In connection with every cash sale of state equipment, for the purpose stated in this act, the purchasing officer of department, institution or agency shall either publicly advertise the sale of equipment or secure at least three bids in writing, unless the estimated sale value is less than Fifty Dollars ($50.00). The record sale, including all the bids received, shall be considered a matter of public record and shall be so maintained for a period of not less than ten (10) years.
Laws 1949, p. 419, § 3.