The Genuiine Marshall brass Extend-a-stay had no such valve, However it's also (I am told) no longer made.
Where they put it (Just after the manual tank valve) is where it belongs.
The Genuine article had a Tank fitting (POL male) an outlet (POL Female) (POL by the way means Prest-O-Light even if most folks call it Put On Left, due to the left hand thread) and a "Quick Disconnect" the valve in this is like a automotive valve stem (NOT the same, but looks like one) it is not a membrane valve.
There are also check valves and perhaps a safety valve, but again NONE are membrane, all are brass. The onlyl non-brass is the seal on the quick disconnect.
Yes, I have seen throw-away bottles leak (That is the same exact valve).