Well, this has been bugging me so I had a go at it on a III, a IIIa and a IIIa syn.
If you set the camera to B (or Z) on the fast speed dial and the slow speed dial is not at its fastest speed then when you depress the shutter button the shutter opens but when you release the shutter button the slow speed mechanism will run for whatever exposure time it is set to before the shutter closes.
So, if you were doing a long exposure on B you might find yourself with an additional one second if the slow speed dial was set on one second.
This only happens when the fast speed dial is set to B (or Z) and does not apply to any other of the settings on the fast speed dial.