Re:  Electronic Signatures in Global and National Commerce Act

                     Attached is a memorandum from Sullivan & Cromwell
concerning the above subject. A summary is also included at the end
of the text of this e-mail message.

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Hard copies can be obtained from Ivy Moreno at S&C in New York,
telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.


SUMMARY

                     Congress has enacted landmark legislation that for the 
first time will
establish national standards governing the validity of electronic signatures, 
contracts and records.
The "Electronic Signatures in Global and National Commerce Act" is expected 
to be signed into
law by President Clinton this week or next.  Many provisions of the Act 
relating to the validity of
electronic signatures will become effective on October 1, 2000.  Other 
significant provisions relating
to the maintenance and retention of records will become effective March 1, 
2001.

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 - CMS10990.pdf