[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: 31CFR345.4]

[Page 282-283]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 345--REGULATIONS GOVERNING 5 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS--R.E.A. SERIES--Table of Contents
 
Sec. 345.4  Redemption/reinvestment.

    (a) At maturity. A certificate may not be called for redemption by 
the Secretary of the Treasury prior to maturity except when the amount 
of the unexpended portion of the loan from the Rural Electrification 
Administration or Rural Telephone Bank is less than the face amount of 
the certificate. Unless the Treasury has received from the owner, at 
least one week prior to the maturity date of a certificate, a written 
request for payment at maturity, it shall automatically redeem the same 
at maturity, and reinvest in the owner's name the principal amount in a 
new certificate having the same description in all material respects as 
the one redeemed. No such automatic reinvestment shall be made, however, 
in excess of the amount of the unexpended portion of the loan from the 
Rural Electrification Administration or the Rural Telephone Bank.
    (b) Prior to maturity. A certificate may be redeemed prior to 
maturity at par and accrued interest at the owner's option on one week's 
notice in writing after one month from the issue date. A

[[Page 283]]

certificate issued upon reinvestment, as provided in paragraph (a) of 
this section, shall not be subject to the one-month holding period. A 
notice to redeem a certificate prior to its maturity date must be given 
by the official authorized to redeem it, as shown in the subscription 
for purchase, to the Bureau of the Public Debt, Division of Securities 
Operations, Washington, DC 20226, by letter or wire.