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105 S-420 Reg.W BO/Ui.D OF' GOVBRNORS OF THE FEDERI\L RESERVE SYSTEM INTERPRETATION OF LAW OR REGULA'riON W-122. G-roup E-1 of the Supplement includes materials and services used in erecting a new fence or in replacing or reria:i.:v·ing an existing f·:mce en. a2.1.y property on which the:r·e is an existing struetu.re.