Act is cancelled or suspended under subsection (4) of section 18, and the Board is of the view that national and public interest requires that administration and management of the insurance business of such insurer should be taken over by an administrator, the Board may inform the Minister of that fact and the Minister may, by notice published in the Gazette, appoint an administrator to manage and administer such business under the direction and control of the Board, for such period as shall be specified in the notice. The period so specified may, where necessary be extended in like manner from time to time.