1 Annual declaration of assets

It shall be the duty of central Government Departments together with their
executive agencies (including trading funds), non-departmental public bodies,
NHS bodies and public corporations to make an annual declaration in respect
5of any of their tangible fixed assets which are unused on 1 January each year
and in respect of each such asset, the length of time that it has been out of use.

2 Definition of tangible fixed asset

A “tangible fixed asset” shall be any land, building or machinery which is
included in the National Asset Register or would be so included if its value
10were not below the Treasury threshold for inclusion in the National Asset
Register.

3 Auction of assets

It shall be the duty of each body mentioned in section 1 to offer for sale at public
auction its interests in any tangible fixed assets which have been out of use for
15more than one year.

4 Orders

(1) The Secretary of State may by order extend the above provisions to tangible
fixed assets as defined in section 2 which are underutilised.

(2) A power to make an order under this Act is exercisable by statutory
20instrument.

(3) A statutory instrument under this Act may not be made unless a draft of the
instrument has been laid before, and approved by a resolution of, each House
of Parliament.

5 Financial provisions

5There shall be paid out of money provided by Parliament—

(a) any expenditure incurred under or by virtue of this Act by the Secretary of
State, and

(b) any increase attributable to this Act in the sums payable under any other Act
out of money so provided.

6 10Short title, commencement and extent

(1) This Act may be cited as the Public Bodies (Disposal of Assets) Act 2011.

(2) This Act comes into force at the end of the period of 2 months beginning with
the day on which it is passed.

(3) This Act extends to England and Wales only.