MEL REQUIREMENTS MISINTERP BY PIC OF MLG.

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DISPATCHED FROM MIA-IAH WITH AIRWORTHINESS SIGNED TODAY; PLACARD ON ONE OF THE TRANSFORMER/RECTIFIERS DATED JUL/XX/94. CHKED MEL WHICH STATES THAT THE ITEM MUST BE REPAIRED BY MIDNIGHT OF THE THIRD CONSECUTIVE CALENDAR DAY; 'EXCLUDING THE DAY THE MALFUNCTION WAS RECORDED IN THE ACFT MAINT RECORD/LOGBOOK.' THAT MEANT THAT THE ACFT WAS OK TO FLY ALL DAY TODAY; AND WE DEPARTED MIA. HOWEVER; ENRTE I WENT THROUGH THE LAST 10 DAYS WRITE-UPS IN THE POCKET OF THE LOGBOOK AND DISCOVERED THAT THE ORIGINAL WRITE-UP WAS DATED JUL/YY/94; AND THE PLACARD WAS ISSUED THE FOLLOWING MORNING. THEREFORE; IT APPEARS TO ME THAT THE 'REPAIR INTERVAL' PROVISION OF THE MEL WAS VIOLATED AND THE ACFT SHOULD NOT HAVE BEEN OPERATED UNTIL REPAIRED. HOWEVER; MY FO INTERPRETS THE MEL WORDING TO MEAN WHEN THE PLACARD IS RECORDED IN THE LOGBOOK; NOT WHEN THE ORIGINAL WRITE-UP IS MADE; SO I AM UNSURE WHICH IS CORRECT. IF THIS WAS INDEED A VIOLATION; SEVERAL CHANGES TO MAINT PROCS COULD HELP PREVENT A RECURRENCE. 1) DATE ALL PLACARDS THE SAME DATE AS THE ORIGINAL WRITEUP. 2) DON'T PULL OUT THE COPIES OF THE ORIGINAL WRITE-UPS AND HIDE THEM IN THE BACK OF THE LOGBOOK UNTIL THE RESULTING PLACARD HAS BEEN CLRED. 3) IF SUGGESTION #1 IS NOT LEGAL OR PROPER; THEN ESTABLISH AN ALTERNATE MEANS OF TRACKING THE EXPIRATION OF THE REPAIR INTERVALS. I HAVE ALWAYS JUST LOOKED AT THE PLACARD DATES ON THE FRONT OF THE LOGBOOK; BUT NOW THAT I HAVE DUG INTO THE MEL MORE THOROUGHLY; I REALIZE THAT THAT IS NOT ADEQUATE.