(a) A fish tender vessel of not more than 500 gross tons, engaged in the Aleutian trade, is not subject to the loadline provisions of 46 U.S.C. Chapter 51 if it is not on a foreign voyage and the vessel:

(1) Operated in this trade before September 8, 1990; or

(2) Was purchased to be used in this trade before September 8, 1990 and entered into service before June 1, 1992; and

(3) Has not undergone a major conversion; and

(4) Has not had a loadline assigned at any time before November 16, 1990.

(b) The exemption from the loadline provision of 46 U.S.C. Chapter 51 set forth in paragraph (a) of this section expires on January 1, 2003.