The 'functional' state of the acetylcholine receptor protein has been followed during reconstitution with the fluorescent agonist [l-(5-dimethylaminonaplithalene)-sulfonamido]-n-hexanoic acid-P-Ntrimethylammonium bromide ethyl ester (Dns-C6-Cho) and rapid-mixing techniques. Under appropriate conditions, a majority of the acetylcholine receptor sites can be recovered in a low-affinity state(s) for Dns-C6-Cho, similar to that found with the native membrane-bound receptor. This state can be slowly interconverted to a high-affinity state after rapid mixing with the agonist, and the noncompetitive channel blockers, like the local anesthetics, still regulate this transition in an allosteric manner.Several experimental conditions commonly used for the solubilization of the receptor and for its purification in the presence of sodium cholate result in the failure of reconstitution: the soluble receptor protein is stabilized in a low-affinity state which can no longer be interconverted to a high-affinity state in the presence of agonists or local anesthetics. On the other hand, it is demonstrated that if the concentration of lipids remains elevated in the presence of sodium cholate, a soluble (9 S) lowaffinity form of the receptor protein can be obtained which shows most of the characteristic properties of the membrane-bound receptor and in particular the slow interconversion to the highaffinity state and the effect of local anesthetics on this transition ; furthermore, in these conditions the soluble protein can be manipulated ad libitum and submitted, for instance, to column filtrations and sucrose gradient centrifugations in the presence of detergent, without losing its characteristic conformational and allosteric transitions. After elimination of the detergent this form yields a reconstituted receptor which presents binding properties identical to those of the native membranebound receptor and leads to the formation of vesicles which exhibit carbamylcholine-sensitive ion fluxes.A necessary and sufficient condition for functional reconstitution is therefore the conservation, in the presence of lipids, of the allosteric properties of the receptor protein in its detergent-soluble form.The aim of the reconstitution experiments presented in this paper and in the preceding one, is to identify the components of the subsynaptic membrane which are necessary and sufficient for the occurrence of the physiological response to acetylcholine. Since in vivo this response is characterized by a change of electrical conductance it appeared legitimate to [21,23 -25,28,29]. These investigations have lead to an altogether more precise and complete