Excitable acetylcholine receptor rich membrane fragments from Torpedo marmorata have been used to measure, in parallel, (1) the permeability response to the fluorescent cholinergic agonist Dns-C,-Cho (in the 0.1 pM to' millimolar concentration range) characterized by both the initial rate of Li+ transport and the rate of channel closure using the rapid-mixing quench-flow technique and (2) the kinetics of interaction of Dns-C,-Cho with the acetylcholine receptor sites using the rapid-mixing stopped-flow technique. Analysis of the kinetics of Dns-C6-Cho binding in the millisecond to minute time scale leads to the identification of at least three conformational states of the acetylcholine receptor: a "low-affinity" one (-50 pM) that can be interconverted in A t the neuromuscular junction and at the electromotor synapse, the neurotransmitter acetylcholine (AcCh)' elicits two distinct classes of reactions. Applied as a brief (millisecond) pulse of high concentration (fraction of millimolar), AcCh causes the rapid opening-or "activation"-of transmembrane ion channels selective for cations (Katz, 1966). When maintained for a longer period of time (fraction of a second or minutes), in contact with the postsynaptic membrane, and at a sufficient concentration (approximately micromolar), AcCh initiates a complex time-dependent decrease of the permeability response-or "desensitization". Both classes of reactions have been kinetically analyzed by various electrophysiological techniques [reviews in Adams (1 98 l), Feltz &Trautmann (1982), andNeher et al. (1983)l. The opening of the ion channel by AcCh takes place in the fraction of millisecond to millisecond time scale and in an "all-or-none" manner at the molecular level (Katz & Miledi, 1970; Munchen, FRG (J.B. and E.N.). Received April 7,1983. This work was supported by grants from the Muscular Dystrophy Association of America, the Fondation de France, the CollEge de France, the MinistZre de la Recherche et de l'hdustrie, the Centre National de la Recherche Scientifique, the Institut National de la Santi et de la Recherche MBdicale, and the Commissariat i I'Energie Atomique. We gratefully acknowledge an EMBO short-term stipend (to J.B.) and the support of the Deutsche Forschungsgemeinschaft (Grant 227 to E.N.).