Are PIrate masters gettin the shaft?

[Mattress]

i have one quick question considering there are a few masters in here, im going to be lvl in a couple of weeks and was wondering if when u hit 40, and u still have weapons to level up can you still get xp for the weapons and it doesnt count towards your overall notoriety (because you obviously cant get any exp). Or can you not gain any experience period once you hit 40?