1. (a) The commission shall determine the fair market value of the chair which an appointed or elected official or executive head of an executive or legislative agency other than the legislature used during his or her tenure of service and which the official desires to purchase upon vacation of office or termination of service.

2. (b) The property manager of the state agency shall submit the following information about the chair to the commission:

   1. (1) acquisition date;
   2. (2) original cost;
   3. (3) inventory number;
   4. (4) description of chair including brand and model number;
   5. (5) current condition;
   6. (6) current estimated value; and
   7. (7) name of the appointed or elected official or executive head of the state agency and the date of vacation of office or termination of service.
3. (c) The commission will determine the fair market value of the chair and notify in writing the property manager of the state agency requesting the determination. Upon payment of the determined fair market value of the chair, the property manager may transfer the chair to the state official and remove the chair from any inventory of personal property.

Source Note:The provisions of this §126.5 adopted to be effective December 6, 1994, 19 TexReg 9289.