"It will also release the bolt to chamber a cartridge."
Wrong.
The only hold open device is the magazine follower. The bolt stays open after the last shot but will not remain open with the magazine removed. If the bolt is retracted with an empty magazine in the gun it will lock open and the lever on the magazine is used to release it. The lever lowers the follower in the magazine.
I have owned a bunch of Remington Models 740 and up. ALL of them work as described. The magazine follower itself is what holds the bolt open when the magazine is empty. There is NOTHING else to hold open the bolt. No buttons. No nothing. If the magazine is not in the gun, the bolt will not stay open.
Boy, am I confused now!!! If the magazine follower holds the bolt open when the magazine is in place, and nothing holds it open when the magazine is withdrawn, then just what the heck does that little lever on the side of the magazine do?!?!
Magazines for the pump models are the same but do not have the lever. The function of the lever releasing the bolt is replaced by a forward pump.a Semi-auto works better in a pump than vice-versa.
OK, I stand corrected, somewhat. You CAN NOT remove the magazine with the bolt locked back. The bolt must be closed to remove the magazine.
I mis-remembered that part.