FEDERAL · 40 U.S.C. · Chapter SUBCHAPTER I—PROCUREMENT AND WAREHOUSING
Exchange or sale of similar items
40 U.S.C. § 503
Title40 — Public Buildings, Property, and Works
ChapterSUBCHAPTER I—PROCUREMENT AND WAREHOUSING
This text of 40 U.S.C. § 503 (Exchange or sale of similar items) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
40 U.S.C. § 503.
Text
(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.
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History
(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1081; Pub. L. 111–350, §5(l)(8), Jan. 4, 2011, 124 Stat. 3851.)
Editorial Notes
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.
Editorial Notes
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.
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.
Editorial Notes
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.
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40 U.S.C. § 503, Counsel Stack Legal Research, https://law.counselstack.com/usc/40/503.