
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC2721]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle A--General Military Law
 
                PART IV--SERVICE, SUPPLY, AND PROCUREMENT
 
  CHAPTER 161--PROPERTY RECORDS AND REPORT OF THEFT OR LOSS OF CERTAIN 
                                PROPERTY
 
Sec. 2721. Property records: maintenance on quantitative and 
        monetary basis
        
    (a) Under regulations prescribed by him, the Secretary of Defense 
shall have the records of the fixed property, installations, major 
equipment items, and stored supplies of the military departments 
maintained on both a quantitative and a monetary basis, so far as 
practicable.
    (b) The regulations prescribed pursuant to subsection (a) shall 
include a requirement that the records maintained under such 
subsection--
        (1) to the extent practicable, provide up-to-date information on 
    all items in the inventory of the Department of Defense;
        (2) indicate whether the inventory of each item is sufficient or 
    excessive in relation to the needs of the Department for that item; 
    and
        (3) permit the Secretary of Defense to include in the budget 
    submitted to Congress under section 1105 of title 31 for each fiscal 
    year, information relating to--
            (A) the amounts proposed for each appropriation account in 
        such budget for inventory purchases of the Department of 
        Defense; and
            (B) the amounts obligated for such inventory purchases out 
        of the corresponding appropriations account for the preceding 
        fiscal year.

(Aug. 10, 1956, ch. 1041, 70A Stat. 152, Sec. 2701; renumbered 
Sec. 2721, Pub. L. 99-499, title II, Sec. 211(a)(1)(A), Oct. 17, 1986, 
100 Stat. 1719; amended Pub. L. 101-510, div. A, title XIII, 
Sec. 1322(a)(12), Nov. 5, 1990, 104 Stat. 1671; Pub. L. 102-190, div. A, 
title III, Sec. 347(b), title X, Sec. 1061(a)(17)(A), Dec. 5, 1991, 105 
Stat. 1347, 1473.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
            Revised section                      Source (U.S. Code)            
   Source (Statutes at Large)
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---------------------------------
2701(a)...............................  5:172i (less last sentence).         Ju
ly 26, 1947, ch. 343, Sec.  410;
                                        5:172i (last sentence).               a
dded Aug. 10, 1949, ch. 412, Sec.
2701(b)...............................                                         
11(410), 63 Stat. 590.
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``equipment'' and ``materials'' are 
omitted, since the word ``supplies'', as defined in section 101(26) of 
this title, includes equipment and materials. The word ``stored'' is 
substituted for the words ``held in store by the armed services''.
    In subsection (b), the words ``on property records maintained under 
this section'' are substituted for the word ``thereon''.


                               Amendments

    1991--Pub. L. 102-190, Sec. 1061(a)(17)(A), substituted section 
catchline for one which read ``Basis: reports''.
    Pub. L. 102-190, Sec. 347(b), designated existing provisions as 
subsec. (a) and added subsec. (b).
    1990--Pub. L. 101-510 struck out ``(a)'' before ``Under 
regulations'' and struck out subsec. (b) which read as follows: ``The 
Secretary shall report once a year to Congress and the President on 
property records maintained under this section.''


                    Implementation of 1991 Amendment

    Section 347(c) of Pub. L. 102-190 provided that: ``The Secretary of 
Defense shall establish the uniform system of valuation described in 
section 2458(a)(3) of title 10, United States Code (as added by 
subsection (a)), and prescribe the regulations required by section 
2721(b) of such title (as added by subsection (b)), not later than 180 
days after the date of the enactment of this Act [Dec. 5, 1991].''


                        Inventory Investigations

    Section 343 of Pub. L. 100-456 provided that:
    ``(a) Undercover Investigations.--(1) Congress finds that the use of 
undercover investigative techniques by the Department of Defense 
enhances the ability of the Department of Defense to detect and 
investigate theft of Government property (including munitions) from the 
Department of Defense supply system.
    ``(2) The Secretary of Defense is urged to continue to conduct 
undercover investigations to detect and investigate thefts referred to 
in paragraph (1).
    ``(b) Inventory Security Incident Repository.--The Secretary of 
Defense shall establish and maintain a centralized computer system for 
recording and organizing information on theft, fraud, and breach of 
security and incidents involving the loss of Department of Defense 
supplies (including munitions).''
