. A copy 
of the complete OTC List is available from the Federal Reserve Banks.
    The OTC List includes those stocks that meet the criteria in 
Regulations G, T and U (12 CFR Parts 207, 220 and 221, respectively). 
This determination also affects the applicability of Regulation X (12 
CFR Part 224). These stocks have the degree of national investor 
interest, the depth and breadth of market, and the availability of 
information respecting the stock and its issuer to warrant regulation 
in the same fashion as exchange-traded securities. The OTC List also 
includes any OTC stock designated for trading in the national market 
system (NMS security) under rules approved by the Securities and 
Exchange Commission (SEC). Additional OTC stocks may be designated as 
NMS securities in the interim between the Board's quarterly 
publications. They will become automatically marginable upon the 
effective date of their NMS designation. The names of these stocks are 
available at the SEC and at the National Association of Securities 
Dealers, Inc. and will be incorporated into the Board's next quarterly 
publication of the OTC List.
    Also listed below are the deletions from and additions to the 
Board's Foreign List, which was last published on January 29, 1996 (61 
FR 2667), and became effective February 12, 1996. The Foreign List 
includes those foreign securities that meet the criteria in section 
220.17 of Regulation T and are eligible for margin treatment at broker-
dealers on the same basis as domestic margin securities. A copy of the 
complete Foreign List is available from the Federal Reserve Banks.

Public Comment and Deferred Effective Date

    The requirements of 5 U.S.C. 553 with respect to notice and public 
participation were not followed in connection with the issuance of this 
amendment due to the objective character of the criteria for inclusion 
and continued inclusion on the Lists specified in 12 CFR 207.6(a) and 
(b), 220.17(a), (b), (c) and (d), and 221.7(a) and (b). No additional 
useful information would be gained by public participation. The full 
requirements of 5 U.S.C. 553 with respect to deferred effective date 
have not been followed in connection with the issuance of this 
amendment because the Board finds that it is in the public interest to 
facilitate investment and credit decisions based in whole or in part 
upon the composition of these Lists as soon as possible. The Board has 
responded to a request by the public and allowed approximately a two-
week delay before the Lists are effective.

List of Subjects

12 CFR Part 207

    Banks, Banking, Credit, Margin, Margin requirements, National 
Market System (NMS Security), Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 220

    Banks, Banking, Brokers, Credit, Margin, Margin requirements, 
Investments, National Market System (NMS Security), Reporting and 
recordkeeping requirements, Securities.

12 CFR Part 221

    Banks, Banking, Credit, Margin, Margin requirements, National 
Market System (NMS Security), Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 224

    Banks, Banking, Borrowers, Credit, Margin, Margin requirements, 
Reporting and recordkeeping requirements, Securities.

    Accordingly, pursuant to the authority of sections 7 and 23 of the 
Securities Exchange Act of 1934, as amended (15 U.S.C. 78g and 78w), 
and in accordance with 12 CFR 207.2(k) and 207.6 (Regulation G), 12 CFR 
220.2(u) and 220.17 (Regulation T), and 12 CFR 221.2(j) and 221.7 
(Regulation U), there is set forth below a listing of deletions from 
and additions to the OTC List and the Foreign List.

[[Page 18496]]

Deletions From the List of Marginable OTC Stocks

Stocks Removed For Failing Continued Listing Requirements

ABS Industries, Inc.
    No par common
Allegiant Physician Services, Inc.
    $.001 par common
Angeion Corporation
    Warrants (expire 03-12-96)
Arrow Transportation Company
    No par common
Broad National Bancorporation
    8\1/2\% cumulative convertible preferred
Cannon Express, Inc.
    Class B, $.01 par common
Canyon Resources Corporation
    Warrants (expire 04-12-96)
Cafolina First Corporation
    Series 1994, non-cumulative convertible preferred
Cimco, Inc.
    $.01 par common
Communication Cable, Inc.
    $1.00 par common
Cytogen Corporation
    Rights (expire 01-31-97)
Drypers Corporation
    $.001 par common
Envirogen, Inc.
    $.01 par common
    Warrants (expire 10-12-98)
Enviropur Waste Refining & Technologies, Inc.
    $.01 par common
Framingham Savings Bank
    Warrants (expire 01-31-96)
Gambro Incorporated
    American Depositary Receipts
Gaming World International, Inc.
    $.01 par common
    Class A, redeemable purchase warrants
Hallwood Energy Corporation
    $.50 par common
Harvard Industries, Inc.
    14\1/4\% PIK exchangeable preferred
Hudson Chartered Bancorp, Inc.
    7.25% Series B, cumulative convertible preferred
Interneuron Pharmaceuticals, Inc.
    Class B, warrants (expire 03-15-96)
IVF America, Inc.
    Series A, $1.00 par cumulative convertible preferred
Medical Technology Systems, Inc.
    $.01 par common
    Warrants (expire 07-10-96)
Miles Homes, Inc.
    Warrants (expire 04-01-97)
Model Imperial, Inc.
    $.01 par common
NAB Asset Corporation
    $.01 par common
Northern Trust Corporation
    Depositary Shares
NYCOR, Inc.
    $1.00 par convertible exchangeable preferred
Orchard Supply Hardware Stores Corporation
    $.01 par common
Perseptive Technologies II Corp.
    Units
Right Start, Inc., The
    Rights (expire 04-08-96)
Singing Machine Company, Inc.
    $.01 par common
    Warrants (expire 11-10-99)
Solo Serve Corporation
    $.01 par common
Unitech Industries, Inc.
    No par common
WRT Energy Corporation
    $.01 par common
    9% convertible preferred

Stocks Removed for Listing on a National Securities Exchange or Being 
Involved in an Acquisition

Advantage Health Corporation
    $.01 par common
Ael Industries, Inc.
    Class A, $1.00 par common
Agridyne Technologies, Inc.
    $.06 par common
Alantec Corporation
    $.001 par common
Allied Bank Capital, Inc. (NC)
    $1.00 par common
Autotote Corporation
    Class A, $.01 par common
Bank of New Hampshire Corp.
    No par common
Bankers First Corporation (GA)
    $.01 par common
Bay Networks, Inc.
    $.01 par common
Bliss & Laughlin Industries, Inc.
    $.01 par common
Brooklyn Bancorp, Inc. (NY)
    $.01 par common
Cablemaxx Holdings, Inc.
    $.01 par common
Career Horizons, Inc.
    $.01 par common
Champps Entertainments, Inc.
    $.01 par common
CNB Bancshares, Inc. (IN)
    No par common
Coastwide Energy Services, Inc.
    $.01 par common
Cobra Golf Incorporated
    $.001 par common
Coda Energy, Inc.
    $.02 par common
Concord Health Group, Inc.
    $.001 par common
    Warrants (expire 04-19-2000)
Condor Services, Inc.
    $.01 par common
Conservative Savings Corporation
    $.01 par common
Conwest Exploration Company Ltd.
    No par common
Cordis Corporation
    $1.00 par common
Dial Page, Inc.
    $.01 par common
Dolco Packaging Corporation
    $.01 par common
E For M Corp.
    $.001 par common
Eagle Bancorp, Inc.
    $.10 par common
Earth Technology Corporation (USA), Inc.
    $.10 par common
EP Technologies, Inc.
    $.01 par common
F B & T Financial Corporation
    $1.25 par common
Felcor Suite Hotels, Inc.
    $.01 par common
Financial Benefit Group, Inc.
    Class A, $.01 par common
First National Bancorp (GA)
    $1.00 par common
Firstier Financial, Inc.
    $5.00 par common
Flemington National Bank & Trust Company
    $2.50 par common
Flores & Rucks Inc.
    $.01 par common
Foodbrands America, Inc.
    $.40 par common
Foremost Corporation of America
    $1.00 par common
Fourth Financial Corporation
    $5.00 par common
    Depositary Shares
GBC Technologies, Inc.
    $.01 par common
Geodynamics Corporation
    No par common
Greenpoint Financial Corp.
    $.01 par common
Healthdyne Technologies, Inc.
    $.01 par common
Healthwise of America, Inc.
    $.25 par common
Hogan Systems, Inc.
    $.01 par common
Holson Burnes Group, Inc., The
    $.01 par common
Hornbeck Offshore Services, Inc.
    $.10 par common
Independent Insurance Group, Inc.
    Non-voting, $1.00 par common
Information International, Inc.
    $.25 par common
Inmac Corporation
    $.01 par common
Jefferies Group, Inc.
    $.01 par common
Kentucky Enterprise Bancorp, Inc.
    $.01 par common
Kevlin Corporation
    $.10 par common
Landmark Bancorp
    No par common
Laural Bancorp, Inc. (MD)
    $.01 par common
Liberty National Bank (CA)

[[Page 18497]]

    $3.3333 par common
Marietta Corporation
    $.01 par common
Medpartners/Mullikin Inc.
    $.001 par common
Meridian Bancorp, Inc. (PA)
    $5.00 par common
Metro Financial Corporation
    $1.00 par common
Microtec Research, Inc.
    $.001 par common
Mid-South Insurance Company
    $1.00 par common
Noble Drilling Corporation
    $.10 par common
    $1.50 par convertible preferred
Olympic Financial Ltd.
    $.01 par common
Orthopedic Technology, Inc.
    $.01 par common
Outlet Communications, Inc.
    Class A, $.01 par common
P.T. Tri Polyta Indonesia
    American Depositary Receipts
Pacific Physician Services, Inc.
    $.01 par common
Pentair, Inc.
    $.16\2/3\ par common
PSICOR, Inc.
    No par common
SCS/Compute Incorporated
    $.10 par common
Seaboard Bancorp, Inc. (VA)
    $5.00 par common
SFFED Corp.
    $.01 par common
St. Ives Laboratories, Inc.
    $.01 par common
Summit Bancorporation, The
    No par common
Sun International Hotels Limited
    Series A, no par common
    Series B, common
TGV Software, Inc.
    $.001 par common
TIVOLI Systems, Inc.
    $.01 par common
Tokos Medical Corporation (DE)
    $.001 par common
United Counties Bancorporation
    No par common
Victoria Bankshares, Inc.
    $10.00 par common
Wackenhut Corrections Corporation
    $.01 par common
Western Bank (OR)
    $2.50 par common
Younkers, Inc.
    $.01 par common

Additions To The List Of Marginable OTC Stocks

1st Bergen Bancorp
    No par common
3-D Geophysical, Inc.
    $.01 par common
A.S.V., Inc.
    $.01 par common
Aavid Thermal Technologies, Inc.
    $.01 par common
Air-Cure Technologies, Inc.
    $.01 par common
Alexion Pharmaceuticals, Inc.
    $.0001 par common
Alliance Communications Corporation
    Class B, non-voting, no par common
Alphanet Solutions, Inc.
    $.01 par common
Alrenco Inc.
    No par common
Amedisys, Inc.
    $.001 par common
American Bancshares, Inc. (Florida)
    $1.175 par common
American Communications Services, Inc.
    $.01 par common
Analogy, Inc.
    No par common
Andersons Inc., The
    No par common
Ansoft Corporation
    $.01 par common
Antares Resources Corporation
    $.001 par common
APA Optics, Inc.
    $.01 par common
Arterial Vascular Engineering, Inc.
    $.001 par common
Arthrocare Corporation
    $.001 par common
Autologic Information International, Inc.
    $.01 par common
Bacou USA, Inc.
    $.01 par common
Bankatlantic Bancorp, Inc. (Florida)
    Class A, $.01 par common
Barnett Inc.
    $.01 par common
Batteries Batteries, Inc.
    $.001 par common
    Warrants (expire 04-08-2000)
Benton Oil & Gas Company
    Warrants (expire 01-04-99)
Biofield Corporation
    $.001 par common
Boatmen's Bancshares, Inc. (Missouri)
    Depositary Shares
Bonded Motors, Inc.
    No par common
Bureau of Electronic Publishing, Inc.
    $4.75 par common
California Community Bancshares Corporation
    $.01 par common
Cam Designs, Inc.
    Class A, $.001 par common
    Warrants (expire 07-24-2000)
Cayman Water Company, Ltd.
    Ordinary shares
Cellularvision USA, Inc.
    $.01 par common
Century Aluminum Company
    $.01 par common
Chancellor Broadcasting Company
    Class A, $.01 par common
Childtime Learning Centers, Inc.
    No par common
China Resources Development, Inc.
    $.001 par common
Chirex, Inc.
    $.01 par common
Cimatron, Limited
    Ordinary Shares (NIS .01)
Cinram Limited
    No par common
Cohr Inc.
    $.01 par common
Colonial Data Technologies Corporation
    $.01 par common
Columbus McKinnon Corporation
    $.01 par common
COM/TECH Communications Technologies, Inc.
    $.0001 par common
Community Federal Bancorp, Inc.
    $.01 par common
Conceptus Inc.
    $.003 par common
Connective Therapeutics, Inc.
    $.001 par common
Cost Plus, Inc.
    $.01 par common
Cotelligent Group, Inc.
    $.01 par common
CSG Systems International, Inc.
    $.01 par common
Cyanotech Corporation
    $.005 par common
Cybercash Inc.
    $.001 par common
Cylink Corporation
    $.01 par common
Cytyc Corporation
    $.01 par common
Data Dimensions, Inc.
    $.001 par common
Data Processing Resources Corporation
    No par common
Dawson Production Services, Inc.
    $.01 par common
Decisionone Holdings Corporation
    $.01 par common
Dense-Pac Microsystems, Inc.
    No par common
Diacrin Inc.
    Units (expire 12-31-2000)
Dignity Partners, Inc.
    $.01 par common
Ditital Generation Systems, Inc.
    No par common
Documentum Inc.
    $.001 par common
Eagle River Interactive, Inc.
    $.001 par common
Elamex S.A. De C.V.
    No par common
Elmira Savings Bank, FSB
    $1.00 par common
Endovascular Technologies, Inc.
    $.00001 par common
Engineering Animation, Inc.
    $.01 par common
ESC Medical Systems, Limited
    Ordinary shares
Esmor Correctional Services, Inc.

[[Page 18498]]

    Warrants (expire 07-31-99)
Euromed, Inc.
    $.01 par common
Excite, Inc.
    No par common
F.Y.I. Incorporated
    $.01 par common
FEMRX, Inc.
    $.001 par common
Fidelity Federal Bank (California)
    Class A, $.01 par common
Fidelity Financial of Ohio, Inc.
    $.01 par common
First Federal Savings Bank of Siouxland
    $1.00 par common
First Savings Bank, FSB (New Mexico)
    $1.00 par common
Forte Software, Inc.
    $.01 par common
Galagen Inc.
    $.01 par common
Gateway Data Sciences Corporation
    $.01 par common
Gensym Corporation
    $.01 par common
Geographics Inc.
    No par common
Gilman & Ciocia, Inc.
    $.01 par common
Globe Business Resources, Inc.
    No par common
Green Street Financial Corporation
    No par common
Greenman Technologies, Inc.
    $.01 par common
Greif Bros. Corporation
    Class A, no par common
    Class B, no par common
Hardin Bancorp, Inc. (Missouri)
    $.01 par common
Health Systems Design Corporation
    $.001 par common
Heartstream, Inc.
    $.001 par common
Helisys Inc.
    $.001 par common
HMT Technology Corporation
    $.001 par common
Horizon Bancorp, Inc.
    $.01 par common
Houghten Pharmaceuticals, Inc.
    $.001 par common
Housecall Medical Resources, Inc.
    $.01 par common
Hub Group, Inc.
    Class A, $.01 par common
Hybridon, Inc.
    $.001 par common
Ibis Technology Corporation
    $.008 par common
    Warrants (expire 05-20-99)
IDT Corporation
    $.01 par common
Impath Inc.
    $.01 par common
Individual, Inc.
    $.01 par common
Indus Group, Inc., The
    $.001 par common
Innotech, Inc.
    $.001 par common
Integrated Packaging Assembly Corporation
    No par common
Intelligent Medical Imaging, Inc.
    $.01 par common
Intelliquest Information Group, Inc.
    $.0001 par common
Intercardia, Inc.
    $.001 par common
Intime Systems International, Inc.
    Class A, $.01 par common
Iona Appliances, Inc.
    No par common
IPC Holdings, Limited
    $.01 par common
Iron Mountain Incorporated
    $.01 par common
Isocor
    No par common
Jacksonville Bancorp, Inc.
    $.01 par common
JDA Software Group, Inc.
    $.01 par common
K&G Men's Center, Inc.
    $.01 par common
Katz Digital Technologies, Inc.
    $.001 par common
Kellstrom Industries, Inc.
    $.001 par common
KVH Industries, Inc.
    $.01 par common
Landec Corporation
    No par common
Liferate Systems, Inc.
    No par common
Logal Educational Software & Systems, Ltd.
    Ordinary Shares (NIS .01)
Ycos, Inc.
    $.01 par common
MACC Private Equities, Inc.
    $.01 par common
Managed Care Solutions, Inc.
    $.01 par common
Matria Healthcare, Inc.
    $.001 par common
May & Speh, Inc.
    $.01 par common
Mesa Laboratories, Inc.
    No par common
Micro Component Technology, Inc.
    $.01 par common
Microlog Corporation
    $.01 par common
Microware Systems Corporation
    No par common
Mindspring Enterprises, Inc.
    $.01 par common
Mining Services International Corporation
    $.001 par common
Moyco Technologies, Inc.
    $.005 par common
Multi-Corp Inc.
    No par common
MVSI, Inc.
    $.01 par common
National Medical Financial Services Corporation
    $.01 par comon
NCS Healthcare, Inc.
    Class A, $.01 par common
Neose Technologies, Inc.
    $.01 par common
Network Connection, Inc., The
    $.001 par common
New World Coffee, Inc.
    $.001 par common
Nice-Systems, Limited
    American Depositary Receipts
Nobel Education Dynamics, Inc.
    $.001 par common
Novatek International, Inc.
    $1.00 par common
Ocal, Inc.
    $.001 par common
Ohio Valley Banc Corp.
    No par common
Omnipoint Corporation
    $.01 par common
Onyx Acceptance Corporation
    $.01 par common
Open Text Corporation
    No par common
Optical Cable Corporation
    No par common
Optical Sensors Incorporated
    $.01 par common
Orange National Bancorp
    No par common
Orange, PLC
    American Depositary Receipts
Orbit International Corporation
    $.10 par common
Orcad, Inc.
    $.01 par common
Palomar Medical Technologies, Inc.
    $.01 par common
Party City Corporation
    $.01 par common
Patlex Corporation
    $.10 par common
Patriot National Bank
    $2.00 par common
PCD Inc.
    $.01 par common
Pen Interconnect, Inc.
    $.01 par common
    Warrants (expire 11-17-2000)
Penske Motorsports, Inc.
    $.01 par common
Performance Technologies, Inc.
    $.01 par common
PFF Bancorp, Inc.
    $.01 par common
Phar-Mor Inc.
    $.01 par common
    Warrants (expire 09-10-2002)
Pharmaceutical Product Development, Inc.
    $.10 par common
Phymatrix Corporation
    $.01 par common
Physician Support Systems, Inc.
    $.001 par common
PIA Merchandising Services, Inc.

[[Page 18499]]

    $.01 par common
Pittsburgh Home Financial Corporation
    $.01 par common
Platinum Entertainment, Inc.
    $.001 par common
Powercerv Corporation
    $.001 par common
Praegitzer Industries, Inc.
    No par common
Preferred Networks, Inc.
    $.01 par common
Premiere Radio Networks, Inc.
    Class A, $.01 par common
Premiere Technologies, Inc.
    $.01 par common
Prism Solutions, Inc.
    $.001 par common
Profit Recovery Group International, Inc., The
    No par common
PTI Holding, Inc.
    $.01 par common
Pudgie's Chicken, Inc.
    $.01 par common
Q-MED, Inc.
    $.001 par common
Q-ZAR, Inc.
    No par common
RAC Financial Group, Inc.
    $.01 par common
Raptor Systems, Inc.
    $1.00 par common
Realco Inc.
    No par common
    Warrants (expire 02-01-2001)
Red Brick Systems, Inc.
    $.01 par common
Remec Inc.
    $.01 par common
Renal Care Group, Inc.
    $.01 par common
Resource Bank (California)
    $3.00 par common
Restor Industries, Inc.
    $.01 par common
Ribozyme Pharmaceuticals, Inc.
    $.01 par common
Riscorp, Inc.
    Class A, $.01 par common
Rural Cellular Corporation
    Class A, $.01 par common
Sage Laboratories, Inc.
    $.10 par common
Sapient Corporation
    $.01 par common
Savings Bank of the Finger Lakes, FSB (New York)
    $.01 par common
SCB Computer Technology, Inc.
    $.01 par common
Segue Software, Inc.
    No par common
Sel-Lab Marketing, Inc.
    Warrants (expire 07-13-99)
Semiconductor Packaging Materials Company
    $.10 par common
Silicon Valley Research, Inc.
    No par common
Silver Diner Development, Inc.
    $.0007 par common
Sipex Corporation
    $.01 par common
SJS Bancorp, Inc. (Missouri)
    $.01 par common
Softquad International, Inc.
    No par common
Sonics & Materials, Inc.
    $.03 par common
    Warrants (expire 02-27-2001)
Station Casinos, Inc.
    7% convertible preferred
Sunbase Asia, Inc.
    $.01 par common
Supergen, Inc.
    $.001 par common
    Warrants (expire 03-12-2001)
Superior National Insurance Group, Inc.
    No par common
Superior Services, Inc.
    $.01 par common
Tadiran Telecommunications, Limited
    Ordinary Shares (NIS 1.00)
Telechips Corporation
    $.01 par common
Telemundo Group, Inc.
    Warrants (expire 12-29-99)
Trescom International, Inc.
    $.01 par common
Trident International, Inc.
    $.01 par common
Ultradata Corporation
    $.001 par common
Ultrafem, Inc.
    $.001 par common
Unidigital, Inc.
    $.01 par common
United States Satellite Broadcasting Company, Inc. Class A,
    $.0001 par common
Videolan Technologies, Inc.
    $.01 par common
    Warrants (expire 08-10-2000)
Vista 2000, Inc.
    Warrants (expire 10-24-98)
Vitalcom, Inc.
    $.01 par common
Vocaltec, Limited Ordinary Shares
Voice Control Systems, Inc.
    $.01 par common
West Jersey Bancshares, Inc.
    No par common
Wilmar Industries, Inc.
    No par common
Winfield Capital Corporation
    $.01 par common
Workgroup Technology Corporation
    $.01 par common
Worldtalk Communications Corporation
    $.01 par common
Xeikon, N.V.
    American Depository Receipts
Xetel Corporation
    $.0001 par common
Xylan Corporation
    $.001 par common
Yahoo! Inc.
    $.001 par common
York Group, Inc., The
    $.01 par common

Deletions From The List Of Foreign Margin Stocks

Higashi-Nippon Bank, Ltd.
    <yen> 50 par common
Hyogo Bank, Ltd.
    <yen> 50 par common
Taisei Prefab Construction Co., Ltd.
    <yen> 50 par common

Additions To The List Of Foreign Margin Stocks

New World Development Co., Ltd.
    Ordinary, par HK $1.00
Peregrine Investment Holdings Ltd.
    Ordinary, par HK $.60

    By order of the Board of Governors of the Federal Reserve System, 
acting by its Director of the Division of Banking Supervision and 
Regulation pursuant to delegated authority (12 CFR 265.7(f)(10)), April 
23, 1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-10367 Filed 4-25-96; 8:45 am]
BILLING CODE 6210-01-P