(1) There shall continue to be a body known as the Credit Union Advisory Committee (in this Act referred to as "the Advisory Committee") which shall exercise the functions assigned to it by this Act.

(2) The Advisory Committee shall advise the Minister and such other persons as the Minister thinks fit in relation to -

(a) the improvement of the management of credit unions;

(b) the protection of the interests of members and creditors of credit unions; and

(c) other matters relating to credit unions upon which the Minister, the Bank or such other persons as may be specified by the Minister may from time to time seek the advice of the Committee.

(3) The Advisory Committee shall consist of not more than seven persons appointed for such period as the Minister thinks fit; and every person so appointed shall be chosen by the Minister for appointment -

(a) by reason of that person's knowledge of matters pertaining to credit unions; or