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1. The present Convention shall apply to:
a. ships registered in countries the Governments of which are Contracting Governments;
b. ships registered in territories to which the present Convention is extended under Article 32; and
c. unregistered ships flying the flag of a State, the Government of which is a Contracting Government.
2. The present Convention shall apply to ships engaged on international voyages.
3. The regulations contained in annex I, unless expressly provided otherwise, are applicable to new ships.
4. Existing ships which do not fully comply with the requirements of the Regulations contained in Annex I or any part thereof shall meet at least such lesser related requirements as the Administration applied to ships on international voyages prior to the coming into force of the present Convention; in no case shall such ships be required to increase their freeboards. In order to take advantage of any reduction in freeboard from that previously assigned, existing ships shall comply with all the requirements of the present Convention.
5. The Regulations contained in Annex II are applicable to new and existing ships to which the present Convention applies.