(1)The following provisions, that is to say—
(a)the Defence (Finance) Regulations, 1939, in the form set out in Part B of the Second Schedule to this Act;
(b)the directions given under Regulation 2A of those Regulations which are specified in paragraphs (a) to (c) of subsection (5) of section two of this Act; and
(c)so far as applicable to the said Regulations, and subject to such adaptations, if any, as Her Majesty may by Order in Council specify, Part V of the Defence (General) Regulations, 1939, in the form set out in Part A of the said Second Schedule,
so long and so far as they continue in force in the United Kingdom, shall extend to the Channel Islands and the Isle of Man as if those islands were part of the United Kingdom.
(2)Where, by virtue of any of the enactments repealed by this Act, there are in force in any of the Channel Islands or in the Isle of Man at the date immediately before the commencement of this Act any regulations (hereinafter referred to as " local regulations ") which correspond to any of the Defence (General) Regulations, 1939, then, notwithstanding anything in section one of this Act—
(a)those local regulations as in force as aforesaid shall continue in force until the expiration of the period of one year commencing with the said date ; and
(b)Her Majesty may by Order in Council coming into force on or before the expiration of the said period make provision corresponding to section two of this Act with respect to any of those local regulations which correspond to any of the Defence (General) Regulations, 1939, continued in force by the said section two:
Provided that Her Majesty may at any time by Order in Council revoke in whole or in part any of the aforesaid local regulations.