Section 10: Prohibition on dealing in arms or ammunition except by registered dealer.

(1) No person shall by way of trade or business buy or sell or transfer or expose for sale or transfer or have in his possession for sale or transfer any firearm unless he is registered as a firearms dealer.
(2) No person shall by way of trade or business buy or sell or transfer or expose for sale or transfer or have in his possession for sale or transfer any ammunition, other than the ammunition specified in paragraphs (a) to (c) of sub-section (2) of section 9 of this Act unless he is registered as a firearms dealer.
(3) For the purpose of this section the Inspector-General of Police shall cause to be kept a register or registers of firearms dealers and shall upon due application enter therein the name of any person applying to be registered and each place where such person carries on business as such dealer:
Provided that no registration shall take place, and a registration which has taken place shall be cancelled-
(a) if the officer in charge of the register is satisfied that the applicant cannot be permitted to carry on business as a firearms dealer without danger to the public safety or the peace; or
(b) in respect of any premises which do not comply with the requirements prescribed by regulations made under section 33 of this Act.
(4) The President may without being bound to assign any reason therefore direct that registration in accordance with this section shall not take place in respect of any person or persons, or in respect of any place or area, and may in like manner direct that any such registration shall be cancelled.