1(1)The Secretary of State shall draw up and from time to time revise—
(a)a panel of persons who are barristers, advocates or solicitors, in each case of not less than 7 years' standing, and are nominated for the purpose by the Lord Chancellor or the Lord President of the Court of Session, and
(b)a panel of persons who are experienced in insolvency matters;
and the members of the Tribunal shall be selected from those panels in accordance with this Schedule.
(2)The power to revise the panels includes power to terminate a person's membership of either of them, and is accordingly to that extent subject to section 8 of the [1971 c. 62.] Tribunals and Inquiries Act 1971 (which makes it necessary to obtain the concurrence of the Lord Chancellor and the Lord President of the Court of Session to dismissals in certain cases).