(1) A municipal police department may exchange real property or personal property with another municipal police department.
(2) An exchange of property shall be approved by the governing body of the municipality.
(3) This section does not prohibit a governing body of a municipality from authorizing: An exchange of real property or personal property by the chief of police of a municipal police department; or
(4) A property exchange clearinghouse operated by the Arkansas Association of Chiefs of Police.