3.—(1) The Minister or such person as he may appoint may approve any global trading company for the purposes of section 43P of the Act for such period not exceeding 5 years from such date and for such commodities as he or that person may specify in writing.
(2) The Minister or such person as he may appoint may, in any particular case, extend the period so specified for such further periods, not exceeding 5 years at any one time, as he or that person thinks fit.