Originally Posted by Monty
a shot gun or an air weapon shall be deemed to be loaded if there is ammunition in the chamber or barrel or in any magazine or other device which is in such a position that the ammunition can be fed into the chamber or barrel by the manual or automatic operation of some part of the gun or weapon
Cut and pasted from the act so this is the definitive answer!
Plus the additional stuff about reasonable excuse per Brians post above
Now that indeed makes sense. Otherwise any one traveling to their local club or competition would be liable by just having an unloaded air rifle and separately stored loaded magazines.