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Let \\(L^ r(A,A')\\) denote the order- complete Banach lattice of regular linear mappings (i.e. expressible as difference of positive linear mappings) of A into its topological dual and let M: A\\({}'\\to L^ r(A,A')\\) be the linear operator defined by  \\[  (M\\mu)(x)(z)=\\mu (xz)\\quad for\\quad all\\quad x,z\\in A,\\quad \\mu \\in A'.  \\]  The same symbol M is used for its canonical complexification. A multiplicative decomposition property for \\(A_{{\\mathbb{C}}}\\) was defined by the author in J. Funct. Anal. 37, 382-400 (1988; Zbl 0478.46017), and is proved to be equivalent to the property used by \\textit{J. L. Taylor} [Trans. Am. Math. Soc. 119, 150-166 (1965; Zbl 0128.355)] in his definition of abstract convolution measure algebras (whose Banach structures are L-spaces) and also equivalent to M being a lattice homomorphism. The latter result is evident from the tensor-product formulation of his property by \\textit{J. L. Taylor} [Trans. Am. Math. Soc. 135, 105-113 (1969; Zbl 0189.140)]. A Banach lattice algebra is called an L-algebra of its underlying set is an abstract L-space (which the author usually, but not always, calls an AL-space). The author does not bother to define AL-algebras, a species of L-algebras, which he used in the earlier article (loc. cit.). The absolute kernel N(\\(\\mu)\\) of a positive linear form \\(\\mu\\) on A is defined to be \\(\\{\\) \\(x\\in A: \\mu (| x|)=0\\}\\). For a positive non-trivial submultiplicative form A/N(\\(\\mu)\\) is an L-algebra, denoted \\(A^{\\mu}\\), and if \\(\\mu\\) is multiplicative it is an AL-algebra. If A has the multiplicative decomposition property then also \\(A^{\\mu}\\) does. The author is thus able to use the identification of the dual of an L-space of continuous functions on an extremely disconnected set K. The results of this paper generalize those of the author's previous article (loc. cit.) where he used AL-algebras, and are an attempt to construct a Gelfand spectral theory. The objects concerned are    (i) the positive elements of M, the set of multiplicative linear forms (which the author sometimes calls complex homomorphisms) on \\(A_{{\\mathbb{C}}},\\)    (ii) what he calls central homomorphisms, i.e. those algebraic endomorphisms T of \\(A_{{\\mathbb{C}}}\\) for which \\(| Tz| <c| z|\\) for \\(z\\in A_{{\\mathbb{C}}}\\), \\(c>0\\), the modulus as defined in \\textit{H. H. Schaefer}'s book ``Banach lattices and positive operators'' (1974; Zbl 0296.47023), and    (iii) maximal structural ideals, i.e. two-sided ring ideals of \\(A_{{\\mathbb{C}}}\\) which are also vector lattice ideals. (Note that in his earlier article (loc. cit.) the author had stipulated that the elements of M be non-trivial.)    The author shows that if \\(\\mu_ 1\\) and \\(\\mu_ 2\\) are positive multiplicative linear forms on A such that \\(N(\\mu_ 1)\\neq N(\\mu_ 2)\\) then \\(\\mu_ 1\\) and \\(\\mu_ 2\\) are orthogonal; if A has unit element and the multiplicative decomposition property then the maximal structural ideals are absolute kernels of positive multiplicative linear forms.    When \\(A_{{\\mathbb{C}}}\\) has the multiplicative decomposition property and unit element, the author constructs moduli and conjugations of central homomorphisms T such that \\(| T|\\) and T are central homomorphisms and \\(| T| xy=| T| x.| T| y\\), 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