40 U.S.C. § 604: Treatment of assets taken…

Summary

When the General Services Administration (GSA) takes motor vehicles or related gear from a government corporation, or from an agency that bought them with a revolving or trust fund and has not been repaid, GSA must pay the owner the property's open‑market value. If GSA later returns similar property, the original owner or fund must pay GSA the property's open‑market value. If GSA takes the property and no payment is required, GSA can add the property's value to the Acquisition Services Fund. If GSA later gives back similar property, it can subtract that value from the Fund.

Title 40, §604

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

(a)Reimbursement.—

(1)Requirement.—

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)Amount.—

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)Addition to Acquisition Services Fund.—

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