74. On the date of coming into force of the Act, the Minister shall classify all existing dams in accordance with Division I of Chapter III, subject to the following:
(1) an existing dam shall not be classified as a Class E dam unless the owner applies for that classification and submits a supporting report or study prepared under the responsibility of an engineer. The same rule applies for the discharge facilities of the dam to be given an “acceptable” rating; and
(2) the dam failure consequence category of an existing dam shall be determined on the basis of the characterization of the area as established by the Minister pursuant to the third paragraph of section 18.