(a) General rule.--A graduate license empowers the licensee to participate for a period of up to 12 consecutive months in graduate medical training within the complex of the hospital to which the licensee is assigned and any satellite facility or other training location utilized in the graduate training program.

(b) Requirements.--No graduate license may be issued unless the applicant is a graduate of an accredited medical college or an unaccredited medical college and has received a medical degree. A graduate license may be issued to an applicant who holds the equivalent of a license without restriction granted by another state, territory or possession of the United States or the Dominion of Canada.

(c) Extensions; waivers.--The board may extend the validity of a graduate license upon application when such action is warranted. In the event a graduate license holder is issued a license without restriction and wishes to continue graduate medical training, the graduate license holder shall complete and keep current a form satisfactory to the board containing information desired by the board about said graduate medical training program. A graduate of an unaccredited medical college who does not possess all of the qualifications for the issuance of a graduate license but desires to train in a hospital within this Commonwealth in an area of advanced medical training may have the unmet qualifications waived by the board if the board determines that the applicant possesses the technical skills and educational background to participate in such training and that its issuance is beneficial to the health, safety and welfare of the general public of this Commonwealth.