Public auctions.

§ 2546.4 Public auctions. (a) The authorized officer may sell under the Act at public auction any lands for which preference-claimants do not qualify for patents under the regulations of § 2540.0–3(f) and subpart 2546. (b) Lands will be sold under this section at not less than their appraised fair market value at the time and place and in the manner specified by the authorized officer in a public notice of the sale. (c) Bids may be made by the principal or his agent, either personally at the sale or by mail. (d) A bid sent by mail must be received at the place and within the time specified in the public notice. Each such bid must clearly state (1) the name and address of the bidder and (2) the specified tract, as described in the notice for which the bid is made. The envelope must be noted as required by the notice. (e) Each bid by mail must be accompanied by certified or cashier's check, post office money order or bank draft for the amount of the bid. (f) The person who submits the highest bid for each tract at the close of bidding, but not less than the minimum price, will be declared the purchaser.