74.—(1) This Part shall continue in force for one year from the commencement of this Act and shall then expire unless further continued by regulations of the Minister under subsection (2) of this section.

(2) The Minister, after consultation with organisations representative of trade unions of workers and trade unions representative of employers, may, if he thinks fit, by regulations, made before the expiration of one year from the commencement of this Act, continue this Part for such further period as he thinks fit and specifies in the order, and in that case this Part shall continue in force until the end of the period so specified and shall then expire.