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Here is what the law says about it...
Using the above bolded section of the law I have come up with an easy to use three step process for knowing when to log something into your bound book. You can use this three step process for anything you acquire or dispose of, be it a new car, a bag of trash, or a C&R firearm...
Step #1 Am I a Licensed Collector? If yes, go to step #2. If no, stop here.
Step #2 Did I just acquire or dispose of something? If yes, go to step #3. If no, stop here.
Step #3 Is that something a C&R firearm? If yes, log the transaction into your bound book. If no, stop here.
Using the above bolded section of the law I have come up with an easy to use three step process for knowing when to log something into your bound book. You can use this three step process for anything you acquire or dispose of, be it a new car, a bag of trash, or a C&R firearm...
Step #1 Am I a Licensed Collector? If yes, go to step #2. If no, stop here.
Step #2 Did I just acquire or dispose of something? If yes, go to step #3. If no, stop here.
Step #3 Is that something a C&R firearm? If yes, log the transaction into your bound book. If no, stop here.
Absolutely correct.
I've been working with Federal regulations from different agencies for many years. One thing that is consistent among the different regulations is the meanings of the words shall, must, may, and should.
"Shall" and "must" indicate mandatory actions. "May" indicates an action that is allowed but is not mandatory while "may not" indicates something that is not allowed. "Should" indicates an action that is recommended but is not required.
When the regulation tells you that you "shall" do something, you better do it.
Here is a quote from 49CFR as an example:
Sec. 171.9 Rules of construction.
(a) In this subchapter, unless the context requires otherwise:
(1) Words imparting the singular include the plural;
(2) Words imparting the plural include the singular; and
(3) Words imparting the masculine gender include the feminine;
(b) In this subchapter, the word: (1) ``Shall'' is used in an
imperative sense;
(2) ``Must'' is used in an imperative sense;
(3) ``Should'' is used in a recommendatory sense;
(4) ``May'' is used in a permissive sense to state authority or
permission to do the act described, and the words ``no person may * *
*'' or ``a person may not * * *'' means that no person is required,
authorized, or permitted to do the act described; and
(5) ``Includes'' is used as a word of inclusion not limitation.
(a) In this subchapter, unless the context requires otherwise:
(1) Words imparting the singular include the plural;
(2) Words imparting the plural include the singular; and
(3) Words imparting the masculine gender include the feminine;
(b) In this subchapter, the word: (1) ``Shall'' is used in an
imperative sense;
(2) ``Must'' is used in an imperative sense;
(3) ``Should'' is used in a recommendatory sense;
(4) ``May'' is used in a permissive sense to state authority or
permission to do the act described, and the words ``no person may * *
*'' or ``a person may not * * *'' means that no person is required,
authorized, or permitted to do the act described; and
(5) ``Includes'' is used as a word of inclusion not limitation.
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