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40 U.S.C. § 503 — Exchange or sale of similar items
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section545/d&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 40 U.S.C. § 503
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Stable record: federal_law:legal_authorities:record_usc_784804a627508af3621d0b6a
Source file: Laws/federal/codes/united-states-code/title-40/section-503-exchange-or-sale-of-similar-items--746aa91131.md
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Source location: Title 40, Chapter 5, § 503; chapter-005-property-management.md
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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 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section545/d&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exchange or Sale of Similar Items.—** When the Secretary of the Navy sells an obsolete service craft or an obsolete boat, or exchanges such a craft or boat in a transaction for which a similar craft or boat is acquired, the Secretary may retain the proceeds of the sale or the exchange allowance from the exchange, as the case may be, and apply the proceeds of sale or the exchange allowance for any of the following purposes:
(1) For payment, in whole or in part, for a similar service craft or boat acquired as a replacement, as authorized by [section 503 of title 40](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section503&num=0&edition=prelim).
(2) For reimbursement, to the extent practicable, of the appropriate accounts of the Navy for the full costs of preparation of such obsolete craft or boat for such sale or exchange.
(3) For deposit to the special account established under subsection (b), to be available in accordance with that subsection.
**(b) Special Account.—** Amounts retained under subsection (a) that are not applied as provided in paragraph (1) or (2) of that subsection shall be deposited into a special account. Amounts in the account shall be available under subsection (c) without regard to fiscal year limitation. Amounts in the account that the Secretary of the Navy determines are not needed for the purpose stated in subsection (c) shall be transferred at least annually to the General Fund of the Treasury.
**(c) Costs of Preparation of Obsolete Service Craft and Boats for Future Sale or Exchange.—** The Secretary may use amounts in the account under subsection (b) for payment, in whole or in part, for the full costs of preparation of obsolete service craft and obsolete boats for future sale or exchange.
**(d) Costs of Prep
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 8682
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Federal law — U.S. Code and appendices · legal_authorities
The exchange allowances or proceeds derived from the exchange or sale of passenger motor vehicles used abroad for purposes of this chapter or the Mutual Educational and Cultural Exchange Act of 1961 [[22 U.S.C. 2451](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2451&num=0&edition=prelim) et seq.] shall be available without fiscal year limitation for replacement of an equal number of such vehicles in accordance with [section 503 of title 40](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section503&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 1475a
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Federal law — U.S. Code and appendices · legal_authorities
The exchange allowances or proceeds derived from the exchange or sale of passenger motor vehicles in possession of the Foreign Service abroad, in accordance with [section 503 of title 40](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section503&num=0&edition=prelim), shall be available without fiscal year limitation for replacement of an equal number of such vehicles.
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 2674
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Federal law — U.S. Code and appendices · legal_authorities
Page 36
TITLE 40—PUBLIC BUILDINGS, PROPERTY, AND WORKS
§ 503
after the date of the enactment of this Act [Oct. 17,
2006], the Administrator of General Services shall es-
tablish procedures to implement subsection (d) of sec-
tion 502 of title 40, United States Code (as added by sub-
section (a)).’’
PUBLIC LAND MANAGEMENT AGENCY FOUNDATIONS
Pub. L. 108–352, § 9, Oct. 21, 2004, 118 Stat. 1396, pro-
vided that: ‘‘Employees of the foundations established
by Acts of Congress to solicit private sector funds on
behalf of Federal land management agencies shall qual-
ify for General Service Administration contract air-
fares.’’
§ 503. Exchange or sale of similar items
(a) AUTHORITY OF EXECUTIVE AGENCIES.—In ac-
quiring 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 ac-
quired.
(b) APPLICABLE REGULATION AND LAW.—
(1) REGULATIONS
PRESCRIBED
BY
ADMINIS-
TRATOR OF GENERAL SERVICES.—A transaction
under subsection (a) must be carried out in ac-
cordance with regulations the Administrator
of General Services prescribes, subject to regu-
lations 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 sub-
section (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
Source: Supplied 2024 U.S. Code historical extraction · 40 U.S.C. § 503
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.