(1) An article purchased by an approved enterprise free of customs duty under the provisions of section 7(2) shall not be sold, given or otherwise disposed of by such enterprise except—
(a) to the transferee, in case of a transfer of the ownership of a factory belonging to the enterprise; or
(b) where the approved enterprise pays or gives security to the satisfaction of the Comptroller of Customs and Excise for the payment of an amount equivalent to the amount of customs duty which, but for the provisions of section 7(2) would have been payable on importation of such article into Saint Lucia, where the article was so imported by the enterprise;
(c) after the expiration of 5 years from the date of the purchase of the article.
(2) An approved enterprise which contravenes any of the provisions of this section commits an offence and is liable on summary conviction to a penalty of 3 times the value of the article, the disposal of which contravenes such provisions.