If the cop who finds it on you knows that law and thinks the Wave is in violation of that law, you may have to fight it out in court. I imagine the law was written w/o knowledge of Emerson knives, but refering to a similarly functioning mechanism. If you think there's a high probability that you'll be searched by the police, it might be best to carry a different knife. If you rarely if ever have problems with the police, look respectable, etc., I wouldn't worry about it too much.
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Jason aka medusaoblongata
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"Is not giving a need? Is not receiving mercy?" - Thus Spoke Zarathustra
"Cutting his throat is only a momentary pleasure and is bound to get you talked about." - Lazarus Long
"Knowledge is not made for understanding; it is made for cutting." - Michel Foucault