40 USC 503 - Sec. 503. Exchange or sale of similar items

40 USC - US Code - Title 40: Public Buildings, Property, and Works (January 2003)

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US Code - Title 41: Public Contracts - 41 USC 5 - Sec. 5. Advertisements for proposals for purchases and contracts for supplies or services for Government departments; application to Government sales and contracts to sell and to Government corporations

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(a) Authority of Executive Agencies. - In acquiring personal property, an executive agency may exchange or sell similar items and may apply the exchange allowance or proceeds of sale in whole or in part payment for the property acquired. (b) Applicable Regulation and Law. - (1) Regulations prescribed by administrator of general services. - A transaction under subsection (a) must be carried out in accordance with regulations the Administrator of General Services prescribes, subject to regulations prescribed by the Administrator for Federal Procurement Policy under the Office of Federal Procurement Policy Act (41 U.S.C. 401 et seq.). (2) In writing. - A transaction under subsection (a) must be evidenced in writing. (3) Section 3709 of revised statutes. - Section 3709 of the Revised Statutes (41 U.S.C. 5) applies to a sale of property under subsection (a), except that fixed price sales may be conducted in the same manner and subject to the same conditions as are applicable to the sale of property under section 545(d) of this title.

Historical And Revision Notes

Revised Source (U.S. Code) Source (Statutes at Large) Section

503 40:481(c). June 30, 1949, ch. 288, title II, Sec. 201(c), 63 Stat. 384; Pub. L. 93-400, Sec. 15(2), Aug. 30, 1974, 88 Stat. 800; Pub. L. 96-83, Sec. 10(a), Oct. 10, 1979, 93 Stat. 652; Pub. L. 98-191, Secs. 8(d)(1), 9(a)(2), Dec. 1, 1983, 97 Stat. 1331; Pub. L. 100-612, Sec. 2, Nov. 5, 1988, 102 Stat. 3180.

In subsection (a), the words "in such cases" are omitted as unnecessary.

In subsection (b)(1), the words "subject to regulations" are substituted for "subject to regulations and regulations" in section 201(c) of the Federal Property and Administrative Services Act of 1949 to correct an error resulting from an inconsistency between section 8(d)(1) and section 9(a)(2) of the Office of Federal Procurement Policy Act Amendments of 1983 (Public Law 98-191, 97 Stat. 1331). In subsection (b)(2), the words "the authority of" are omitted as unnecessary.

References In Text

The Office of Federal Procurement Policy Act, referred to in subsec. (b)(1), is Pub. L. 93-400, Aug. 30, 1974, 88 Stat. 796, as amended, which is classified principally to chapter 7 (Sec. 401 et seq.) of Title 41, Public Contracts.

For complete classification of this Act to the Code, see Short Title note set out under section 401 of Title 41 and Tables.

Section Referred To In Other Sections

This section is referred to in section 322 of this title; title 22 sections 1475a, 2674; title 28 section 612; title 50 section 491.