Page:United States Statutes at Large Volume 63 Part 1.djvu/427

 63 STAT.] 81ST CONG., 1ST SESS.-CH. 288 -JUNE 30, 1949 the Treasury as miscellaneous receipts, except as provided in subsec- tions (b), (c), (d), and (e) of this section. (b) Where the property transferred or disposed of was acquired by the use of funds either not appropriated from the general fund of the Treasury or appropriated therefrom but by law reimbursable from assessment, tax, or other revenue or receipts, then the net proceeds of the disposition or transfer shall be credited to the reimbursable fund or appropriation or paid to the Federal agency which determined such property to be excess: Provided, That the proceeds shall be credited to miscellaneous receipts in any case when the agency which deter- mined the property to be excess shall deem it uneconomical or imprac- tical to ascertain the amount of net proceeds. As used in this sub- section, the term "net proceeds of the disposition or transfer" means the proceeds of the disposition or transfer minus all expenses incurred for care and handling and disposition or transfer. (c) Any Federal agency disposing of surplus property under this title (1) may deposit, in a special account with the Treasurer of the United States, such amount of the proceeds of such dispositions as it deems necessary to permit appropriate refunds to purchasers when any disposition is rescinded or does not become final, or payments for breach of any warranty, and (2) may withdraw therefrom amounts so to be refunded or paid, without regard to the origin of the funds withdrawn. (d) Where any contract entered into by an executive agency or any subcontract under such contract authorizes the proceeds of any sale of property in the custody of the contractor or subcontractor to be credited to the price or cost of the work covered by such contract or subcontract, the proceeds of any such sale shall be credited in accordance with the contract or subcontract. (e) Any executive agency entitled to receive cash under any contract covering the lease, sale or other disposition of surplus property may in its discretion accept, in lieu of cash, any property determined by the Munitions Board to be strategic or critical material at the prevailing market price thereof at the time the cash payment or payments became or become due. (f) Where credit has been extended in connection with any disposi- tion of surplus property under this title or by War Assets Adminis- tration (or its predecessor agencies) under the Surplus Property Act of 1944, or where such disposition has been by lease or permit, the Administrator shall administer and manage such credit, lease, or per- mit, and any security therefore and may enforce, adjust, and settle any right of the Government with respect thereto in such manner and upon such terms as he deems in the best interest of the Government. POLICIES, REGULATIONS, AND DELEGATIONS SEC. 205. (a) The President may prescribe such policies and direc- tives, not inconsistent with the provisions of this Act, as he shall deem necessary to effectuate the provisions of this Act, which policies and directives shall govern the Administrator and executive agencies in carrying out their respective functions hereunder. (b) The Comptroller General after considering the needs and requirements of the executive agencies shall prescribe principles and standards of accounting for property, cooperate with the Adminis- trator and with the executive agencies in the development of property accounting systems, and approve such systems when deemed to be ade- quate and in conformity with prescribed principles and standards. From time to time the General Accounting Office shall examine such property accounting systems as are established by the executive agen- 389 Crediting of reim- bursable funds. "Net proceeds of the disposition or trans- fer." Refunds to pur- chasers. Proceeds from con- tractors' sales. Payment in lieu of cash. 58 Stnt. 765 . 50U.8.C.app. o 1611-1646; Supp. n, 1612 et s. Port, p. 399. Property account- ing systems. Examination by GAO.

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