40 U.S.C. § 503 — Exchange or sale of similar items
submitted 24 years ago by Pub. L. 107-217 to r/title-40-PUBLIC-BUILDINGS-PROPERTY-AND-WORKS · 173 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
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 division B (except sections 1704 and 2303) of subtitle I of title 41.
A transaction under subsection (a) must be evidenced in writing.
Section 6101(b) to (d) of title 41 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.
Source credit: (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1081; Pub. L. 111–350, § 5(l)(8), Jan. 4, 2011, 124 Stat. 3851.)
- 2002Enacted · Pub. L. 107-217 · 116 Stat. 1081
- 2011Amended · Pub. L. 111-350 · 124 Stat. 3851
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-217 on 2002-08-21.
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