[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: 31CFR358.15]

[Page 430-431]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 358--REGULATIONS GOVERNING BOOK-ENTRY CONVERSION OF BEARER CORPORA AND DETACHED BEARER COUPONS--Table of Contents
 
Sec. 358.15  What happens if securities are adjusted?

    (a) If we make an adjustment to all or part of the submitted 
securities, we will instruct the depository institution to transfer 
BECCS or CUBES securities of the same payment date and face

[[Page 431]]

amount from the depository institution's account to an account that we 
designate.
    (b) If no such BECCS or CUBES securities exist in the depository 
institution's account, we will instruct the depository institution as to 
how the adjustment will be made.
    (c) If the depository institution fails to comply with our 
instructions within five (5) business days of receipt of the 
instructions, we reserve the right to debit the master account of the 
depository institution for the face value of the adjusted bearer corpora 
and detached bearer coupons. By the submission of the bearer corpora and 
detached bearer coupons, the depository institution is deemed to agree 
to this debit.