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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.