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SECURITIES INDUSTRY ASSN. v. BOARD OF GOVERNORS
SECURITIES INDUSTRY ASSN. v. BOARD OF GOVERNORS, 468 U.S. 207 (1984)
SECURITIES INDUSTRY ASSN. v. BOARD OF GOVERNORS(1984)
Argued: April 24, 1984Decided: June 28, 1984
BankAmerica Corp. (BAC), a bank holding company, applied to the Federal Reserve Board (Board) for approval under 4(c)(8) of the Bank Holding Company Act of 1956 (BHC Act) to acquire a nonbanking affiliate corporation (Schwab) engaged in retail securities brokerage. Section 4(c)(8) authorizes bank holding companies, with prior Board approval, to acquire stock in other companies that are engaged in nonbanking activities that the Board determines are "so closely related to banking . . . as to be a proper incident thereto." Petitioner, a national trade association of securities brokers, opposed BAC's application and participated in the administrative hearings. The Board authorized BAC to acquire Schwab, holding that a securities business, such as Schwab, that is essentially confined to the purchase and sale of securities for the account of third parties, without providing investment advice to the purchaser or seller, is "closely related" to banking within the meaning of 4(c)(8). The Board also concluded that the acquisition would not violate 20 of the Glass-Steagall Act, which prohibits a bank (BAC's banking subsidiary here) from being affiliated with companies "engaged principally in the issue, flotation, underwriting, public sale, or distribution" of securities. On petitioner's application for judicial review, the Court of Appeals affirmed the Board's order.
Held:
The Board has authority under 4(c)(8) of the BHC Act to authorize a bank holding company to acquire a nonbanking affiliate engaged principally in retail securities brokerage. Pp. 214-221.
(a) The Board's determination that a securities brokerage business that is essentially limited to the purchase and sale of securities for the account of customers, and without provision of investment advice to purchaser or seller, is "closely related" to banking, is consistent with the language and policies of the BHC Act. There is no express requirement in 4(c)(8) that a proposed activity must facilitate other banking operations before it may be found to be "closely related" to banking. The record substantially supports the Board's factual findings that Schwab's brokerage services were very similar to the types of services that are [468 U.S. 207, 208] generally provided by banks and that banks are particularly well equipped to provide such services. Pp. 214-216.
(b) The Board's determination that a bank holding company's acquisition of such a brokerage business as Schwab's is not prohibited by 20 of the Glass-Steagall Act, is reasonable and supported by the statute's plain language and legislative history, and deserves the deference normally accorded the Board's construction of the banking laws. The term "public sale" in 20 should be read to refer to the underwriting activity described by the terms that surround it, and to exclude the type of retail brokerage business in which Schwab principally was engaged. This reading of the statute is further supported by the Board's similar longstanding interpretation of identical language found in another provision of the Glass-Steagall Act. Moreover, the legislative history demonstrates that Congress enacted 20 to prohibit the affiliation of commercial banks with entities that are engaged principally in activities such as underwriting. None of the hazards of underwriting is implicated by Schwab's brokerage activities. Pp. 216-221.
716 F.2d 92, affirmed.
POWELL, J., delivered the opinion for a unanimous Court.
James B. Weidner argued the cause for petitioner. With him on the briefs were John M. Liftin, David A. Schulz, William J. Fitzpatrick, and Donald J. Crawford.
Carter G. Phillips argued the cause for respondents. With him on the brief for the federal respondents were Solicitor General Lee and Deputy Solicitor General Claiborne. Arnold M. Lerman, Andrea Timko Sallet, and H. Helmut Loring filed a brief for respondent BankAmerica Corp. *
[ Footnote * ] Briefs of amici curiae urging affirmance were filed for the American Bankers Association et al. by Robert S. Rifkind; and for the Legal Foundation of America by David Crump.
JUSTICE POWELL delivered the opinion of the Court.
This case presents the question whether the Federal Reserve Board has statutory authority under 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. 1843(c)(8), to authorize a bank holding company to acquire a nonbanking affiliate engaged principally in retail securities brokerage. [468 U.S. 207, 209]
BankAmerica Corp. (BAC) is a bank holding company within the meaning of the Bank Holding Company Act. 1 In March 1982, BAC applied to the Federal Reserve Board (Board) for approval under 4(c)(8) of the Act to acquire 100 percent of the voting shares of The Charles Schwab Corp., a company that engages through its wholly owned subsidiary, Charles Schwab & Co. (Schwab), in retail discount brokerage. 2 The Board ordered that formal public hearings be held before an Administrative Law Judge (ALJ) to consider the application. The Securities Industry Association (SIA), a national trade association of securities brokers, and petitioner here, opposed BAC's application and participated in those hearings. 3 After six days of hearings, the ALJ recommended that BAC's application be approved. After reviewing the evidentiary record, the Board adopted, with modifications, the findings and conclusions of the ALJ and authorized BAC to acquire Schwab. 69 Fed. Res. Bull. 105 (1983). SIA petitioned the Court of Appeals for the Second Circuit for judicial review under 12 U.S.C. 1848.
The Court of Appeals held that the Board had acted within its statutory authority in authorizing BAC's acquisition of Schwab under 4(c)(8) of the BHC Act. The court accordingly affirmed the Board's order. 716 F.2d 92 (1983). We granted SIA's petition for certiorari, 465 U.S. 1004 (1984), and now affirm. [468 U.S. 207, 210]
Section 4 of the Bank Holding Company Act (BHC Act) prohibits the acquisition by bank holding companies of the voting shares of nonbanking entities unless the acquisition is specifically exempted. The principal exemption to that prohibition is found in 4(c)(8). That provision authorizes bank holding companies, with prior Board approval, to engage in nonbanking activities that the Board determines are "so closely related to banking . . . as to be a proper incident thereto." 12 U.S.C. 1843(c)(8). 4
Application of the 4(c)(8) exception requires the Board to make two separate determinations. First, the Board must determine whether the proposed activity is "closely related" to banking. 5 If it is, the Board may amend its regulations to [468 U.S. 207, 211] include the activity as a permissible nonbanking activity. 6 Next, the Board must determine on a case-by-case basis whether allowing the applicant bank holding company to engage in the activity reasonably may be expected to produce public benefits that outweigh any potential adverse effects. H. R. Conf. Rep. No. 91-1747, pp. 16-18 (1970). 7
In this case, the Board held that the securities brokerage services offered by Schwab were "closely related" to banking within the meaning of 4(c)(8). Relying on record evidence and its own banking expertise, the Board articulated the ways in which the brokerage activities provided by Schwab were similar to banking. The Board found that banks currently offer, as an accommodation to their customers, brokerage services that are virtually identical to the services [468 U.S. 207, 212] offered by Schwab. 69 Fed. Res. Bull., at 107. 8 Moreover, the Board cited a 1977 study by the Securities and Exchange Commission that found that
"bank trust department trading desks, at least at the largest banks, perform the same functions, utilize the same execution techniques, employ personnel with the same general training and expertise, and use the same facilities . . . that brokers do." Ibid.
Finally, the Board concluded that the use by banks of "sophisticated techniques and resources" to execute purchase and sell orders for the account of their customers was sufficiently widespread to justify a finding that banks generally are equipped to offer the type of retail brokerage services provided by Schwab. Id., at 108. On the basis of these findings, the Board held that a securities brokerage business that is "essentially confined to the purchase and sale of securities for the account of third parties, and without the provision of investment advice to the purchaser or seller" is "closely related" to banking within the meaning of 4(c)(8) of the BHC Act. Id., at 117. 9 [468 U.S. 207, 213]
The Board next determined that the public benefits likely to result from BAC's acquisition of Schwab outweighed the possible adverse effects. Specifically, the Board identified as public benefits the increased competition and the increased convenience and efficiencies that the acquisition would bring to the retail brokerage business. Id., at 109-110. As to possible adverse effects, the Board determined that the proposed acquisition would not result in the undue concentration of resources, decreased competition, or unfair competitive prices. Id., at 110-114.
Finally, the Board concluded that BAC's acquisition of Schwab was not prohibited by the Glass-Steagall Act. 10 Id., at 114-116. The Board observed that the proposed acquisition would make Schwab an affiliate of BAC's banking subsidiary and thus subject to the provisions of the Glass-Steagall Act. It held, however, that Schwab was "not engaged principally in any of the activities prohibited to member bank affiliates by the Glass-Steagall Act," and thus concluded that the acquisition was "consistent with the letter and spirit of that act." Id., at 114.
SIA challenges the Board's order in this case on two grounds. First, it argues that the Board may not approve an activity as "closely related" to banking unless it finds that the activity will facilitate other banking operations. Second, it argues that 20 of the Glass-Steagall Act, 12 U.S.C. 377, prohibits a bank holding company from owning any entity that is engaged principally in retail securities brokerage and thus that the Board lacked statutory authority under 4(c)(8) to approve BAC's acquisition of Schwab. 11 [468 U.S. 207, 214]
There is no express requirement in 4(c)(8) that a proposed activity must facilitate other banking operations before it may be found to be "closely related" to banking. Indeed, the relevant statutory language does not specify any factors that the Board must consider in making that determination. The general nature of the statutory language, therefore, suggests that Congress vested the Board with considerable discretion to consider and weigh a variety of factors in determining whether an activity is "closely related" to banking. In this case, the Board concluded that Schwab's brokerage services were "closely related" to banking because it found that the services were "operationally and functionally very similar to the types of brokerage services that are generally provided by banks and that banking organizations are particularly well equipped to provide such services." 69 Fed. Res. Bull., at 107. 12 The Board acted well within its discretion in ruling on [468 U.S. 207, 215] such factors. Moreover, the Board's factual findings are substantially supported by the record.
Banks long have arranged the purchase and sale of securities as an accommodation to their customers. Congress expressly endorsed this traditional banking service in 1933. Section 16 of the Glass-Steagall Act authorizes banks to continue the practice of "purchasing and selling . . . securities and stock without recourse, solely upon the order, and for the account of, customers, and in no case for [their] own account[s]." 12 U.S.C. 24 Seventh. 13 The Board found that in substance the brokerage services that Schwab performs for its customers are not significantly different from those that banks, under the authority of 16, have been performing for their own customers for years. See 69 Fed. Res. Bull., at 107-109. Moreover, the amendment to Regulation Y, added by the Board in 1983 to reflect its decision in this case, expressly limits the securities brokerage services in which a bank may engage "to buying and selling securities solely as agent for the account of customers" and does not authorize "securities underwriting or dealing or investment advice or research services." 48 Fed. Reg. 37006 (1983). 14
Congress has committed to the Board the primary responsibility for administering the BHC Act. Accordingly, the Board's determination of what activities are "closely related" to banking within the meaning of 4(c)(8) "is entitled to the [468 U.S. 207, 216] greatest deference." Board of Governors of Federal Reserve System v. Investment Company Institute, 450 U.S. 46, 56 (1981) (ICI). In this case, the Board has articulated with commendable thoroughness the ways in which banking activities are similar to the brokerage activities at issue here. The standard the Board used to determine that Schwab's brokerage business is "closely related" to banking is reasonable and supported by a normal reading of the statutory language of 4(c)(8). The factual findings to which this standard was applied are substantially supported by the record. The Court of Appeals, therefore, properly deferred to the Board's determination in this case.
The Board expressly considered and rejected SIA's argument that BAC's acquisition of Schwab violates the Glass-Steagall Act. That Act comprises four sections of the Banking Act of 1933. 15 Only one of those four sections is applicable here. That provision, 20, as set forth in 12 U.S.C. 377, provides in relevant part:
"[N]o member bank shall be affiliated in any manner described in subsection (b) of section 221a of this title with any corporation, association, business trust, or other similar organization engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities . . ." (emphasis added).
A bank holding company's subsidiaries are bank affiliates within the meaning of 20. 12 U.S.C. 221a(b). Section 20, therefore, prohibits BAC's proposed acquisition if Schwab is "engaged principally" in any of the activities listed therein. [468 U.S. 207, 217]
SIA concedes that Schwab is not engaged in the "issue, flotation, underwriting, . . . or distribution" of securities. It argues, however, that the term "public sale" of securities as used in 20 applies to Schwab's brokerage business. The Board rejected this argument, holding that "Schwab is not engaged principally in any of the activities prohibited to member bank affiliates by the Glass-Steagall Act." 69 Fed. Res. Bull., at 114. The Board has broad power to regulate and supervise bank holding companies and banks that are members of the Federal Reserve System. In this respect, the Board has primary responsibility for implementing the Glass-Steagall Act, and we accord substantial deference to the Board's interpretation of that Act whenever its interpretation provides a reasonable construction of the statutory language and is consistent with legislative intent. ICI, supra, at 68; Investment Company Institute v. Camp, 401 U.S. 617, 626 -627 (1971). 16
"Public sale" is used in conjunction with the terms "issue," "flotation," "underwriting," and "distribution" of securities. None of these terms has any relevance to the brokerage business at issue in this case. Schwab does not engage in issuing or floating the sale of securities, and the terms "underwriting" and "distribution" traditionally apply to a function distinctly different from that of a securities broker. 17 An underwriter [468 U.S. 207, 218] normally acts as principal whereas a broker executes orders for the purchase or sale of securities solely as agent. 18 Under the "familiar principle of statutory construction that words grouped in a list should be given related meaning," Third National Bank v. Impac, Ltd., 432 U.S. 312, 322 (1977) (footnote omitted), the term "public sale" in 20 should be read to refer to the underwriting activity described by the terms that surround it, and to exclude the type of retail brokerage business in which Schwab principally is engaged.
This reading of the statute is further supported by the Board's longstanding interpretation of identical language found in 32 of the Glass-Steagall Act, 12 U.S.C. 78. That section prohibits interlocking management or employment between banks and any entity "primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation" of securities. 12 U.S.C. 78 (emphasis added). 19 In [468 U.S. 207, 219] January 1936, the Board interpreted the list of prohibited activities described in 32 to exclude the kind of brokerage activities at issue here. Specifically, the Board ruled that
"[a] broker who is engaged solely in executing orders for the purchase and sale of securities on behalf of others in the open market is not engaged in the business referred to in section 32." 22 Fed. Res. Bull. 51, n. 1 (1936).
Because 32 and 20 contain identical language, were enacted for similar purposes, and are part of the same statute, the long-accepted interpretation of the term "public sale" to exclude brokerage services such as those offered by Schwab should apply as well to 20. 20 The Board's interpretation of the disputed term is supported by the plain language of the statute. It is also entirely consistent with legislative intent.
The legislative history demonstrates that Congress enacted 20 to prohibit the affiliation of commercial banks with entities that were engaged principally in "activities such as underwriting." ICI, 450 U.S., at 64 ; see Camp, supra, at 630-634. In 1933, Congress believed that the heavy involvement [468 U.S. 207, 220] of commercial banks in underwriting and securities speculation had precipitated "the widespread bank closings that occurred during the Great Depression." ICI, supra, at 61. One of the most serious threats to sound commercial banking perceived by Congress was the existence of "bank affiliates" that "devote themselves in many cases to perilous underwriting operations, stock speculation, and maintaining a market for the banks' own stock often largely with the resources of the parent bank." S. Rep. No. 77, 73d Cong., 1st Sess., 10 (1933). 21
Congressional concern over the underwriting activities of bank affiliates included both the fear that bank funds would be lost in speculative investments and the suspicion that the more "subtle hazards" associated with underwriting would encourage unsound banking practices. See Camp, 401 U.S., at 630 . 22 None of the more "subtle hazards" of underwriting identified in Camp is implicated by the brokerage activities at issue here. 23 Because Schwab trades only as agent, its assets are not subject to the vagaries of the securities markets. Moreover, Schwab's profits depend solely on the volume of shares it trades and not on the purchase or sale of particular securities. Thus, BAC has no "salesman's stake" in the securities Schwab trades. It cannot increase [468 U.S. 207, 221] Schwab's profitability by having its bank affiliate extend credit to issuers of particular securities, nor by encouraging the bank affiliate improperly to favor particular securities in the management of depositors' assets. Finally, the fact that 16 of the Glass-Steagall Act allows banks to engage directly in the kind of brokerage services at issue here, to accommodate its customers, suggests that the activity was not the sort that concerned Congress in its effort to secure the Nation's banks from the risks of the securities market.
In sum, we see no reason to disturb the Board's determination that "the business of purchasing or selling securities upon the unsolicited order of, and as agent for, a particular customer does not constitute the `public sale' of securities for purposes of section 20." 69 Fed. Res. Bull., at 114. This interpretation of the Glass-Steagall Act is reasonable, consistent with the plain language of the statute and its legislative history, and deserves the deference normally accorded the Board's construction of the banking laws.
The Board determined in this case that a securities brokerage business that is essentially limited to the purchase and sale of securities for the account of customers, and without provision of investment advice to purchaser or seller, is "closely related" to banking. We hold that the Board's determination is consistent with the language and policies of the BHC Act. We also hold that the Board's determination that the Glass-Steagall Act permits bank holding companies to acquire firms engaged in such a brokerage business is reasonable and supported by the plain language and legislative history of the Act. We therefore affirm the judgment of the Court of Appeals.
[ Footnote 1 ] BAC operates one subsidiary bank, Bank of America. That bank is a member of the Federal Reserve System, and the parties inform us that it is the largest commercial bank in the United States.
[ Footnote 2 ] Schwab is known as a "discount" broker because of the low commissions it charges. Schwab can afford to charge lower commissions than full-service brokerage firms because it does not provide investment advice or analysis, but merely executes the purchase and sell orders placed by its customers.
[ Footnote 3 ] In addition to BAC, the Justice Department participated in the hearing as a proponent of the proposed acquisition.
[ Footnote 4 ] Section 4(c)(8) provides that the general ban on the ownership by a bank holding company of shares in any company other than a bank shall not apply to:
"(8) shares of any company the activities of which the Board after due notice and opportunity for hearing has determined (by order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto . . . . In determining whether a particular activity is a proper incident to banking or managing or controlling banks the Board shall consider whether its performance by an affiliate of a holding company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices." 12 U.S.C. 1843(c)(8).
[ Footnote 5 ] In making this determination, the Board generally has followed the guidelines announced in National Courier Assn. v. Board of Governors, 170 U.S. App. D.C. 301, 516 F.2d 1229 (1975). That case held that an activity is "closely related" to banking within the meaning of 4(c)(8) if any one of the following is demonstrated:
"1. Banks generally have in fact provided the proposed services.
"2. Banks generally provide services that are operationally or functionally so similar to the proposed services as to equip them particularly well to provide the proposed service. [468 U.S. 207, 211]
"3. Banks generally provide services that are so integrally related to the proposed services as to require their provision in a specialized form." Id., at 313, 516 F.2d, at 1237.
The Board has recognized, however, that the National Courier guidelines do not provide the exclusive basis for finding that an activity is "closely related" to banking, and has stated that it will consider "any . . . factor that an applicant may advance to demonstrate a reasonable or close connection or relationship of the activity to banking." 49 Fed. Reg. 806 (1984).
[ Footnote 6 ] See 12 CFR 225 (1983) ("Regulation Y"). Section 225.4 of Regulation Y contains a list of those activities already determined by the Board to be "closely related" to banking.
[ Footnote 7 ] When a bank holding company applies for approval to engage in an activity already listed in Regulation Y, the application generally will be acted on by a Reserve Bank under delegated authority from the Board. 49 Fed. Reg. 815 (1984). In acting on the application, the Reserve Bank need determine only that the public benefits that are likely to result from the applicant's proposal will outweigh the possible adverse effects. If, as in this case, an application involves a currently unlisted activity, it must be considered by the Board itself. In that case, the Board must make both of the determinations described above before approving the application.
[ Footnote 8 ] The Board conceded that banks, unlike retail brokers, use an intervening broker to execute orders for the purchase and sale of securities traded on an exchange. The Board found, however, that banks often execute purchase and sell orders for securities that are not traded on an exchange without an intervening broker. To this extent they perform the same services as a retail broker. 69 Fed. Res. Bull., at 107.
[ Footnote 9 ] The Board, after notice and comment, subsequently amended Regulation Y to include the securities brokerage business at issue here in the list of permissible nonbanking activities. See 48 Fed. Reg. 7746 (1983) (proposed amendment published for comment); 48 Fed. Reg. 37003 (1983) (final regulation amending 12 CFR 225.4). The final amendment to Regulation Y added as a permissible nonbanking activity:
"(15) providing securities brokerage services, related securities credit activities pursuant to the Board's Regulation T (12 CFR Part 220), and incidental activities such as offering custodial services, individual retirement accounts, and cash management services, provided that the securities brokerage services are restricted to buying and selling securities solely as [468 U.S. 207, 213] agent for the account of customers and do not include securities underwriting or dealing or investment advice or research services." 48 Fed. Reg. 37006 (1983) (emphasis in original).
[ Footnote 10 ] The Glass-Steagall Act was enacted as part of the Banking Act of 1933.
[ Footnote 11 ] In proceedings before the Court of Appeals, SIA apparently challenged the Board's public benefit analysis as well. See 716 F.2d 92, 103-104 (CA2 1983). SIA, however, has not advanced that argument here.
[ Footnote 12 ] SIA argues that the legislative history of the 1970 amendment to 4(c)(8) establishes that Congress expressly rejected a "functionally related" standard, and that the Board exceeded its statutory authority by relying on that standard here. This argument is without merit. In 1970, the initial versions of both the House and Senate bills changed the "closely related" test of 4(c)(8) to a "functionally related" test. S. Rep. No. 91-1084, p. 25 (1970); H. R. Rep. No. 91-387, p. 1 (1969). The Conference Committee, however, retained the "closely related" language of the prior Act in the final version of the bill. H. R. Conf. Rep. No. 91-1747, p. 5 (1970). As we observed in Board of Governors of Federal Reserve System v. Investment Company Institute, 450 U.S. 46, 73 (1981), the significance of this legislative history is unclear. It is, however, clear that the 1970 amendment broadened rather than restricted the Board's discretion to determine whether nonbanking activities are significantly related to banking. See id., at 72-76. Thus, there is no indication that Congress intended to preclude consideration by the Board of the functional relationship of nonbanking activities to banking in determining whether those activities may qualify for the 4(c)(8) exemption.
Moreover, it is not clear that the Board in this case applied the "functionally related" test arguably rejected by Congress in 1970. The Board found [468 U.S. 207, 215] that Schwab's brokerage business was both "operationally and functionally very similar to" traditional banking services and that banks were well equipped to provide those services. 69 Fed. Res. Bull., at 107.
[ Footnote 13 ] See S. Rep. No. 77, 73d Cong., 1st Sess., 16 (1933) (explaining that 16 was intended to permit banks "to purchase and sell investment securities for their customers to the same extent as heretofore").
[ Footnote 14 ] See n. 9, supra. Schwab also provides some incidental services to its customers such as margin lending, custodial accounts, and appropriate account maintenance. The Board also approved these as "closely related" to banking when offered incident to the approved brokerage services. See 69 Fed. Res. Bull., at 108-109. SIA has not challenged the Board's conclusions with respect to these incidental services.
[ Footnote 15 ] Those four sections are 16, 20, 21, and 32, codified respectively at 12 U.S.C. 24, 377, 378, and 78.
[ Footnote 16 ] Such deference is appropriate where, as here, the Board expressly addressed the application of the Glass-Steagall Act to the proposed regulatory action and determined that the proposed action implicated none of the concerns that led to the enactment of that Act. See ICI, 450 U.S., at 68 . In Camp, on the other hand, we gave less deference to regulatory action that was taken without any "expressly articulated position at the administrative level as to the meaning and impact of the provisions of [the Glass-Steagall Act]." 401 U.S., at 627 . We held in Camp that agency action taken "without opinion or accompanying statement" was "hardly tantamount to an administrative interpretation" of the Glass-Steagall Act, and was not due the deference normally accorded such regulatory action. Id., at 627-628.
[ Footnote 17 ] In the typical distribution of securities, an underwriter purchases securities from an issuer, frequently in association with other [468 U.S. 207, 217] underwriters. The distribution of these securities to the public may be affected by the underwriters alone, or in conjunction with a group of dealers who also purchase and sell the particular issue of securities as principals. Underwriters also may distribute securities under a "best efforts" agreement pursuant to which large blocks of specific issues of securities are offered to the public by the investment banker as agent for the issuer. A "best efforts" distribution is not technically an underwriting. 1 L. Loss, Securities Regulations 172 (2d ed. 1961). Because Schwab's brokerage business involves none of these distribution plans, we need not consider whether a "best efforts" distribution is prohibited under 20.
[ Footnote 18 ] Most securities firms engage in all aspects of the securities business, acting at various times as underwriters, dealers, or brokers. As underwriter and dealer, the firm buys and sells securities on its own account thereby assuming all risk of loss. As broker, the firm buys and sells securities as an agent for the account of customers. In these transactions, it is the customer, rather than the securities firm, who bears the risk of loss. Schwab is different from most securities firms in that it engages solely in the brokerage business and does not participate in underwriting or dealing in securities.
[ Footnote 19 ] Section 32 provides in relevant part:
"No officer, director, or employee of any corporation or unincorporated association, no partner or employee of any partnership, and no individual, primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicated participation, of stocks, bonds, or other similar securities, shall serve the same time as an officer, director, or employee of any member bank . . . ." 12 U.S.C. 78.
[ Footnote 20 ] SIA argues that the phrase in 16 that allows banks to engage in "purchasing and selling . . . securities and stock, without recourse, solely upon the order, and for the account of, customers" is essentially equivalent to the term in 20 that prohibits the "public sale" of securities. This argument is unpersuasive. There is no basis for assuming that the dissimilar phrases found in 16 and 20 are coterminous. The permissive phrase found in 16 accurately describes securities brokerage and clearly distinguishes that activity from the activities of "dealing in, underwriting and purchasing for its own account investment securities" that are prohibited elsewhere in that section. Section 20 also prohibits bank affiliates from engaging in these latter activities. The description of securities brokerage found in 16, however, appears nowhere in 20.
Moreover, 16 applies only to banks, not to bank holding companies, and is not applicable here. Thus, we have no occasion to determine whether 16 would permit banks to engage in brokerage activity on the behalf of the general public as well as for their own customers.
[ Footnote 21 ] See Hearings pursuant to S. 71 before a Subcommittee of the Senate Committee on Banking and Currency, 71st Cong., 3d Sess., 1052-1068 (1931).
[ Footnote 22 ] We held in that case:
"The legislative history of the Glass-Steagall Act shows that Congress also had in mind and repeatedly focused on the more subtle hazards that arise when a commercial bank goes beyond the business of acting as fiduciary or managing agent and enters the investment banking business either directly or by establishing an affiliate to hold and sell particular investments." 401 U.S., at 630 .
[ Footnote 23 ] See Camp, 401 U.S., at 631 -634 (identifying the "subtle hazards" of affiliation with underwriting firms). All these "subtle hazards" are attributable to the promotional pressures that arise from affiliation with entities that purchase and sell particular investments on their own account. [468 U.S. 207, 222]


text:
Government of Wales Bill - continued House of Commons
HER MAJESTY'S CHIEF INSPECTOR OF SCHOOLS IN WALES
1. In this Schedule-
"the Chief Inspector" means Her Majesty's Chief Inspector of Schools in Wales, and
"the Office of the Chief Inspector" means the Chief Inspector and the persons who (in accordance with section 4(3) of, and Schedule 1 to, the School Inspections Act 1996) are members of his staff.
Status of the Office of the Chief Inspector
2. The Secretary of State may by order provide that the Office of the Chief Inspector is, for the purposes of the enactments specified in the order, to be treated as if it were a government department.
Status of the Chief Inspector and his staff
3. Despite the provision made by section 104-
(a) the functions of the Chief Inspector and his staff shall continue to be regarded as exercised on behalf of the Crown, and
(b) service as the Chief Inspector, or as a member of the Chief Inspector's staff, shall continue to be service in Her Majesty's Home Civil Service.
4. - (1) The Treasury may direct that any requirement that sums be paid into the Consolidated Fund shall not have effect in relation to sums received by the Chief Inspector if the sums are, or are of a description, specified in the direction.
(2) Any sums received by the Chief Inspector which are not required to be paid into the Consolidated Fund shall be applied by him towards meeting his expenses.
5. - (1) The Chief Inspector shall keep proper accounting records.
(2) The Chief Inspector shall, for each financial year of the Assembly, prepare accounts in accordance with directions given to him by the Treasury.
(3) The directions which the Treasury may give under sub-paragraph (2) include, in particular, directions as to-
(a) the information to be contained in the accounts and the manner in which it is to be presented,
(b) the methods and principles in accordance with which the accounts are to be prepared, and
(c) the additional information (if any) that is to accompany the accounts.
6. - (1) The accounts prepared by the Chief Inspector for any financial year of the Assembly shall be submitted by him to the Auditor General for Wales no later than five months after the end of that financial year.
(2) The Auditor General for Wales shall-
(a) examine and certify any accounts submitted to him under this paragraph, and
(b) no later than four months after the accounts are submitted to him, lay before the Assembly a copy of them as certified by him together with his report on them.
(3) In examining any accounts submitted to him under this paragraph, the Auditor General for Wales shall, in particular, satisfy himself that no expenditure to which the accounts relate has been incurred unlawfully or otherwise than in accordance with the authority which governs it.
7. - (1) The accounting officer for the Office of the Chief Inspector shall be the Chief Inspector.
(2) But where the Chief Inspector is incapable of discharging his responsibilities as accounting officer, or where the office of Chief Inspector is vacant, the Treasury may designate a member of the Chief Inspector's staff to be the accounting officer for so long as the incapacity or vacancy continues.
(3) The accounting officer for the Office of the Chief Inspector shall have, in relation to the accounts of the Chief Inspector and the finances of the Office of the Chief Inspector, the responsibilities which are from time to time specified by the Treasury.
(4) In this paragraph references to responsibilities include in particular-
(a) responsibilities in relation to the signing of accounts,
(b) responsibilities for the propriety and regularity of the finances of the Office of the Chief Inspector, and
(c) responsibilities for the economy, efficiency and effectiveness with which the resources of the Office of the Chief Inspector are used.
(5) The responsibilities which may be specified under this paragraph include responsibilities owed to-
(a) the Assembly or the Audit Committee, or
(b) the House of Commons or its Committee of Public Accounts.
Examinations into use of resources
8. - (1) The Auditor General for Wales may carry out examinations into the economy, efficiency and effectiveness with which the Chief Inspector has used the resources of the Office of the Chief Inspector in discharging his functions.
(2) Sub-paragraph (1) shall not be construed as entitling the Auditor General for Wales to question the merits of the policy objectives of the Chief Inspector.
(3) In determining how to exercise his functions under this paragraph, the Auditor General for Wales shall take into account the views of the Audit Committee as to the examinations which he should carry out under this paragraph.
(4) The Auditor General for Wales may lay before the Assembly a report of the results of any examination carried out by him under this paragraph.
(5) The Auditor General for Wales and the Comptroller and Auditor General may co-operate with, and give assistance to, each other in connection with the carrying out of examinations in respect of the Chief Inspector under this paragraph or section 7 of the National Audit Act 1983 (economy etc. examinations).
Examinations by the Comptroller and Auditor General
9. - (1) For the purpose of enabling him to carry out examinations into, and report to Parliament on, the finances of the Chief Inspector, the Comptroller and Auditor General-
(a) shall have a right of access at all reasonable times to all such documents in the custody or under the control of the Chief Inspector, or of the Auditor General for Wales, as he may reasonably require for that purpose, and
(b) shall be entitled to require from any person holding or accountable for any of those documents any assistance, information or explanation which he reasonably thinks necessary for that purpose.
(2) The Comptroller and Auditor General shall-
(a) consult the Auditor General for Wales, and
(b) take into account any relevant work done or being done by the Auditor General for Wales,
before he acts in reliance on sub-paragraph (1) or carries out an examination in respect of the Chief Inspector under section 7 of the National Audit Act 1983 (economy etc. examinations).
Prepared 27 November 1997

redpajama_set_name: RedPajamaCommonCrawl


This is a great looking button. This is the 1-piece low convex New York militia style uniform button. This is the pattern that is listed as figure NY12 in Albert's button book and as NY110a2 in Tice's button book, both of which we sell. It has the beautiful New York style eagle on the face perched on the globe. Coming from the eagle's beak is the ribbon with the "EXCELSIOR" motto inside. This button is made of copper and still retains about 95% of the original silver wash. The silver has darkened to a beautiful dark gray color on the face of the button. It is a gorgeous button. On the back of the button it has the original applied shank intact. You can still read the backmark of "D" with a wreath on the reverse of the button. This is a wonderful looking silver New York uniform button.


GCI Health has grown its team, hiring Kim Walker (pictured above) as its new deputy managing director.
Walker joins GCI Health from Liberation Unlimited having joined the company at its inception in 2009. She also led the team to win Communiqué's Small Consultancy of the Year award in 2014.
Meanwhile, Kerry takes on Jones' former responsibilities, and Hannah Morris becomes senior director, European client development.
The company has also appointed a further five new members of staff. Rebecca Hibble joins the leadership team as a director having previously held positions at Ruder Finn and Reynolds-MacKenzie.
Meanwhile, Sarah Wood and Alba Ruzafa-Martin also join as Account Executive and Junior Account Executive, respectively.
Andrew Kemp (pictured above) has joined Porterhouse Medical's creative team as a graphic designer and illustrator.
Jan Coetzee, talent manager here at Porterhouse Medical, commented: "I'm delighted to welcome Andy to our creative department. His skills and experience complement the team perfectly and I look forward to seeing him develop his career here at Porterhouse."
Research Partnership has bolstered its UK team with three new appointments.
Also boosting the UK team is Ines Belchior joins as Research Analyst. She has previous experience in market research in a communications and strategy consultancy. Meanwhile Emma Warburton joins the agency as business development executive after previously working as a pricing and market research analyst.
Research Partnership has also hired a further three employees to strengthen its US-based team. Aaron Platt joined as Senior Research Executive and Dominika Klubek joined as Research Manager, both within the MedTech team. Meanwhile, Austin Andrews joined the company as Research Analyst. All three will be based in the New York office.


Hello! It's Mrs M here!
Today we went to see Seth & Opeies Great-Great Grandmother, who is obviously my Great Nanny.
Nanny Robson as we call her is a beautiful lady, who we all love dearly. It was a bit of a bitter sweet visit as it was the first time we have visited Nanny since she moved into a care home.
Bittersweet because we are happy that she is in a home where she gets all the attention and help she needs being a lovely 91 years old, and lovely that she is nearer than she was... but I will miss her old house terribly.
Nanny would make lots of things when we were younger, I vividly remember embroidered handkerchiefs being in a cabinet behind the sofa, fabric peg bags hanging from the washing line, and lots of pinnies, patched things, curtains, lace on blouses and re-upholstery around the house.
Today when we visited Nanny in her room in the 'old peoples hotel' - as Seth calls it, Opeie was a bit over whelmed by so many people being in a small room, so Nanny Roo ( my Mom ) got down a toy I'd never seen before. It was a hand made doll, apparently called Rose, when I asked Nanny where it had come from, she said " I made that for your Mom when she was about Seth's age, about 5"
I think it is lovely to make your children and loved ones things that tell a story, I once made Pauly a toy for him to cuddle when we were far appart and not living together, a pair of giraffes sewn together which represented us. Thanks to Nanny I can make anything and everything with a cotton reel and needle and I will always be thankful to her for giving me these skills.
As I love to sew and it's always what I've enjoyed, I always find myself wishing I had a daughter so that i could make her dollies, dresses, blankets for her dolls, hairbands, and lots of other things, but also to be able to teach her to sew anything she wanted, and hopefully for her own children.
Sadly since we can't have any more of our own children, I will have to make do making super hero costumes, Christmas goodies and things for our house..... not that I'm complaining.... I do love all of those things!


Welcome. Here we are at the end of another week.
I'm happy to report our garden yielded it's first zucchini last weekend! This little squash didn't last long in this form.
It quickly became bread, of course!
I followed my tried and true Betty Crocker recipe, however I substituted 1/2 cup honey and 1 cup sugar for the 1 2/3 cup sugar. I also added about 1/3 cup flax seeds. The flax seeds give it a nice chewy texture.
You can substitute all the sugar for honey if you'd like. I would have except I couldn't part with all my honey. I bought some Nature's Best Oregon Honey at a farmer's market in June. It is The.Best.Honey.Ever! Seriously, it tastes like sunshine in a jar!
Speaking of sunshine in a jar, those beautiful blackberries we picked last weekend made for some really yummy jam! I made this jam using a low sugar recipe you can find here.
The Sale To End All Sales is quickly approaching! I'm referring to my Home and Patio Sale of course. It's a week from today, July 29 and 30th. If you want to see some of the great stuff that will be available, check out #homeandpatiosale on Instagram!
This beautiful all wood love-seat will be available. Wouldn't it look great in a game room?
If you're in Portland, go to NE 15th and Fremont and follow the signs. The doors open at 9 am so come early for the best selection!
Finally, here's a parting shot of my new Lavender Meringue Goat Milk Soap. This will need a few more weeks of curing before it will be available in the online store.
Cheers to another summer weekend!


Giving people diagnosed with cancer the skills & knowledge to help manage the side effects of their treatment in a way that enables them to retain their confidence through the Look Good Feel Better workshops.
Look Good Feel Better, aims to ensure that people diagnosed with cancer have the skills and knowledge to help manage the side effects of the treatment in a way that enables them to retain their confidence, play an active role within the community and participate in social activities and occasions with their family and friends.
Workshops are focused on practical elements such as: skincare, makeup and headwear with participants leaving the 2.5 hour workshops with increased knowledge, confidence and a sense of empowerment as well as a variety of products donated by a range of cosmetics companies. The workshops not only teach new skills but as they are community orientated they encourage new support networks and friendships to be developed with other participants and support people that are going through a similar experience.
The results of LGFB's 2016/2017 global participant survey revealed that across eight countries on four continents, the program resulted in a 78% surge in self-confidence among women upon completion of the program.
Greater Charitable Foundation funding will assist in the delivery of 25 Look Good Feel Better community workshops, impacting more than 300 community members in Newcastle/Hunter, Dubbo, Grafton and Bomaderry (South Coast).
"The workshop was fun and informative, and the products were beautiful. I learned a lot and have already been applying it. The wig session was the biggest eye opener - it was fun, and the wigs were amazing!"


So recently, I've been playing TFH. I decided to record my experiences and then throw in some memes because why the heck not. I love the game and especially velvet (I mean it isn't like shes waifu number two and my main). I thought I would post my "memetage" on here. Any feebdack is much appreciated for it's my first memetage. Both technical and video formatting tips are appreciated! Thank you very much!
Needs more Velvet . Also what do you mean Velvet is second best, Velvet is clearly the best Waifu.
Rational thinking-- I like it.
2:27 would have been if it was synced up a bit more, like ending the super with the sound effect at 2:32 and if it also killed.
Overall, not bad for a first video.
Hi All, Your pictures are great, also been loving the videos you all posted on Youtube, Thank you.


text:
Home Cars 20 Iconic Cars That Created the Hot Hatch Class
20 Iconic Cars That Created the Hot Hatch Class
Vukasin HerbezOctober 7, 2017
Volkswagen Golf Mk1 GTI
In the mid-70's, Volkswagen was getting ready to introduce a whole line of new models including the Polo, Golf and Passat. It was desperately trying to shed the dull, economy image of the VW Beetle. Their new cars all featured modern designs and engineering. But, they knew the best way to gain some attention from the motoring world was to produce a performance model.
So, in 1975, along with the regular Golf lineup, VW presented the GTI version. The Golf GTI featured a three-door hatchback body style with sporty exterior details. It also has a 1.6-liter fuel injected four-cylinder engine and 110 to 115 HP power output. With the 0 to 60 time of nine seconds, improved handling and cool looks, the GTI was an immediate hit with the buyers.
This was especially true in the late 1970s when performance levels were low due to tightening regulations. In America, the VW Golf GTI could outrun those mid-spec Camaros and Mustangs, making it one of the best performance cars people could buy. The popularity of the GTI influenced other manufacturers, even coining the term "hot hatch."
Interestingly, Volkswagen wasn't the first to produce such a car. They were not even the first company to use "GTI" as their model designation. But they were the first to market it globally. They made it so popular, they started a trend still relevant today. The Golf GTI MK1 also started a breed of fast Golfs that sold in millions during its 42 years on the market.
Sunbeam Lotus
Sadly, this is an interesting, yet forgotten car. The Chrysler Europe subsidiary called Talbot Sunbeam built the Lotus and introduced it in 1977. The Sunbeam was a compact, modern-looking hatchback they intended to compete with the Volkswagen Golf and Ford Escort. It had rear wheel drive and a low weight, which made it perfect for modification.
So, in 1979, Sunbeam approached the famed sports and racing car manufacturer, Lotus, with the proposition of building a hot hatch race car. They soon presented the Sunbeam Lotus, which was a fast car for the day. It had a 2.2-liter four-cylinder engine with 152 HP, a specially tuned suspension and a ZF close ratio manual gearbox. With rear-wheel drive and Lotus-tuned driving dynamics, this car was a capable driving machine that won the World Rally Championship in 1981.
Renault 5 Turbo
The 1980s started with a bang in the hot hatch world when Renault introduced the R5 Turbo. It looked like a regular Renault 5 compact city car, but it was a serious performance machine. This was the first time a car company presented this outrageous hot hatch with the performance and technology of a supercar.
The essence of an R5 Turbo was a mid-mounted 1.4-liter turbocharged four-cylinder engine that delivered 160 HP. They redesigned and re-engineered the whole car to move the engine from the front hood to the space behind the driver. The rear track was much wider and it had side scoops for better cooling of the engine.
Of course, such an extreme car lost one of the main hot hatch characteristics and that is practicality. It was a basically a pure racing car built for homologation purposes. However, it deserves an important place in hot hatch history as one of the craziest hot hatches ever produced and one of the coolest cars of the 80's.
Dodge Omni GLH
While Europe was embracing the hot hatch class and developing it further in the mid-80's, America seemed uninterested. The Golf GTI sold well in the states, but domestic manufacturers didn't produce any models that qualified as a hot hatch. That was until the legendary Carroll Shelby teamed up with Dodge to introduce his version of a compact Omni model.
They called it the Omni GLH. It was a proper hot hatch and one of the best affordable performance models money could buy in those days. Shelby took the 2.2-liter four-cylinder and added a turbocharger. This produced a total output of 175 HP, propelling it from 0 to 60 mph in under seven seconds. That was an impressive performance and highly competitive for the day. They gave the Omni GLH some suspension modifications and other improvements, so it could handle all that power.
The best thing about this car is the name GLH that meant, "Goes like Hell." Shelby and Dodge produced an improved version called GLHS that stood for "Goes Like Hell S'more." They only produced 500 of those models.
When Peugeot introduced the compact 205 model in 1983, a performance GTI version wasn't in the cards. They soon realized a souped-up model could have an impact on the market, so they presented the 205. It came with a 1.6-liter four-cylinder engine that delivered 115 HP. The combination of lightweight body, precise steering, a rev-happy engine and lively performance proved extremely popular with global buyers.
Peugeot even considered selling the 205 GTI in America. However, since it pulled out of the market in 1991, U.S. buyers never got the chance to experience one of the best affordable compact performance cars of the 80's. The 205 GTI was practical, economical and affordable, so it attracted a cult following in Europe.
In the late 80's, the 205 GTI got a 1.9-liter engine upgrade that delivered 136 HP and improved its performance. Despite the sales success of the regular model, Peugeot presented a homologation version. They called it the 205 T16, putting the engine in the back. It participated in the World Rally Championship and in the famous Group B.
Lancia Delta HF Integrale
Lancia introduced its compact model, the Delta, in 1979. However, it was on the market for five years before the company started thinking about a performance version. Lancia was always big in rallying. And after the banning of their Group B model S4, they wanted something that could work well on the street and track, so the HF Integrale was born.
Initially, this model featured a 2.0-liter turbocharged four-cylinder that produced 185 HP, but later it went up to 220 HP. It had a permanent, well balanced all-wheel-drive system. The Delta HF Integrale is an important hot hatch because it was the first with all-wheel drive. This marked the beginning of a transition from the front wheel drive, simple hot hatches, to the high-tech, all-wheel drive performance monsters we have today.
The combination of a powerful engine, sharp handling, great traction and low weight was intoxicating for magazine testers of the day. The Delta HF Integrale received nothing but praises. Over the years, the Delta HF Integrale has been a successful concept on rally stages all over the world and among hot hatch fans. They ceased production in 1994 after creating almost 40,000 of them.
Ford Escort RS Cosworth
The Ford Escort was always an active model for affordable performance. From the legendary RS 1600 Mk1 to the Escort RS Turbo of the mid-80's, this was a competitive yet obtainable choice. However, the best Escort RS was the 1992 to 1996 RS Cosworth model.
Built using Sierra RS Cosworth parts, the Escort was smaller but featured an improved 2.0-liter turbocharged engine with 227 HP. The exterior meant pure business with flared wheel arches, a hood with cooling vents and an adjustable, massive rear wing. One main feature was the all-wheel-drive system that proved necessary since the car created over 230 lb-ft of torque.
The Escort RS Cosworth was fast for the day. With 5.8 seconds 0 to 60 mph acceleration times, it could beat most of the sports cars of the day. However, it somewhat expensive for a hot hatch, so Ford decided to make it a limited model.
Japanese manufacturers were always active in the hot hatch class, but only a few models received cult status and a place in hot hatch hall of fame. One of those cars is the first Civic Type R, which they introduced in 1997. This car was especially well received in America where its performance, driving dynamics, road holding and light weight were popular with budget-minded enthusiasts who wanted affordable performance.
The heart of the EK9 generation Civic Type R was a 1.6-liter naturally aspirated four-cylinder engine with the famous V-Tec system that delivered 185 HP. Its high power output was legendary. Even though there wasn't much space for engine tuning, you could take the rear seat out and make your Civic lighter and faster. The car stayed in production until 2000 and still is a popular model amongst the hot hatch fans in America.
Volkswagen Golf R32
During the 1990s in Europe, the hot hatch class was under heavy fire from insurance agencies, earning the image of a hooligan's express. This meant most car manufacturers stopped producing such cars. Some produced one mild model they considered a hot hatch. After the crazy 80's and the high-tech Delta Integrale and RS Cosworth of the early 90's, the rest of the decade lacked interesting models.
Volkswagen's Golf GTI was constantly selling well and VW was one of the companies that never abandoned the market. But, the company was thinking of the future of the hot hatch class. The 21st century brought many technological innovations, electronic systems and improvements in construction, so why not implement all that in a hot hatch of the future? This is how the R32 came about in 2003. Volkswagen took the Mk4 body shell and installed the best hardware it had in the early 2000's.
That meant the R32 had intelligent all-wheel drive, a 240 HP 3.2-liter V6 engine, a luxury interior and a host of electronic aids. This wasn't the first AWD hot hatch or the fastest, despite its 0 to 60 mph time of 6.4 seconds. However, it was the first "Uber" hatch that combined luxury and effortless high-speed cruising with exciting driving dynamics. Also, this was the first hot hatch to use the DSG transmission, which is a standard in this class today.
Subaru Impreza Sti
Subaru Impreza made its name in the 1990s with the highly capable combo of a boxer turbo engine, all-wheel drive, and loads of power and torque. However, no one considered the Impreza a hot hatch, since they were all sedans or wagons. But in 2008, they introduced the Impreza as a five-door hatchback. It immediately set the hot hatch world on fire.
Invading the hot hatch class was a smart move from Subaru. It brought a larger audience to the Impreza while keeping the performance and mechanical layout intact. With 305 HP and intelligent AWD traction, the Impreza was one of the best and fastest hot hatches money could buy in 2008.
Ford Focus RS500
Famous for its affordable performance cars, Ford invested a lot of time and effort in the second generation Focus RS they debuted in 2009. The car featured a 2.5-liter five-cylinder engine with 305 HP, delivering a brutal performance. However, it was an old-fashioned hot hatch because of all that power going to the front axle.
And although it had a trick front suspension to keep the front end in check, it still had a torque steer effect. Ford was getting ready to turn to all-wheel drive for the Focus RS MK3, but they wanted to say goodbye to the front-wheel-drive model with a bang. And that bang was the Focus RS500, a limited production model with 350 HP.
The Focus RS500 came with matte black paint and a plaque with the serial number on the dash. Also, the RS500 sold out in just a few days, earning its place in history as the most powerful factory front-wheel-drive hot hatch ever.
Renault Megane R26.R
While Ford and other companies were competing in the horsepower wars, Renault, the hot hatch authority, went the other way. In fact, they constructed light, nimble and extremely capable cars that were almost track-ready. They introduced the sublime R26.R in 2009. The Megane R26.R had the same 2.0-liter turbo engine with 230 HP as the regular Megane RS.
But, it was much lighter with a revised suspension, steering and brakes. Also, the Megane didn't have rear seats and they replaced the window glass with Plexiglas. The Megane R26.R was almost a racing car, as it handled sublimely and posted unbelievable track times. It held a record for front-wheel drive cars on Nurburgring and beat the Porsche Boxster.
And the Megane was faster than the BMW M3 CSL. Despite its limited production, this Megane earned a place on this list as one of the best driver's cars in the hot hatch class. This car proves that record-breaking performance doesn't always require high horsepower ratings.
The Audi RS3 is one of the most influential and important hot hatches ever. And the latest incarnation or RS3 lineage features the most powerful hot hatch engine the world has ever seen. In fact, it is the best accelerating hot hatch on the market.
With 400 HP, a 2.5-liter five-cylinder engine and a 4.1 second 0 to 60 mph time, the RS3 is a land rocket capable of beating many expensive sports cars. Yet, it still is docile enough to drive down to the grocery shop or transport the family. This car just shows how far the hot hatch class has come in the last 50 years.
It has evolved from the humble Mini Cooper with 55 HP to the eight times more powerful Audi with intelligent all-wheel drive and a seven-speed dual clutch automatic transmission. And the RS3 symbolizes the philosophy behind the modern upper echelon hot hatches. They must have all-wheel drive, a dual-clutch transmission, a turbo engine and unbelievable acceleration times.
Fiat 500 Abarth
Even though the 500 Abarth has only 160 HP coming from its tiny turbocharged 1.4-liter engine, it is a seriously fast and fun little car. And that is due to its small weight and compact dimensions. Also, it is extremely practical in everyday driving and easy to park, as well.
Also, they completed the package with a small price and running costs. For drivers on a budget with an irresistible need for speed, this small but wicked car could be your answer.
Renault Clio Williams
France always produced great hot hatch models, so in the early `90s, one of the most respected was the Renault Clio Williams. This car was a step up from the legendary Peugeot 205 GTI. Plus, it was a more modern, powerful and faster vehicle.
Under the hood was a high revving 2.0-liter engine with 145 HP, which was a high figure for the day. But, Renault added a stiffer suspension, bigger brakes and several noticeable bodywork modifications on the car. They made it a true street fighter and a great basis for a successful rally car. Over the few years of production, Renault made around 12,000 of them.
Volkswagen Golf GTI MK5
The Mk I Golf GTI singlehandedly created the modern hot hatch class. But, some 30 years later in 2005, MK5 Golf GTI reinvented it. The Mk V GTI was the perfect combination of a great chassis with a 200 HP engine. And then they added modern technology to create the best driving dynamics and praise from the automotive press.
Another interesting feature was the new DSG double clutch automatic transmission, which was a great option. In fact, it helped the MK5 GTI achieve fantastic acceleration times.
The third generation of the Ford Focus brought drivers a great economy compact car. But, when Ford introduced the ST model in 2012, buyers got an almost perfect hot hatch. And under the hood was a 2.0-liter four cylinder with turbocharger and 252 HP.
They perfectly tuned the rest of the car, too. So, it represented a fantastic balance between performance and everyday usability.
Mazdaspeed 3
The perfect example of an overpowered and brutal front wheel hot hatch is the legendary Mazdaspeed 3. They introduced it in 2007, and it was powered by a 2.3-liter four cylinder delivering 263 HP. And that was considered a crazy number of horsepower to send to the front wheels.
However, despite severe torque steer, the Mazdaspeed 3 was a capable and rapid car. It even brought many customers back to the dealerships. Also, it reintroduced Mazda as one of the prime affordable performance brands on the U.S. market at that time.
These 20 hot hatches prove you can have power, good looks and affordability, too. Did you find your favorite on this list? Indeed, the car world has embraced the hot hatch and is waiting for the next generation to arrive at car dealerships everywhere.


Pop Warner football is getting proactive in helping its participants recognize the symptoms of a concussion.
According to USA Today, the youth football organization will begin offering concussion education to its 320,000 participants nationwide, which includes roughly 225,000 football players and 100,000 more in cheer and dance.
The program, called CrashCourse, is an interactive online program from software creator TeachAids in collaboration with Stanford University.
Using an interactive film that puts the viewer on the field for a high school football game, the program aims to help young people recognize the signs of concussion in themselves or others.
Stanford football captain Alameen Murphy was one of many Stanford students who helped on the project. "The next generation of players will now be able to know and understand concussions the way we wish we did at their age," he said in a statement.


What a day! Hubby and I worked ALL MORNING LONG around our house! We got up and he headed to the rental place to pick up a power washer. I made a frittata with eggs, cheese, fresh basil, turkey, new potatoes and onions while he was gone. I had a nice cup of java, I must admit, while I was working in the kitchen. We had breakfast then headed outside to power wash the shutters, the fence and the driveway & sidewalk. (I must confess that he did all of the power-washer-wrangling...I was mainly the hose adjuster/mover. Then I decided to pull grass & weed sprouts out of the flower beds.) The front and back of the house is quite spiffy. We admired the fresh-looking concrete and brick. Tomorrow we head back outside to restain the shutters and our fencing.
After we finished that work, we met a good friend out at the lake and Hubby and his bud did a bit of fishing. I looked on from just a few feet away as I tried to get a bit of sun on my blindingly white legs. A few little Bass were caught and released.
When the sun went down we had a bit of wine out on the wonderfully clean back porch. The frogs were singing in the background. A grasshopper was smacking around the top of the porch. And the dogs meandered around in the dark, playing with whatever it was they could see and we couldn't.
An enjoyable day all around. The only thing missing was The Little Guy... he's quite busy staying the night with a good friend. I must admit its a bit sad to be thrown over for his buddies. But, a boy's got to grow into a young man, right? And, a mom's got to learn to let go. I'm working on that part. He seems to be doing just fine.


At liv Plastic Surgery, our state-of-the-art medspa offers the most advanced laser treatments that focus on skin rejuvenation, anti-aging, wrinkle reduction and even hair removal. We are a one-stop-shop for anything that you need to enhance your face, body or skin. If you live in and around Boca Raton, Delray Beach, Boynton Beach, Fort Lauderdale or anywhere throughout Palm Beach, Broward and Miami-Dade counties, come visit our conveniently located facility. We look forward to meeting with you during your consultation. Our expertly trained physicians and professional medical team are here to help you look younger, appear more rejuvenated and feel more confident.
Lasers are an extremely versatile tool that can treat everything from wrinkles and skin tightening to hair removal. Lasers can take the place of surgery to provide short-term results that can reduce facial wrinkles and skin irregularities, such as blemishes or acne scars. When seeking out laser treatments, it is important to find a medspa like liv Plastic Surgery where there is a physician present in the facility. With the rise and popularity of medspas, some facilities will take shortcuts and not keep a physician in the office, but rather have a physician on call.
We put a lot of focus on our laser treatments because we know that surgery is not right for everyone. We offer the latest in state-of-the-art technology and the most advanced procedures. At liv Plastic Surgery, regardless of what procedure or treatment you are interested in, we pledge to offer you amazing patient care and provide you with the finest personal service and facilities.


For hundreds of years, intellectual property has been the driving force of progress in technology, art, and, culture. This is true around the world. It's part of our shared human experience, no matter where we come from. Which is why the intellectual property offices of the world – including the U.S. Patent and Trademark Office – work together to ensure that IP rights continue fostering creativity and innovation.


We pride ourselves on the way we do things, this is why we're happy to let our Asset Finance customers know of our FLA association. As part of our FLA membership, we acknowledge and adhere to the code commitments set out by the FLA.
The FLA, short for Finance & Leasing Association, are the leading trade body for the asset, consumer and motor finance sectors in the UK. One of the most important services they provide is making sure that their members' views are heard, and influence potential changes within the industry.
The FLA provides guidance and sets the standard for business across the whole asset finance industry. In addition, it offers its services to act as an intermediary during the complaints process. Being members of the FLA, our customers can rest assure that they are choosing finance from a reputable source and they are covered under the Business Finance Code which can be found here.
If for any reason, you have a complaint in regards to our Asset Finance facilities or products you can find more information on how the FLA can assist here.
See our frequently asked questions about our FLA membership.
For more information regarding our membership of the FLA please don't hesitate to contact our Asset Finance Team on 0344 225 3940.
Click the link to see a full copy of the FLA Code.


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redpajama_set_name: RedPajamaGithub


If you're behind on your mortgage payments and don't see your situation improving, you might be thinking the only way out of this mess is to sell your home. But can you? The short answer is yes—that is, so long as your lender hasn't foreclosed on your home yet.
The foreclosure process begins once you fall behind on your mortgage payments. Miss just one payment, and you may soon receive a foreclosure notice in the mail. Once you're more than 120 days late, your lender has the legal ability to reclaim your home and sell it to recoup its money—and yes, you'll be forced to vacate the premises.
Adding to the pain, a foreclosure goes on your credit report and can drop your credit score by as much as 300 points, possibly more. This can hurt your ability to obtain a credit card, auto loan, or cellphone plan, and also prevent you from being able to qualify for another mortgage for many years.
But here's the bright side: You have up until the day that foreclosure takes place to sell the home on your own. Still, the process of selling your house before foreclosure isn't easy. Here's what you need to know.
Can you sell a home if you're behind on your mortgage?
Whether or not you can sell your house before foreclosure will depend, first and foremost, on whether your house is worth more or less than what you owe on your mortgage.
If you've fallen behind on your loan payments but aren't underwater yet—meaning the fair market value of your home is greater than what you owe on your home loan—you can sell your house and use the profits to pay back your lender.
If you choose to go this route, you'd follow the same steps you'd normally take to sell a home: You'd find a listing agent, accept an offer, and fulfill any contingencies before closing on the sale. Typically, you don't need to get your lender's permission to sell your home this way.
However, if your home is worth less than what you owe on your mortgage, you'll need to sell your property as a short sale to avoid foreclosure. The caveat is that your bank has to be on board with this kind of transaction.
Here's how a short sale works: Let's say the bid you get on your home is so low that it won't cover the total amount you owe on your mortgage. If you accept the offer, you're going to end up "short" on paying back your lender. That's OK only if your bank has agreed to accept less than what's owed on the loan.
Getting your bank's blessing, however, may be difficult. Since lenders lose money with short sales, they're not always eager to approve these transactions. But some lenders actually prefer short sales over foreclosing and repossessing homes, since owning and selling property can be huge hassles.
Before approving a short sale, your bank will require you to submit some paperwork, including your offer letter and a "hardship letter" explaining why you can no longer make your mortgage payments, along with financial documents such as income statements or medical bills to back that up. Also, most lenders will have your home appraised to determine if the offer you've received is fair. If it is, they may allow the deal to go through—though there may be stipulations.
Indeed, lenders will often counter short sale offers with their own demands in an effort to raise their bottom line. For example, buyers might hear, "We'll accept your offer, but you're responsible for all repairs, wire transfers, and notary fees." It's ultimately up to you, though, to decide whether you're willing to absorb these extra costs. The good news: Your real estate agent can help you negotiate these terms with your bank.
As a home seller, a short sale is preferable to foreclosure, since short sales do way less damage to your credit score than a foreclosure. This means you'll be in better shape to apply for a mortgage and buy a new home down the road. In addition, you get to stay in the home until the sale is completed. (Foreclosures force homeowners to vacate.) You also avoid the shame of having your property repossessed by your bank.
If you've fallen behind on your mortgage payments but would like to stay in your home, there are a couple of ways you can get back on track. You might qualify for a mortgage forbearance, a process where your servicer gives you a temporary break from your mortgage payments. Think of it as an "extended grace period," says Guy Cecala, chief executive and publisher of Inside Mortgage Finance.
Another strategy is to negotiate a loan modification, in which case your mortgage lender agrees to let you change the terms of your loan. However, if you choose to modify your mortgage and your lender allows you to skip payments temporarily, those missed payments will be added to your loan's principal to pay later—meaning this isn't a get-out-of-jail-free card that lets you walk away from falling behind on your mortgage unscathed.
The post Can I Sell My Home If I'm Behind on My Mortgage? appeared first on Real Estate News & Insights | realtor.com®.


TOGAF stands for The Open Group Architecture Framework. It is a methodology and a set of supporting tools specifically for fields in enterprise architecture.
What kind of architecture is TOGAF designed to support?
If you're an architect who is looking for an introduction and / or to achieve Level 2 certification - this is the course for you. The current and latest version is TOGAF 9 which is part of the the leading Open Enterprise Architecture standard.
How do I get a TOGAF certification?
What are TOGAF employment possibilities?
These days there is a high level of interest in Enterprise Architecture making TOGAF one of the most desirable architecture based certifications. You could work directly for organisations such as banks, manufacturers, retailers, government agencies, etc... or you could work in an Enterprise Architecture consultancy. Most large corporations now have their own architecture consultancies including HP, IBM, Cap Gemini, and many more... all currently recruiting.
Acording to itjobswatch.co.uk, the average salary for a certified TOGAF professional in London is £75,000 and can go as high as £90,000 in certain areas in the UK.


BEHOLD: Kevin M. Wilson's new Gremlins poster, "The Old Curiosity Shop". It's a masterpiece. It is also jam-packed with easter eggs.
Shameless nerd that I am, I've already identified most of these props and assigned them their proper film or TV show. However, there are still a few that have not been identified. Care to take a stab at completing the list?
Any I missed? Any corrections? Fill in the blanks, nerds!!


The Jerwood Theatre Downstairs is a proscenium-arch theatre seating approximately 370 people over three levels: Stalls, Circle and Balcony.
The Jerwood Theatre Upstairs is a studio space which seats approximately 85 people. Located on the fourth floor of the theatre, it is accessible by lift or stairs.
The Royal Court Box Office will, on occasion, also sell tickets for productions at other venues. Patrons will be notified of this at the time of booking and the address of the venue will be clearly marked on the front of your tickets.
The Royal Court operates a strict handbags only policy inside both our auditoriums. Only one, reasonably-sized bag per person may be taken inside and all bags are searched by the theatre staff upon entry. Occasionally, we have productions where no bags may be taken inside the auditorium, due to limited space imposed by set designs. This is more common in the Jerwood Theatre Upstairs and we endeavour to inform patrons attending such performances in advance.
The theatre operates a complimentary Cloakroom service, located on the Stalls level. For security reasons, all bags left in the Cloakroom are subject to inspection by the Cloakroom Attendant. The Cloakroom is secure at all times, however the Royal Court cannot take responsibility for any items left there. The Cloakroom closes fifteen minutes after the last performance ends; if you have not collected your items by the time it shuts, the Bar & Kitchen staff can assist by collecting them for you.
The Royal Court operates a strict no latecomers or re-admittance policy for most shows. This is due to the intimate nature of our theatre spaces and, therefore, for the benefit of the actors on stage.
For Jerwood Theatre Downstairs productions, we endeavour to accommodate at least one point to admit latecomers, which is decided by the production's Director. However, this is not always possible. Our Jerwood Theatre Upstairs productions rarely have late admission points as late entry will generally involve crossing the stage. Please note that if we are able to admit latecomers, we will always direct patrons to the nearest available vacant seats inside the auditorium and not necessarily to their actual seats. This is to ensure as little disruption as possible.
Latecomer monitors for the JTD are provided Front of House and latecomers can be given a playtext to follow the play if required.
We don't want to spoil anyone's experience of a new play at the Royal Court and therefore avoid giving too much away when promoting the play. It's often the unexpected shared moments and plot twists that capture the audience and create the debate and conversation beyond the performance.
However we're also conscious that these moments can be particularly distressing for some individuals. If there are certain themes that you know would cause you extreme distress and you'd like to speak to one of the Royal Court team to find out more about a show before you book can call the Box Office on 020 7565 5000 or email us on [email protected].
Most Royal Court productions have a general age recommendation of 14+.
Certain productions may have older or younger age recommendations, which will be clearly displayed online and on all marketing print.
The Box Office team can advise you of the reasons for these age recommendations for individual productions. There are strictly no children under the age of six permitted inside either of the auditoriums, this includes babes in arms. Under no circumstances can babies or children under the age of sixteen be left under the supervision of theatre staff.
Education groups are welcome at every performance at the Royal Court and we offer some great schools discounts. For more information, please see our Schools section.
The Royal Court sells playtexts in place of programmes. These contain the play's entire script as well as cast and creative biographies.
During the run of a production, playtexts are available at a reduced price of £4 – £5.
After a production closes, they are available from the Bookshop at the publisher's RRP.
Complimentary cast sheets are available from Front of House staff or ushers as you enter the auditoriums. Large print versions of cast sheets are also available.
All mobile phones must be turned off before entering our auditoriums; this is a condition of entry.
There is strictly no photography in either of the auditoriums as all Royal Court set designs are copyrighted. Photographs in Front of House areas may be taken with the permission of the Duty Manager.
There is no dress code however, in the summer months, we suggest that you dress appropriately for the weather; whilst both our theatre spaces are air-conditioned, this can achieve limited results against adverse outside temperatures when they are at full capacity.
We encourage all feedback and endeavour to respond within three working days. All feedback should be forwarded to [email protected] It will then be passed on to the appropriate department.
The Royal Court Theatre sells tickets through a select number of ticket agents. These currently include: TodayTix, See Tickets, Encore, Ingresso, London Theatre Direct, LOVETheatre, Time Out. These ticketing agents provide a ticketing service for a number of companies. If you have any questions regarding tickets you bought from a ticket agent please contact the Royal Court Theatre Box Office on [email protected] or 020 7565 5000.


The Moon just before the umbra's 2nd contact, late in the waxing partial eclipse stage of last night's lunar eclipse. This was taken with high ice clouds causing poor transparency. I'm pleased that the results are looking much better than I feared. I'm just starting to work with my HDR data and this is my first sample. Working with 32 bit per channel floating point data requires new steps in my workflow.
This image captures the range of colors at the edge of the Earth's full shadow created by light scattered and diffracted through the earth's shadow. The colors here are from the sunset happening over the central Pacific during the eclipse.
A 9 exposure HDR composite image taken just before totality (U2 --) at 2019-01-21 04:34 UT. Exposures range from 1/8 sec to 30 sec at ISO 200. Questar f/15, 1350/89 mm telescope with Sony a6300 at prime focus.


All central government employees are entitled to receive pension on their retirement. But, there is a eligibility criteria too. A central government employee should complete 10 or more years of service to receive the pension. A retiring pension is granted to a Government servant who is permitted to retire after completing qualifying service of 25 years. Currently, in India, pension is calculated at 50% of emoluments (last pay) or average emoluments (for last 10 months), whichever is more beneficial to the central government employees. However, there are certain rules and regulations in regards to how one should manage their pension account. It can be in case of withdrawals, transfer or any other services related to their bank account. Hence, if you are a central government employee, then note these important factors given by RBI on your pension.
2. The pensioner is not required to open a separate pension account. The pension can be credited to his/her existing savings/ current account maintained with the branch selected by the pensioner.
3. All pensioners of the Central Government Pensioners can open Joint Account with their spouses.
4. One can continue their family pension, even after the death of a pensioner. The banks should not insist on opening of a new account in case of Central Government pensioner if the spouse in whose favour an authorization for family pension exists in the Pension Payment Order (PPO) is the survivor and the family pension should be credited to the existing account without opening a new account by the family pensioner for this purpose.
5. Individual banks have framed their own rules in this regards to maintaining a minimum balance in your bank account. This rule is different from bank to bank. Hence, you should always check with your bank about balance in your pension account.
6. The disbursement of pension by the paying branch is spread over the last four working days of the month depending on the convenience of the pension paying branch except for the month of March when the pension is credited on or after the first working day of April.
8. The pensioner is required to furnish a Life Certificate / Non – Employment Certificate or Employment Certificate to the bank in the prescribed format in the month of November every year to ensure continued receipt of pension without interruption.
9. A pensioner having Aadhar number can alternatively submit Jeevan Pramaan, a digital life certificate introduced by the Government of India. For obtaining this, he / she will have to enrol and biometrically authenticate himself / herself by downloading the application generating digital life certificate from the website jeevanpramaan.gov.in or other means described on the website.
10. The pension paying bank is responsible for deduction of Income Tax from pension amount in accordance with the rates prescribed by the Income Tax authorities from time to time. While deducting such tax from the pension amount, the paying bank will also allow deductions on account of relief to the pensioner available under the Income Tax Act.
11. The paying branch, in April each year, will also issue to the pensioner a certificate of tax deduction as per the prescribed form. If the pensioner is not liable to pay Income Tax, he should furnish to the pension paying branch, a declaration to that effect in the prescribed form.
Hence, manage your pension account at your bank accordingly in order to avoid charges or fees. The government gives minimum pension of Rs 9,000, and it shall not be higher than 50% of the highest pay in Government Rs 1,25,000.


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English Version - How to establish online CEO Charisma?
Arabic Version | Why Is A Leader's Personal Branding On Social Media So Crucial?
Power is about strategies and relationships. How do you build it online?


Former Energy Minister Constantin Nita was sentenced on Friday, by the judges of the Supreme Court, to four years in prison for influence peddling in the case in which he is accused of receiving EUR 30,000 and more of RON 300,000 from Tiberiu Urdareanu, to intervene to the Iasi Mayor in order to assign to the UTI company an agreement on the city traffic management. Former Minister says that he considers himself "totally wronged", and he will do everything he can to prove his innocence.
The Supreme Court also decided to seize RON 300,000 from the former Minister Constantin Nita and to maintain the seizure for his assets. Supreme Court's decision is not final. Constantin Nita's trial began in September 2016, at the High Court of Cassation and Justice, and it was finalized after ten hearings, on May 9.
Constantin Nita said at the last hearing, in his last speech in front of the court, that he received no money from the businessman Tiberiu Urdareanu in order to help his company to obtain an agreement with the Iasi Municipality, that he is disappointed by the prosecutor's request to be sentenced to prison and that he is confident that there will be "a fair trial".
"I am extremely disappointed by the Prosecutor's request. I regret that I am in such a situation. I never pretended any amount of money from Mr. Urdareanu, I never promised him anything. I never participated to any conclusion of any agreement, I only introduced Mr. Urdareanu to Mr. Mihai Ghirda (former leader of PSD Brasov – e.n.). I saw in the indictment what they did further. I received no money from that company. You can see the circuit of the money, they haven't reached to Nita or to the party. I am a responsible person who have met businessmen and led teams. I am deeply affected by the prosecutor's request. I am confident in a fair trial and I don't believe I can be sentenced for deeds that i haven't committed" Nita stated at the last hearing.
The Prosecutor of the National Anticorruption Directorate who attended the last hearing asked the court to sentence the former Minister Constantin Nita of a punishment with execution for influence peddling, as well as to seize RON 300,000 and EUR 30,000 from him, representing money that he allegedly received from businessman Tiberiu Urdareanu to help his company to obtain an agreement with Iasi Municipality. The DNA magistrate also requested the court to maintain the seizure on Nita's assets and the bail of RON 150,000.
Constantin Nita was sent to judgement by the prosecutors of the National Anticorruption Directorate in June 2016. According to the prosecutor's indictment, in 2013, Constantin Nita, who was the Energy Minister at the date of the deeds, asked Tiberiu Urdareanu, the denouncer in the case, a fee of 5% from the value of the agreement concluded by his company with the Iasi Municipality.
The investigators claim that Nita requested the amount of 5% of the contract value after the initiation of the procedure for that project and after the Mayor of the municipality asked for a bribe of 10% of the contract value in the first part of 2013.
"According to the agreement, the sum representing 5% of the value of the contract (approximately RON 3.4 million) was to be remitted to Nita Constantin in two forms: partly in cash and partly through a fictitious consultancy contract to be concluded with a trusted person from the defendant's entourage", prosecutors wrote in the indictment.
On July 21, 2013, Constantin Nita allegedly received EUR 30,000 from Urdareanu while he was in a Lebanese restaurant in a Bucharest hotel. "Also, at Nita Constantin's request, a person trusted by him was contacted to propose the conclusion of a consultancy contract with a certain company at the price of EUR 5,000 + VAT/month; the contract was signed May 2, 2013. Based on this fictitious contract (the invoiced services weren't actually provided by the company), the representatives of the businessman gave to the company indicated by Nita Constantin, through this mechanism, the total amount of RON 303,118, in monthly installments, during the period of May 2013-June 2014", prosecutors said.
The investigators established a seizure for Constantin Nita's real estate properties up to the amount of RON 435,823.


The hosts, riding on leg spinner Amir Khan's five-wicket haul, closed the day with a first innings deficit of 26 runs. Khan finished with 5-62 and was supported by off-spinner Zaheer Mohamed's 4-46, as the visitors lost their last six wickets for 76 runs.
Following openers Royan Fredricks and Kevon Boddie, and Ricardo Peters dismissals on the rain-affected first day on Thursday, overnight batsmen Dellon Heyliger (16) and Kemo Paul (7) took their respective scores to 27 and 19, before both were removed in quick succession by Khan and medium fast bowler Trevon Garraway.
Parmesh Parsotam, 39 not out, and Rovindra Parsaram, 28, were the other two batsmen to put up a semblance of fight against the stifling line and length of the Demerara spinners, who utilised the conditions well.
Demerara, in their reply, lost Trevon Griffith (11), Rajendra Chandrika (22) and Leon Johnson (40, 5×4) before the Tea at 81-3.
Upon resumption, play was suspended for a short period due to rain. However former West Indies captain, Ramnaresh Sarwan, and Christopher Barnwell took control of the proceedings before Sarwan was dismissed via the run out route for 42 (4×4).
Christopher Barnwell will resume today on 48 (4×4, 2×6) with Chris Pattadin, who is yet to score. Dellon Heyliger, Anthony Adams and Hemchand Persaud have so far picked up a wicket apiece.
Meanwhile, discarded West Indies leg spinner Devendra Bishoo exploited the low and slow conditions of the Everest wicket effectively to bundle out the President's X1 for 185 in 72.4 overs on yet another rain-affected day. The first day was completely washed out without a ball being bowled due to a soggy outfield.
Bishoo grab 6 for 57 in 26.4 overs, but not before Vishal Singh made a patient 55 off 169 balls, which include three boundaries in the backbone of his team's innings.
Earlier, the opening pair of Robin Bacchus (24) and former Test batsman Ryan Ramdass (24), Jason Sinclair (19) and Kellon Carmichael (15) were the other batsmen to reach double figures. Bishoo was supported by fast bowler Raun Johnson with two wickets while Royston Crandon picked up one wicket.
On the other hand, play at both venues is scheduled to start at 09:00h today, weather permitting. Guyana Telephone and Telegraph Company (GT&T) and Hand-in-Hand Insurance joined forces with the GCB as co-sponsors of the tournament.