The (q_1,q_2) SL(2,Z) string bound states of type IIB superstring theory
admit two inequivalent (T-dual) representations in eleven dimensions in terms
of a fundamental 2-brane. In both cases, the spectrum of membrane oscillations
can be determined exactly in the limit g2→∞, where g2 is the
type IIA string coupling. We find that the BPS mass formulas agree, and
reproduce the BPS mass spectrum of the (q1,q2) string bound state. In the
non-BPS sector, the respective mass formulas apply in different corners of the
moduli space. The axiomatic requirement of T-duality in M-theory permits to
derive a discrete mass spectrum in a (thin torus) region where standard
supermembrane theory undergoes instabilities.Comment: harvmac, 9 page