"there was no governing body in 1974"
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Actually there was...but it was overshadowed by the monarchy/dictatorship of the WT President, Nathan Knorr. Ray Franz detailed this arrangement in "Crisis of Conscience". The GB existed...they just weren't rock stars like they are now:
w72 12/15 p. 750 par. 12 The Time to Decide in the Name of Which God to Walk
"Well timed, in the first postwar year, namely, in 1919, came the divine release of the worshipers of Jehovah who had faithfully survived the crushing experiences of World War I, this release being notably marked by the release from Federal Penitentiary of the governing body of the International Bible Students..."
w72 8/1 p. 458 par. 11 Loving Oversight of the Congregation of God
"11 Some individuals in Jehovah’s Christian congregation have heavy responsibilities of oversight. (Luke 12:48) For example, some members of the governing body are also members of the board of directors of the Watch Tower Bible and Tract Society of Pennsylvania. Moreover, the governing body is made up of members of the "faithful and discreet slave" class mentioned at Matthew 24:45-47, and it represents that class. As a governing body it appoints elders and ministerial servants who hold responsible positions in the Christian congregation. They in turn perform valuable service in their respective assignments, all to Jehovah’s glory. Since each person appointed by the governing body serves in some responsible position of oversight, each appointee must meet certain qualifications as outlined by Jehovah God in his Word the Bible. Each appointee can therefore be said to be appointed by God’s holy spirit, not by any man. This further stamps the congregation as theocratic."