The only reference to schedule VII in law would be in proposed paragraph 42(4)(c). This is effectively removing that reference to schedule VII, in which case it no longer makes sense to have a schedule VII to the Financial Administration Act. So you would need to do whatever you might need to do procedurally, if the committee wishes, to re-open clause 272 and strike the reference to schedule VII from it, and that would effectively delete the schedule.
On June 14th, 2006. See this statement in context.