1(1) 2A purchaser has “control” of a certificated security in bearer form if the certificated security is delivered to the purchaser.
22(2) 23A purchaser has “control” of a certificated security in registered form if the certificated security is delivered to the purchaser, and:44(a) 45The certificate is indorsed to the purchaser or in blank by an effective indorsement; or
60(b) 61The certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.
81(3) 82A purchaser has “control” of an uncertificated security if:91(a) 92The uncertificated security is delivered to the purchaser; or
101(b) 102The issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.
123(4) 124A purchaser has “control” of a security entitlement if:133(a) 134The purchaser becomes the entitlement holder;
140(b) 141The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or
165(c) 166Another person has control of the security entitlement on behalf of the purchaser or, having previously acquired control of the security entitlement, acknowledges that the person has control on behalf of the purchaser.
199(5) 200If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder’s own securities intermediary, the securities intermediary has control.
225(6) 226A purchaser who has satisfied the requirements of subsection (3) or subsection (4) has control, even if the registered owner in the case of subsection (3) or the entitlement holder in the case of subsection (4) retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement.
298(7) 299An issuer or a securities intermediary may not enter into an agreement of the kind described in paragraph (3)(b) or paragraph (4)(b) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder.
