Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A secured party has control of an investment entitlement that is credited to an investment entitlement account if, and only if:
(a) there is an agreement in force between the secured party, the grantor and the investment entitlement intermediary who maintains the account; and
(b) the agreement has the effect that:
(i) the intermediary must not comply with instructions given by the grantor in relation to the investment entitlement without seeking the consent of the secured party (or a person who has agreed to act on the instructions of the secured party); and
(ii) the intermediary must comply, or must comply in one or more specified circumstances, with instructions (including instructions to debit the account) given by the secured party in relation to the investment entitlement without seeking the consent of the grantor (or any person who has agreed to act on the instructions of the grantor).
(2) For the purposes of this section, a secured party has control of an investment entitlement even if the person (who might be the grantor) in whose name the investment entitlement intermediary maintains the account to which the investment entitlement is credited retains the right:
(a) to make substitutions for the instrument; or
(b) to originate instructions to the issuer; or
(c) to otherwise deal with the instrument.