(1) The load line regulations shall make provision for determining the period which any exemption granted under section 315 or 316 or any certificate issued under section 310, is to remain in force including—
(a) provision enabling the period for which any such exemption or certificate is originally granted or issued to be extended within such limits and in such circumstances as may be prescribed by the regulations; and
(b) provision for terminating any such exemption and for cancelling any such certificate in such circumstances as may be prescribed.
(2) While any such certificate is in force in respect of a ship, there shall be endorsed on the certificate such information relating to
(a) periodical inspections of the ship in accordance with the load line regulations; and
(b) any extension of the period for which the certificate was issued as may be prescribed by the regulations.