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41 C.F.R. § 102-37.365   What steps must a SASP take if the State decides to liquidate the agency?

Title 41 - Public Contracts and Property Management

Title 41: Public Contracts and Property Management
PART 102–37—DONATION OF SURPLUS PERSONAL PROPERTY
Subpart D—State Agency for Surplus Property (SASP)
Liquidating a SASP

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§ 102-37.365   What steps must a SASP take if the State decides to liquidate the agency?

Before suspending operations, a SASP must submit to GSA a liquidation plan that includes:

(a) Reasons for the liquidation;

(b) A schedule for liquidating the agency and the estimated date of termination;

(c) Method of disposing of property on hand under the requirements of this part;

(d) Method of disposing of the agency's physical and financial assets;

(e) Retention of all available records of the SASP for a 2-year period following liquidation; and

(f) Designation of another governmental entity to serve as the agency's successor in function until continuing obligations on property donated prior to the closing of the agency are fulfilled.

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