Volume 68
Public Law 83–760
To amend the Federal Property and Administrative Services Act of 1949, as amended, to provide for the payment of appraisers’, auctioneers’, and brokers’ fees from the proceeds of disposal of Government surplus real property, and for other purposes.
Approved August 31, 1954
Statutory text
AN ACT
To amend the Federal Property and Administrative Services Act of 1949, as amended, to provide for the payment of appraisers’, auctioneers’, and brokers’ fees from the proceeds of disposal of Government surplus real property, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 204 of the Federal Property and Administrative Services Act of 1949, as amended, is amended as follows:
Subsections (b), (c), (d), (e), and (f) are redesignated as subsections (c), (d), (e), (f), and (g), respectively.
A new subsection (b) is added, reading as follows:
“(b) All the proceeds of such dispositions of surplus real and related personal property made by the Administrator of General Services shall be set aside in a separate fund in the Treasury. Not more than an amount to be determined quarterly by the Director of the Bureau of the Budget may be obligated from such fund by the Administrator to pay the direct expenses incurred for the dispositions of surplus property under this Act for fees of appraisers, auctioneers, and realty brokers, and for advertising and surveying. Such payments from this fund may be used either to pay such expenses directly or to reimburse the fund or appropriation initially bearing such expenses. Fees paid to appraisers, auctioneers, and brokers shall be in accordance with the scale of fees customarily paid for such services in similar commercial transactions, and in no event shall more than 12 per centum of the proceeds of all dispositions within each fiscal year of surplus real and related personal property be paid out of such proceeds under this authorization to meet direct expenses incurred in connection with such dispositions. Periodically, but not less often than once each year, any excess funds beyond current operating needs shall be transferred from the fund to miscellaneous receipts: Provided, That a report of
Report.
receipts, disbursements, and transfers to miscellaneous receipts under this authorization shall be made annually in connection with the budget estimates to the Director of the Bureau of the Budget and to the Congress.”
Approved August 31, 1954.