Any person diving or submerging in any waterway with the aid of a diving suit or other mechanical device may place a buoy in the water at or near the point of submergence. The buoy shall bear a red flag not less that fourteen inches or more than twenty-four inches square with a white stripe running from an upper corner to a diagonal lower corner, which stripe shall be one-fifth as wide as the flag itself. The buoy shall be in place only while actual diving operations are in progress.