(1) Every certificate of exemption shall be in the form in the Second Schedule hereto and shall state the particulars which are required in the said form to be specified in respect of the liability of the person by whom it is issued.

(2) A certificate of exemption shall be kept on the vehicle to which it relates during the period for which it is valid.

(3) When a certificate of exemption ceases to be valid, it shall be cancelled by the exempted person, insurer or guarantor by whom it was issued and retained by him for twelve months.

(4) An exempted person, insurer or guarantor shall keep a record of every certificate of exemption issued by him and of the particulars and other matters required to be stated on such certificate, until twelve months have elapsed from the day when such certificate ceased to be valid.