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(1) A certificate of sale shall not be granted except for the sale of an entire ship; and the certificate shall not be granted under this Part, except upon the application made by declaration in writing of all persons who appear who appear on the relevant register to be interested in the ship as owners or mortgagees.

(2) The power conferred by the certificate shall be exercised in conformity with the directions contained in it.

(3) An agreement for sale entered into in good faith in the exercise of the power conferred by the certificate to a purchaser for valuable consideration shall not be invalidated 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 such a certificate contains a specification of the place at which, and a time limit not exceeding twelve 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 invalidated by reason of the bankruptcy or insolvency of the person by whom the power was given.