Cooperative Marketing Associations

DEPARTMENT OF AGRICULTURE

Commodity Credit Corporation

7 CFR Part 1425

RIN 0560-AF33

Cooperative Marketing Associations

AGENCY: Commodity Credit Corporation, USDA.

ACTION: Interim rule and request for comments.

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SUMMARY: This rule amends the Commodity Credit Corporation's (CCC's)

Cooperative Marketing Association (CMA) program to reduce workload and

reporting burdens and focus CCC's monitoring efforts on the CMA's

participation in the commodity loan and loan deficiency payment

programs. Other CMA business functions will no longer be subject to

review or approval.

DATES: This rule is effective April 9, 1998. Comments concerning this

rule should be received on or before May 11, 1998 to be assured

consideration.

ADDRESSES: Address all comments concerning this interim rule to James

Goff, Agricultural Program Specialist, Price Support Division, USDA,

FSA, STOP 0512, 1400 Independence Avenue, S.W., Washington, DC 20250-

0512, telephone (202) 720-5396: e-mail James__G[email protected].

SUPPLEMENTARY INFORMATION:

Executive Order 12866

It has been determined that this rule does not have sufficient

Federalism implications to warrant the preparation of a Federalism

Assessment. The provisions contained in this rule will not have a

substantial direct effect on States or their political subdivisions, or

on the distribution of power and responsibilities among various levels

of government.

Executive Order 12866

This interim rule is issued in conformance with Executive Order

12866 and has been determined to be not significant and therefore has

not been reviewed by the Office of Management and Budget.

Executive Order 12988

The interim rule has been reviewed in accordance with Executive

Order 12988. The provisions of this interim rule preempt State laws to

the extent such laws are inconsistent with the provisions of this rule.

The provisions of this rule are not retroactive. Before any judicial

action may be brought concerning the provisions of this rule, the

administrative remedies must be exhausted.

Regulatory Flexibility Act

It has been determined that the Regulatory Flexibility Act is not

applicable to this rule because FSA and CCC are not required by 5

U.S.C. 553 or any other provision of law to publish a notice of

proposed rulemaking with respect to the subject matter of this rule.

Unfunded Mandates Reform Act of 1995

This rule contains no Federal mandates under the regulatory

provisions of Title II of the Unfunded Mandates Reform Act of 1995

(UMRA) for State, local, and tribal governments or the private sector.

Thus, this rule is not subject to the requirements of sections 202 and

205 of UMRA.

Federal Assistance Programs

The titles and numbers of the Federal assistance programs, as found

in the Catalog of Federal Domestic Assistance, to which this rule

applies are:

Executive Order 12372

This program is not subject to the provisions of Executive Order

12372, which require intergovernmental consultation with State and

local officials. See the notice related to 7 CFR part 3015, subpart V,

published at 48 FR 29115 (June 24, 1983).

Environmental Evaluation

It has been determined by an environmental evaluation that this

action will have no significant impact on the quality of the human

environment. Therefore, neither an environmental assessment nor an

Environmental Impact Statement is needed.

Paperwork Reduction Act of 1995

The Information Collections for the program are covered under OMB

control number 0560-0040. A Notice with request for comments on the

information collection was published in the Federal Register on April

7, 1998, at 63 FR 16958. An information collection package will be sent

to OMB for review at the end of the 60-day comment period.

Background

CCC made loans and loan deficiency payments (LDP's) available to

producers through agricultural marketing cooperatives for over 60

years. USDA first extended commodity loans to cotton cooperatives in

1934. Commodities now authorized for marketing assistance loans and

LDP's through approved CMA's are: barley, canola, corn, cotton,

flaxseed, mustard seed, oats, rapeseed, rice, safflower, sorghum,

soybeans, sunflower seed, and wheat.

Explanation of Changes

Existing regulations have not been substantially changed or updated

in the last 15 years. Many of the old regulations dealt with monitoring

changes in the CMA's by-laws, equity requirements, and conflict-of-

interest issues of board members and key employees. Cooperatives are

voluntary organizations. Producers who join cooperatives have the right

to review by-laws before joining the cooperative and approve by-law

changes after becoming a member. CMA loans are non-recourse commodity

loans for which CCC determines the loan value. CCC allows CMA's

terminated for non-compliance to forfeit the collateral without

additional financial penalty. CCC is not financially at risk for any

program losses because, as stated in Sec. 1425.17(m), CMA's are

responsible to CCC for all losses. In addition, CCC does not require

individual producers receiving similar loans to meet any equity

requirements. Conflict of interest concerns have become important to

cooperatives, their insurance companies, and members. Therefore, CCC's

concern with respect to by-law, equity, or conflict of interest issues

is diminished and CCC believes it is in the best interest of the

government to focus on marketing

[[Page 17312]]

assistance loans and LDP-related activity by the CMA's. CCC will now

rely on the CMA's Articles of Incorporation and its marketing

agreements with its members to establish that the CMA is operating as a

cooperative and is allocating marketing assistance loan and LDP

proceeds back to the applicable eligible producers.

Summary of Changes

The entire part 1425 has been rewritten. In addition, specific

changes are as follows:

(a) Seed cotton has been removed from the definition of an

authorized commodity in Sec. 1425.3. CMA's will no longer be authorized

to obtain seed cotton loans.

(b) Section 1425.4 is amended by replacing required audit

submissions with balance sheet submissions;

(c) All references to bylaw submissions and bylaw requirements are

removed. This affected Sec. 1425.4, Sec. 1425.6, Sec. 1425.8,

Sec. 1425.9, and Sec. 1425.19. Section 1425.11 was removed as a result

and is now reserved;

(d) Equity requirements in Sec. 1425.10(c) have been removed;

(e) Conflict of interest statement submissions by cooperative Board

members and key employees was removed from Sec. 1425.12. Section

1425.12 is now reserved;

(f) Provisions to allow discrepancies between CCC and CMA records

related to the eligibility status for a producer under certain

situations were added to Sec. 1425.17;

(g) In Sec. 1425.14 the member volume requirement for a crop

involved in loan or LDP activity has been reduced from 80 percent to 50

percent;

(h) The requirements in Sec. 1425.10 (d) to adjust a CMA's net

worth for pledged assets and restricted accounts have been removed;

(i) Section 1425.7(b) is amended so CCC may terminate a suspended

CMA in less than 1 year;

(j) In Sec. 1425.4(d) the requirements for CMA's to submit revised

applications every 5 years is changed to require submissions when CCC

questions whether the CMA is operating according to documents

previously submitted; and

(k) Definitions have been added to Sec. 1425.3 for cooperative,

market gain, and loan pool.

Submit comments as an:

1. ASCII file avoiding the use of special characters and any form

of encryption; or

2. WordPerfect 5.1--7.0 file on diskette.

Identify all comments and data in electronic form by RIN 0560-AF33.

List of Subjects in 7 CFR Part 1425

Agricultural commodities Cooperatives, Marketing agreements.

Accordingly, for the reasons stated in the preamble, 7 CFR part

1425 is revised as set forth below:

PART 1425--COOPERATIVE MARKETING ASSOCIATIONS

Sec.

1425.1 Applicability.

1425.2 Administration.

1425.3 Definitions.

1425.4 Approval.

1425.5 Confidentiality.

1425.6 Approved CMA's.

1425.7 Suspension and termination of approval.

1425.8 Ownership and control.

1425.9 Open membership.

1425.10 Financial ratio requirement.

1425.11-1425.12 [Reserved]

1425.13 Uniform marketing agreement.

1425.14 Member business.

1425.15 Vested authority.

1425.16 Payment limitation.

1425.17 Eligible commodity and pooling.

1425.18 Distribution of proceeds.

1425.19 Member cooperatives.

1425.20 [Reserved]

1425.21 Records required.

1425.22 Inspection and investigation.

1425.23 Reports.

1425.24 OMB control number assigned pursuant to Paperwork Reduction

Act.

1425.25 Appeals.

Authority: 7 U.S.C. 1441 and 1421, 7 U.S.C. 7231-7237; and 15

U.S.C. 714b, 714c, and 714j.

Sec. 1425.1 Applicability.

This part sets forth the terms and conditions an approved

Cooperative Marketing Association (CMA) must meet to obtain commodity

marketing assistance loans (loans) and loan deficiency payments (LDP's)

from CCC on behalf of its members. A CMA meeting these terms and

conditions may obtain loans and LDP's for any eligible commodity for

which a loan and LDP program is in effect.

Sec. 1425.2 Administration.

On behalf of CCC, the Farm Service Agency will administer the

provisions of this part under the general direction and supervision of

the Deputy Administrator for Farm Programs. In the field, the

provisions of this part will be administered by the State and county

FSA committees.

Sec. 1425.3 Definitions.

The definitions set forth in this section shall be applicable for

all purposes of program administration. The terms defined in parts 718

of this title and parts 1421 and 1427 of this chapter shall also be

applicable, except where those definitions conflict with the

definitions in this section.

Active member is a member who has utilized the services offered by

a CMA in one of the three preceding CMA fiscal years or such shorter

period as may be provided in the CMA's articles of incorporation or

bylaws.

Approved cooperative marketing association (CMA) is a cooperative

approved by CCC to participate in loan and LDP programs for any

authorized commodity.

Authorized commodity is a commodity for which a CMA is approved by

CCC to obtain loans or LDP's. Commodities for which a CMA may be

approved by CCC are barley, canola, corn, cotton, flaxseed, mustard

seed, oats, rapeseed, rice, safflower, sorghum, soybeans, sunflower

seed, and wheat.

Cooperative is a business owned and controlled by the producers who

use its services and operated under generally accepted cooperative

principles.

Eligible commodity is a commodity which meets the commodity's

eligibility requirements set forth in chapter XIV of this title, and is

produced and delivered to the CMA from a producer eligible for loan or

LDP.

Loan pool is any CMA pool containing commodities used by the CMA to

obtain either loans or LDP's.

Market gain is the sum of loan rate, minus the repayment rate on

loans repaid with less than the loan rate, plus for LDP's, the same

rate, times the quantity of commodity. Market gains cannot exceed the

producer's applicable payment limitation as set out in part 1400 of

this chapter.

Member is a producer who:

(a) Has fully paid for membership stock or earned equity credits in

the CMA;

(b) Has executed a uniform marketing agreement with the CMA; and

(c) Is entitled to all CMA membership rights.

Sec. 1425.4 Approval.

(a) For a cooperative to gain CMA status to participate in a

marketing assistance loan or LDP program for the 1997 through 2002 crop

years, a cooperative must submit an application for approval to CCC. An

application must include:

(1) A completed Form CCC-846 indicating commodities for which it

seeks approval;

(2) A balance sheet, dated within the last year, prepared for the

cooperative and accompanied by a letter from an independent Certified

Public Accountant, certifying that the balance sheet was prepared in

accordance with

[[Page 17313]]

generally accepted accounting principles;

(3) A copy of the articles of incorporation or articles of

association and all marketing agreements for loan pools, together with

a certification that this material is current;

(4) Resolutions made by the cooperative's board of directors

stating the cooperative will abide by provisions of this part, the

nondiscrimination provisions thereof, and all other related CCC

policies;

(5) A detailed description of how proceeds from each loan pool will

be distributed to members as provided for in Sec. 1425.18;

(6) An executed form CCC-Cotton G, Cotton Cooperative Loan

Agreement, by cooperatives applying for approval to participate in the

cotton loan and LDP program; and

(7) Other information as requested by CCC concerning the

organizational, operational, financial or any other aspect of the

cooperative requested by CCC related to the cooperative's proposed

methods of conducting CCC loan and LDP business.

(b) A CMA must submit, on an annual basis, the following

information to CCC:

(1) A completed Form CCC-846-1, which shall disclose:

(i) The number of active and inactive CMA members;

(ii) The CMA's allocated equity;

(iii) The CMA's unallocated equity; and

(iv) Quantity of each loan pool commodity delivered to the CMA for

marketing and the portion of such commodities received from active

members during the prior year.

(2) The CMA's latest balance sheet. This balance sheet must be

dated within the past year and be accompanied by a letter from an

independent Certified Public Accountant certifying that the balance

sheet was prepared in accordance with generally accepted accounting

principles.

(c) A CMA shall furnish information to CCC within thirty calendar

days relating to any:

(1) Change in its articles of incorporation and loan pool marketing

agreements;

(2) Resolution affecting loan or LDP operations;

(3) Change to the CMA's name, address, phone number, or related

data shown on the CCC-846-1;

(4) Change in loan pool operations with an explanation and

justification; and

(5) Additional information CCC may request related to the CMA's

continued approval by CCC.

(d) CCC may require a CMA to submit a new initial application

instead of a recertification application when it questions whether the

CMA is operating according to documents previously submitted.

Sec. 1425.5 Confidentiality.

Information submitted to CCC related to trade secrets, financial or

commercial operations, or the financial condition of a CMA, whether for

initial approval or continued approval, shall be kept confidential by

the officers, agents, and employees of CCC and the Department of

Agriculture except as required to be disclosed by law.

Sec. 1425.6 Approved CMA's.

(a) CCC shall, in accordance with the provisions of this part,

approve a CMA to obtain marketing assistance loans and LDP's.

(b) CCC may approve a CMA to participate in a marketing assistance

loan and LDP program for the 1997 through 2002 crop as:

(1) Unconditionally approved; or

(2) Conditionally approved.

(c) If CCC determines a CMA is in substantial but not total

compliance with the requirements of this part, CCC may make the

approval conditional on CMA coming into full compliance within a

reasonable period of time as specified in the notification of

conditional approval.

(d) A CMA is approved to participate in a marketing assistance loan

and LDP program until the CMA's approval is suspended or terminated by

CCC.

Sec. 1425.7 Suspension and termination of approval.

(a) CCC may suspend a CMA from obtaining loans and LDP's when CCC

determines the CMA has not:

(1) Operated according to the CMA's application for approval or its

last recertification submission;

(2) Complied with applicable regulations;

(3) Corrected deficiencies of the CMA's operation as noted by CCC;

or

(4) Violated any of its agreements with CCC.

(b) A suspension may be lifted when CCC determines the CMA has

complied with all requirements for approval. When suspensions are not

lifted within 1 year, or a shorter time period if so indicated in CCC's

suspension notification, the CMA's approval automatically terminates.

(c) CCC may terminate a CMA's approval by giving the CMA written

notice of the termination.

(d) A CMA may, when it does not have any marketing assistance loans

outstanding, through written notice to CCC, voluntarily terminate its

participation in a loan and LDP program.

(e) CCC may, on demand, call all outstanding CCC loans made to a

suspended or terminated CMA. When loans are called, CCC will provide at

least 10 calendar days written notice to the CMA. Commodities pledged

as collateral for loans must be repaid by the date specified by CCC. If

redemption is not made by the date specified, title to the commodity

shall vest in CCC and CCC shall have no obligation to pay the

commodity's market value above the principal amount of such loans.

Sec. 1425.8 Ownership and control.

(a) CMA's must be owned and controlled by active members of the

CMA.

(b) The CMA must provide evidence that:

(1) Active members own more than 50 percent of its allocated

equity; and

(2) A majority of directors are active members of the CMA or

authorized representatives of active members.

(c) An applicant cooperative or a CMA, not under the ownership or

control, of its active members, may be approved by CCC if it is able to

establish that, by retiring the equity of its inactive members or by

obtaining new members, it can vest ownership and control in its active

members, as required by this section, by a date specified by CCC.

Sec. 1425.9 Open membership.

(a) The CMA shall provide CCC documented proof that the CMA admits

every membership applicant who is eligible under the statute regulating

the CMA.

(b) Notwithstanding paragraph (a) of this section, a CMA may refuse

membership to an applicant whose admission would prejudice, hinder, or

otherwise obstruct the interests or purposes of the CMA.

Sec. 1425.10 Financial ratio requirement.

To be financially able to make advances to their members and to

market their commodities, CMA's shall have a current ratio of at least

1 dollar of current assets for each 1 dollar of current liabilities

(current ratio of 1:1 or better) on the balance sheet it submits to CCC

with its initial application or annual recertification required in

Sec. 1425.4.

Sec. 1425.11-Sec. 1425.12 [Reserved]

Sec. 1425.13 Uniform marketing agreement.

(a) A CMA must enter into a uniform marketing agreement with each

member who delivers a commodity to a loan pool.

[[Page 17314]]

(b) The identification number used by the member to report acreage

on applicable farms to FSA must appear on the marketing agreement.

Sec. 1425.14 Member business.

(a) At least 50 percent of a crop of an authorized commodity

acquired by, or delivered to, a CMA for marketing must be produced by

its members for the CMA to obtain a loan or LDP for such crop. CCC may,

for a period not to exceed 2 years, waive this requirement if:

(1) The CMA can establish to CCC that such authorization is

necessary for the efficient operation of the CMA; and

(2) The CMA's plan, approved by CCC, will bring the CMA into

compliance with the provisions of this section.

(b) Commodities purchased or acquired from CCC and processed

products acquired from other processors or merchandisers shall not be

considered in determining the volume of member or nonmember business.

Sec. 1425.15 Vested authority.

The marketing agreement between the CMA and its members shall give

the CMA the authority to pledge the commodity as collateral for a loan,

to place a lien on such commodity, and to market the commodity on

behalf of its members even though the individual members retain the

right, in effect, to determine the price at which the commodity can be

marketed by the CMA.

Sec. 1425.16 Payment limitation.

CMA's shall monitor market gains they receive from CCC on behalf of

their members and not obtain market gains for a member above the

member's payment limitation determined in accordance with part 1400 of

this chapter.

Sec. 1425.17 Eligible commodity and pooling.

(a) A CMA may establish separate loan pools as needed for

quantities of a commodity.

(b) Loans and, if applicable, LDP's will be available to CMA's for

any eligible commodity in a loan pool as provided in paragraph (e) of

this section and the beneficial interest provisions of parts 1421 and

1427 of this chapter.

(c) A pool shall be eligible for loans and LDP's if:

(1) All of the commodity in the pool is eligible for loans or

LDP's, except as provided in paragraphs (d) and (e) of this section;

(2) The commodity was delivered by members to the CMA for their

benefit;

(3) The commodity was delivered and the members are eligible for

loans and LDP's;

(4) Members retain the right to share in marketing proceeds from

the commodity in accordance with Sec. 1425.18; and

(5) Members agreed to accept a payment of initial advances from the

CMA in accordance with Sec. 1425.18(a).

(d) Ineligible commodities may be included in eligible pools when:

(1) The CMA inadvertently included ineligible quantities based on

grade, quality, bale weight or repacking in the case of cotton, or

other factors; or

(2) There are eligibility discrepancies within FSA records, the

producer has certified to the CMA that the commodity is eligible for

loan, and there is no market gain or LDP involved in the loan pool for

the crop year.

(e) A CMA may, for a period of time as specified in Handbook 1-CMA,

include a commodity that is ineligible based on FSA records when the

producer has certified to the CMA the commodity is eligible. In these

instances, CCC specifies a time period during which CMA's may obtain

loan or LDP's on the applicable quantity while the eligibility status

is resolved. If the final resolution is that the commodity was

ineligible, the CMA must repay any loans outstanding with principal

plus interest and any market gains obtained plus interest from the date

of receiving the market gain through the repayment date.

(f) The CMA must have in inventory a quantity of commodity

delivered by members of each class and grade at least equal to the

quantity each class and grade pledged as loan collateral.

(g) Loans will be available to the CMA for the quantity of a farm-

stored commodity that is, pursuant to such CMA marketing agreement with

a member, part of the CMA's loan pool.

(h) A CMA shall have identity-preserved loan pool commodities

stored in approved warehouses while the commodities are pledged as

collateral for loan.

(i) Loan eligibility for commingled commodities stored on a farm or

in a warehouse may be transferred to an approved warehouse.

(j) Commodities pledged as collateral for CCC loans shall be free

and clear of all liens and encumbrances based on a CMA's financial

agreements or the CMA shall obtain a completed form CCC-679, Lien

Waiver. When liens are applicable based on CMA financial agreements,

the CMA shall provide CCC the completed CCC-679. CMA's shall not take

any action to cause a lien or encumbrance to be placed on a commodity

after a loan is approved.

(k) If a loan or LDP is obtained for any quantity in a loan pool,

allocations of costs and expenses among separate pools for the

commodity in the pool shall be made according to generally accepted

accounting principles.

(l) A CMA shall not apply marketing losses from a commodity not

used to obtain a loan or LDP against the marketing proceeds of a

commodity used to obtain a loan or LDP.

(m) CMA's shall not carry forward losses from one loan pool and

apply them against a subsequent loan pool without CCC's authorization.

CCC may grant authorization when it determines that carrying forward

the loss complies with CCC's loan and LDP program intent.

(n) The CMA is responsible to CCC for any loss related to

commodities the CMA pledged as collateral for loan or used to obtain

LDP related to:

(1) The CMA failing to comply with these regulations;

(2) Changes in quantity or quality of either warehouse or farm

stored commodities; or

(3) Liens based on either the CMA's or its members' financial

agreements.

Sec. 1425.18 Distribution of proceeds.

(a)(1) If CCC makes loans or LDP's for any quantity in a loan pool,

the related proceeds shall be distributed to members participating in

the pool:

(i) Based on the quantity and quality of the commodity delivered by

each member;

(ii) Less any authorized charges for services performed or paid by

the CMA necessary to condition the commodity or otherwise make the

commodity eligible for loans or LDP's; and

(iii) Within 15 work days from the date the CMA receives loan or

LDP proceeds from CCC, except when loans are redeemed within 15 work

days of the date of the loan.

(2) CMA's may credit advances to its members made before loans and

LDP's are obtained against the distribution of loan and LDP proceeds

requirement in paragraph (a)(1)(iii) of this section.

(b)(1) Except as provided in paragraph (b)(2) of this section, loan

pool proceeds shall not be combined with non-loan pool proceeds and the

CMA shall distribute loan pool proceeds according to the information it

provided CCC in accordance with Sec. 1425.4(b)(7).

(2) Sales proceeds from a loan pool may be combined with sales

proceeds from other pools if the proceeds from such pools are allocated

among the pools according to the quantity and quality of the commodity

included in the pools.

[[Page 17315]]

(3) Loan and LDP proceeds shall only be issued to members involved

in pools used for loans or LDP's.

(4) When notified by CCC that loan and LDP distributions to a

member must be reduced for a program year, farm, or crop, a CMA shall

not make subsequent pool distributions and shall reimburse CCC for

distributions previously issued, if applicable.

Sec. 1425.19 Member cooperatives.

A CMA may obtain loans or LDP's on behalf of a member cooperative

when the member cooperative is itself a CMA operating in accordance

with this part. Loans and LDP's are restricted based on the CMA

obtaining the loan or LDP.

Sec. 1425.20 [Reserved]

Sec. 1425.21 Records required.

(a) A CMA shall maintain records for each loan or LDP commodity

showing the quantity:

(1) Received from each member and nonmember;

(2) Eligible for loans and LDP's;

(3) By quality factors specified in the applicable commodity

regulations including class, grade, and quality, where applicable; and

(4) Of unprocessed inventory broken down by items 1 through 3

above.

(b) Except as provided in paragraph (c) of this section, inventory

shall be allocated in the following manner until all inventory in a

loan pool is depleted:

(1) For processed commodities, the pool's inventory shall be

adjusted when the commodity is withdrawn from inventory for processing;

and

(2) For commodities that are not processed, the pool's inventory

shall be allocated to the pool and the pool's inventories adjusted when

the commodity is shipped.

(c) Records of loan and non-loan pool dispositions do not have to

be maintained separately when sales proceeds from pools are allocated

according to the quantity and quality of commodity in the pools.

Sec. 1425.22 Inspection and investigation.

(a) The books, documents, papers, and records of the CMA and

subsidiaries shall be maintained for five years after the applicable

crop year and shall be available to CCC for inspection and examination

at all reasonable times.

(b) At any time after an application is received, CCC shall have

the right to examine all books, documents, papers, and determine

whether the CMA is operating or has operated in accordance with the

regulations in this part, its articles of incorporation or articles

association, and agreements with producers, the representations made by

the CMA in its application for approval, and, where applicable, its

agreements with CCC.

Sec. 1425.23 Reports.

(a) CMA's shall annually provide CCC a report of all commodity

deliveries involved in loans and LDP's by FSA farm number for each

member.

(b) When requested by CCC, CMA's shall report market gains received

on behalf of each member.

Sec. 1425.24 OMB control number assigned pursuant to Paperwork

Reduction Act.

The information collection requirements contained in these

regulations (7 CFR 1425) have been approved by the Office of Management

and Budget (OMB) under the provisions of 44 U.S.C. Chapter 35 and have

been assigned OMB number 0560-0040.

Sec. 1425.25 Appeals.

A CMA may obtain reconsideration and review of determinations made

under this part in accordance with the appeal regulations set forth at

part 780 of this title.

Signed at Washington, D.C., on March 27, 1998.

Keith Kelly,

Executive Vice President, Commodity Credit Corporation.

[FR Doc. 98-9017 Filed 4-8-98; 8:45 am]

BILLING CODE 3410-05-P