All counterweights shall be enclosed with a guard which shall extend from the working level to at least the midpoint of the counterweight when it is in its highest position, or shall be otherwise guarded to afford at least equivalent protection unless they are so located that their falling would create no hazard or the area directly below the counterweight is effectively barricaded against passage.

Note: In lieu of above, counterweights may be held with safety chains or cables or otherwise protected against falling.