(1) Where a transaction involves the disposal of a public asset the principles of honesty, accountability, transparency, fairness and equity applies.
(2) Where a Government Agency intends to dispose of a public asset, the accounting officer of the Government Agency shall, for the purpose of ensuring that there are no risks or liability issues that are likely to arise from a disposal of the asset, give written notice to the Director of Finance and the Director of Public Procurement of the intended disposal not less than 30 days before initiating the disposal.
(3) A person involved in the disposal of a public asset shall not in any manner, be interested in buying, directly or indirectly, such asset or obtain an advantage or revenue from the disposal of the asset.
(4) The Director of Finance shall —
(a) designate an appropriate officer to determine the appropriate method for disposal of public assets which are unserviceable or in surplus to the needs of the Government; and
(b) where the disposal is to be made through sale and the value exceeds $10,000, obtain prior approval of the Central Public Procurement Board.
(5) The Director of Finance shall, after consultation with the Central Procurement Board, dispose of an asset by sale where its value exceeds $10,000.
(6) Subject to subsection (7), a Government Agency shall dispose of assets which are surplus to the needs of a Government Agency at fair market value.
(7) Subject to subsection (8) and the approval of the Director of Finance, a Government Agency may grant, without charge, any stores not required for the purposes of the Government to an institution or organization in Saint Lucia established solely or principally for educational, scientific, cultural or charitable purposes.
(8) Where a Government Agency makes a grant under subsection (7), that Government Agency must give written notice to the Accountant General and the Director of Audit.
(9) Where the value of the asset being granted exceeds $50,000, the Director of Finance shall first obtain the written approval of the Minister.