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When models are in a transport, they count as having moved when the vehicle moves at combat speed, and "can only fire Snap Shots" if the vehicle Cruises (p78). The embarked models also "cannot fire if the vehicle moves Flat Out...."
I played a guy today who thought that his models with Slow and Purposeful could fire at normal BS if the vehicle Cruised, since they "[count] as stationary even if they moved in the previous Movement phase" (p42). I said they couldn't, since the Transports section says the only way they can shoot is with Snap Shots; it thus does not matter whether they are stationary or not, since they can only use Snaps.

Thoughts?

You are correct, the rule is very clear it says if the vehicle moved at cruising speed, models firing out can only fire snap shots. It has nothing to do with whether or not they count as moving or stationary.

edit: Although I can't say I totally agree with the corresponding poll choice, it's not that the restriction overrides the special rule, it's that the special rule has nothing whatsoever to do with the restriction.

The intention of the movement rule is pretty clear, but all the technical rules do back it up. If the relentless special rule allowed it to override snap shots on transport movements then it would lead to some very bad situations. It would probably be possible to put relentless units onto a fast skimmer transport and get close enough to fire off some anti-heavy infantry shots into a prime target on turn one. More then a few opponents are not pleased when they face gimmick tactics that they can not defend against, which is why I advise getting your opponents permission before you offload what you think is a unfair army in friendly games.

To get very technical on the matter, the models inside of the transport are not even on the table at all. The rules tell you to remove them from the table and every other rule treats them as off the table. The only exception are special rules, the majority of which give the units permission to interact with the game board. Even if you want to play that the models are somehow on the board, occupying that too small space inside the transport, the only model that is actually moving at that moment is the transport itself.

Therefore all models inside are stationary, regardless of relentless, but it means nothing.