§604 — Title 40 Public Buildings, Property, and Works | U.S. Code

Summary

When the General Services Administrator takes control of motor vehicles or related gear under section 602, the Administrator must pay the former owner if that owner was a government corporation or an agency that bought the items with a revolving or trust fund that was not repaid. The payment must equal the fair market value. If similar property is later returned under section 610, that corporation or fund must pay the Administrator the fair market value of what is returned. If no payment is required under the rule above, the Administrator may add the value of the taken property to the capital of the Acquisition Services Fund. If similar property is later returned under section 610, that value may be removed from the Fund.

Title 40, §604

Public Buildings, Property, and Works — Source: USLM XML via OLRC

(a)(1)When the Administrator of General Services takes over motor vehicles or related equipment or supplies under section 602 of this title, reimbursement is required if the property is taken over from—

(A)a Government corporation; or

(B)an agency, if the agency acquired the property through unreimbursed expenditures made from a revolving or trust fund authorized by law.

(2)The Administrator shall reimburse a Government corporation, or a fund through which an agency acquired property, by an amount equal to the fair market value of the property. If the Administrator subsequently returns property of a similar kind under section 610 of this title, the Government corporation or the fund shall reimburse the Administrator by an amount equal to the fair market value of the property returned.

(b)If the Administrator takes over motor vehicles or related equipment or supplies under section 602 of this title but reimbursement is not required under subsection (a), the value of the property taken over, as determined by the Administrator, may be added to the capital of the Acquisition Services Fund. If the Administrator subsequently returns property of a similar kind under section 610 of this title, the value of the property may be deducted from the Fund.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 604(a)40:491(g).June 30, 1949, ch. 288, title II, § 211(g), (h), as added Sept. 5, 1950, ch. 849, § 5(c), 64 Stat. 583; Sept. 1, 1954, ch. 1211, § 2, 68 Stat. 1128. 604(b)40:491(h).

Editorial Notes

Amendments

2006—Subsec. (b). Pub. L. 109–313 substituted “Acquisition Services Fund” for “General Supply Fund” in heading and text.

Statutory Notes and Related Subsidiaries

Effective Date

of 2006 AmendmentAmendment by Pub. L. 109–313 effective 60 days after Oct. 6, 2006, see section 6 of Pub. L. 109–313, set out as a note under section 5316 of Title 5, Government Organization and Employees.

§604 Treatment of assets taken over to establish motor vehicle pools and transportation systems