Section 7. The probate court, upon such notice as it considers reasonable, may authorize an executor or administrator to continue the business of the deceased for the benefit of the estate for a period not exceeding one year from the date of his appointment. Such authority may be granted at the time of the appointment of an executor or administrator if the petition for such appointment contains a prayer therefor, and may be granted without special notice or with such special notice as the court may order to be given prior to or after the granting of such authority. The court, for cause shown, may extend such authority beyond one year.