40-U.S.C.-503
§503 – Exchange Or Sale of Similar Items
Pathway
Title 40 > Subtitle I > Chapter 5 > Subchapter I > Section 503
Details
- Reference: Section 503
- Legend: §503 – Exchange Or Sale of Similar Items
- USCode Year: 2013
Provision Content
(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 division B (except sections 1704 and 2303) of subtitle I of title 41.
(2) In writing.—A transaction under subsection (a) must be evidenced in writing.
(3) Section 6101(b) to (d) of title 41.—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.
(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1081; Pub. L. 111–350, §5(l)(8), Jan. 4, 2011, 124 Stat. 3851.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 503 | 40:481(c). | June 30, 1949, ch. 288, title II, §201(c), 63 Stat. 384; Pub. L. 93–400, §15(2), Aug. 30, 1974, 88 Stat. 800; Pub. L. 96–83, §10(a), Oct. 10, 1979, 93 Stat. 652; Pub. L. 98–191, §§8(d)(1), 9(a)(2), Dec. 1, 1983, 97 Stat. 1331; Pub. L. 100–612, §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.
Amendments
2011—Subsec. (b)(1). Pub. L. 111–350, §5(l)(8)(A), substituted division B (except sections 1704 and 2303) of subtitle I of title 41 for the Office of Federal Procurement Policy Act (41 U.S.C. 401 et seq.).
Subsec. (b)(3). Pub. L. 111–350, §5(l)(8)(B), substituted Section 6101(b) to (d) of title 41 for Section 3709 of revised statutes in heading and Section 6101(b) to (d) of title 41 for Section 3709 of the Revised Statutes (41 U.S.C. 5) in text.
U.S. Encyclopedia of Law Coverage
Subchapter I – Procurement and Warehousing in the Legal Encyclopedia: Public Property
In this entry about Subchapter I – Procurement and Warehousing, find legal reference material, bibliographies and premiere content related to public property in the American Encyclopedia of Law, presenting a comprehensive view of the United States public property-specific issues, written by authorities in the field.
38-U.S.C.-8123 in the Legal Encyclopedia: Procurement
In this entry about 38-U.S.C.-8123, find legal reference material, bibliographies and premiere content related to procurement in the American Encyclopedia of Law, presenting a comprehensive view of the United States procurement-specific issues, written by authorities in the field.
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