v3427-635

Nos, 20378, 20447 and 20522

FEDERAL HOME LOAN BANK BOARD, ET AL , ,

Appellants

V,

SIDNEY ELLIOTT, ET AL . ,

Appellees

i" ^')

aB2019L/

IN THE UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

IJ

f

ON APPEAL FROM THE UNITED STATES DISTRICT COURT

FOR THE SOUTHERN DISTRICT OF CALIFORNIA

APPELLANTS' REPLY BRIEF

f Counsel

AX WILFAND,

^sj. sj: an t General Counsel.

FedeFaTTTome Loan Bank Boa r d ,

BAREFOOT SANDERS,

As sistant Attorney General ,

JOHN K, VAN de KAMP,

United States Attorney ,

CARL EARDLEY,

MORTON HOLLANDER J

Attorney s ,

nepaftment of Justice ,

Washington, U, C. 20530 .

FILED

;B 2- 1S67

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