Title 40 of the U.S. Code § 503 - Exchange or sale of similar items

Full text of § 503 from Title 40 of the United States Code.

§ 503. Exchange or sale of similar items

(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.)

Historical and Revision Notes
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.

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.

About This Section

40 U.S.C. § 503 is part of Title 40 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

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