Section 55: Disposal of Public Property.

(1) This Section shall apply subject to the Public Enterprises (Commercialization and Commercialization) Act 1999.
(2) For the purposes of this Act every procuring entity shall also be disposing entity.
(3) The open competitive bidding shall be the primary source of receiving offers for the purchase of any public property offered for sale.
(4) The Bureau shall, with the approval of the Council:
(a) determine the applicable policies and practices in relation to the disposal of all public property;
(b) issue guidelines detailing operational principles and organizational modalities to be adopted by all procuring entities engaged in the disposal of public property; and
(c) issue standardized document, monitor implementation, enforce compliance and set reporting standards that shall be used by all procuring entities involved in the disposal of public property.
(5) For the purposes of this Act, public property is defined as resources in the form of tangible and non-tangible assets (ranging from serviceable to the unserviceable):
(a) created through public expenditure;
(b) acquired as a gift or through deeds;
(c) acquired in respect of intellectual or proprietary rights;
(d) acquired on financial instruments (including shares, stocks, bonds, etc); and
(e) acquired by good will and any other gifts of the Federal Government.
(6) The means of the disposal of public assets shall include:
(a) sale and rental;
(b) lease and hire purchase;
(c) licenses and tenancies;
(d) franchise and auction;
(e) transfers from one government department to another with or without financial adjustments; and
(f) offer to the public at an authorized variation.