(1) A certificate of sale shall not be granted except for the sale of an entire ship; and such a certificate shall not be granted under this Part, except upon the application, made by declaration in writing of all persons appearing on the register book to be interested therein, as owners or mortgagees.
(2) The power conferred by any certificate of sale shall be exercised in conformity with the directions contained therein.
(3) An agreement for sale entered into in good faith in exercise of the power conferred by any certificate of sale to a purchaser for valuable consideration shall not be impeached by reason of the person by whom the power was given dying at any time between the giving of the power and the completion of the sale.
(4) Whenever any certificate of sale contains a specification of the place at which, and a limit of time not exceeding 12 months within which the power is to be exercised, a sale made in good faith to a purchaser for valuable consideration without notice shall not be impeached by reason of the bankruptcy of the person by whom the power was given.