(1) A vessel which undergoes repairs, alterations,
modifications and outfitting related thereto shall continue to comply
with at least the requirements previously applicable to the vessel.
(2) Repairs, alterations and modifications of
a major character and outfitting related thereto shall meet the requirements
for a new vessel only to the extent of such repairs, alterations and
modifications and in so far as the Administration deems reasonable
and practicable.