S.L. 133.2 Art. 11Form of allotment.

(1) In the case of a competitive auction, placements shall be made in accordance with a system whereby bids are sorted in ascending order of rates or descending order of prices, whichever is applicable.

(2) The Accountant General reserves the right to determine a cut-off rate or price, as applicable, on the basis of the bids received. Applications at a rate equal or lower than such cut-off rate (or at a price equal or higher than such cut-off price) shall be satisfied in full, unless the total amount of such bids exceeds the amount which the Treasury has decided to issue. In the latter case, bids at the cut-off price or rate, as applicable, shall be allotted on a pro-rata basis. All accepted bidders shall pay the bidding price or the price as calculated from each respective rate as specified in their bids.

(3) The Accountant General reserves the right to reject all bids without assigning any reason therefore.