In all cases where there are 2 or more applicants for the same tract of land present at the time of its restoration to market, said tract shall be offered in the smallest subdivision of which the same is susceptible, not less than 40 acres (unless the tract should be a fractional section or fractional part of a section containing a less number of acres) and sold to the highest bidder: Provided, No bid for any tract shall be received unless the price offered shall be equal to the minimum price of such land as fixed by law.