(1) A person who is the holder of a licence under this Act, shall not transfer or otherwise dispose of the firearm to which the licence relates without forthwith informing the Commissioner thereof.
(2) A person who is the holder of a firearm licence shall, as soon as is reasonably practicable, but in any event not later than 72 hours after the loss is discovered, inform the Commissioner that—
(a) the firearm or any of the ammunition cannot be found; or
(b) there are grounds for believing or suspecting that the firearm or any of the ammunition is improperly in the possession or under the control of some other person.
(3) A person who contravenes subsection (1) or (2) commits an offence.