[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR309.10]

[Page 162]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 309--ISSUE AND SALE OF TREASURY BILLS--Table of Contents
 
Sec. 309.10  Tenders; reservation of right to reject.

    In considering the acceptance of tenders, the highest prices offered 
will be accepted in full down to the amount required, and if the same 
price appears in two or more tenders and it is necessary to accept only 
a part of the amount offered at such price, the amount accepted at such 
price will be prorated in accordance with the respective amounts applied 
for. However, the Secretary of the Treasury expressly reserves the right 
on any occasion to accept non-competitive tenders entered in accordance 
with specific offerings, to reject any or all tenders or parts of 
tenders, and to award less than the amount applied for; and any action 
he may take in any such respect or respects shall be final.