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Application by promoter for approval of security.
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7.—(1) Any person responsible for the issue of any security may, at any time within two years after the passing of this Act, apply to the Minister in the prescribed form and manner for his approval of such security as a security suitable for the investment of government funds and government moneys.
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(2) Whenever the Minister receives an application under this section he may, as he shall think proper, either refuse such application or refer such application to the Committee for their advice thereon.
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(3) Whenever the Minister refers an application under this section to the Committee, the Committee shall with all convenient speed consider such application and submit to the Minister their advice as to whether the security which is the subject of such application is suitable for the investment of any particular government fund or government money specified in that behalf by the Minister.
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(4) Every person who makes an application to the Minister under this section shall, when required so to do by the Minister or the Committee, furnish to the Minister or the Committee (as the case may be) such information in his possession or procurement in relation to such security as the Minister or the Committee may require for the consideration of such application.
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