(1) An issuing body may issue a safety certificate for a regulated Australian vessel if:
(a) an application for the certificate has been made under section 99; and
(b) the issuing body is satisfied that the criteria prescribed by the regulations in relation to the issue of the certificate are met.
(2) A safety certificate is subject to:
(a) the conditions (if any) prescribed by the regulations; and
(b) the conditions (if any) imposed by the issuing body.