(a) A vessel 79 feet in length and more, and 150 gross tons or over, the keel of which is laid or which has reached a similar stage of construction after April 14, 1973, must meet the requirements of this part.

(b) Except as prescribed in paragraph (a) of this section, any vessel that meets the requirements in subparts C and D of this part and the survey requirements in §§ 42.09-15 through 42.09-50 of this subchapter is entitled to assignment of freeboards and issue of a load line certificate under this part by the Commandant or his authorized representative.

(c) A vessel, the keel of which was laid or was at a similar stage of construction before April 14, 1973, that meets the requirements of this part that were in effect before April 14, 1973, and the survey requirements in §§ 42.09-15 through 42.09-50 of this subchapter is entitled to the assignment of freeboards calculated under the provisions of this part in effect before April 14, 1973, and to a load line certificate issued under this part by the Commandant or his authorized representative.