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PUBLIC PROCUREMENT AND ASSET DISPOSAL ACT
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112.   Disposal of surplus assets

Revised Laws of Saint Lucia (2021)

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PART 5
ASSET DISPOSAL

112.   Disposal of surplus assets

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    (1)   Where a transaction involves the disposal of an asset belonging to the Government, the principles of honesty, accountability, transparency, fairness and equity apply to the same extent as such principles apply to the public procurement of the asset.

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    (2)   Where a procuring entity intends to dispose of an asset belonging to the Government, the accounting officer of the procuring entity shall, for the purpose of ensuring that there are no risks or liability issues that are likely to arise from a disposal of such asset, notify, in writing, the Director, of the intended disposal not less than thirty days before initiating the disposal.

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    (3)   A person involved in the disposal of any asset belonging to the Government shall not in any manner, be interested in buying, directly or indirectly, such asset or obtain any type of advantage or revenue from the disposal of such asset.

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    (4)   The Director shall designate an appropriate officer to —

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      (a)     determine the appropriate method for disposal of assets which are unserviceable or in surplus to the needs of the Government; and

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      (b)     where the disposal is to be made through sale and the value exceeds ten thousand dollars, obtain prior approval of the Board.

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    (5)   Subject to subsection (6), a procuring entity shall dispose of assets which are surplus to the needs of a procuring entity at fair market value.

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    (6)   Subject to subsection (7) and the approval of the Director, a department of the Government may grant, without charge, any stores not required for the purposes of the Government to any institution or organization in Saint Lucia established solely or principally for educational, scientific, cultural or charitable purposes.

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    (7)   Where the value of the asset being granted exceeds $50,000, the Director shall first obtain the written approval of the Minister.

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