s 3 Advisory committee.
(1) For the purpose of advising them as to the exercise of their functions under this Act, the Treasury shall appoint an advisory committee consisting of such persons as the Treasury think fit. (2) Every application for any such permission as is mentioned in subsection (1) of section one of this Act shall be referred by the Treasury to the said advisory committee, and the Treasury shall not— (a) grant the permission except on the recommendation of the committee; (b) if the committee recommend that the permission be granted subject to conditions or that if it is granted requirements should be imposed in relation to the carrying on of the business in question, grant that permission without imposing those conditions or those requirements, but nothing in this subsection shall be taken to limit the discretion of the Treasury to refuse altogether to grant the permission or, if they grant the permission, to impose further conditions or requirements. (3) The committee shall not recommend the granting of any such permission as aforesaid unless, having regard to all relevant circumstances, and, in particular, to the nature and situation of the property which is proposed to be eligible for insurance, and to the classes of persons whom it is proposed to invite to insure, the committee are satisfied that the granting of the permission, subject to the imposition of such conditions or requirements, if any, as they may include in their recommendation, would not be contrary to the public interest.