I like Joe's answer, but let's toss out a couple more items for consideration.
The pushbutton does not provide the required indication. 230.77 Pretty weak, I admit.
This one is stronger "the service disconnecting means for ungrounded service conductors shall consist of either (1) a manually operated switch or circuit breaker ... (2) a power operated switch or circuit breaker, provided the switch or circuit breaker can be opened by hand in the event of power supply failure." 230.76 The pushbutton is neither one of these.
Good question though.
[This message has been edited by Tom (edited 04-01-2002).]
Few things are harder to put up with than the annoyance of a good example.