(1) A final designation expires at the end of the period of one year beginning with the date on which it was made, unless it is renewed.
(2) The Treasury may renew a final designation at any time before it expires, if the requirements in section 2(1)(a) and (b) continue to be met.
(3) A renewed final designation expires at the end of the period of one year beginning with the date on which it was renewed (or last renewed), unless it is renewed again.
(4) The provisions of section 3 (notification of final designation) apply where a final designation is renewed (or further renewed) as in relation to the original making of a final designation.
(5) Where a final designation expires the Treasury must -
(a) give written notice of that fact to the designated person, and
(b) take reasonable steps to bring that fact to the attention of the persons informed of the designation.