Standing Committee after publication and service of notices to forward scheme to Corporation

(1) upon compliance with the foregoing provisions with respect to the publication of notices of the scheme the Commissioner shall submit to the Standing Committee any objection or representation received under section 272 together with any suggestion he may wish to make in respect of the modification of the scheme. (2) The Standing Commitee shall, after consideration of any such objection, representation or suggestion and after inserting in the scheme such modification as it thinks fit, submit the scheme together with any objection, representation or suggestion to the Corporation for its approval.