6Declaration of kinds of rights in specified circumstances—a right to appoint a controller

6 Declaration of kinds of rights in specified circumstances—a right to appoint a controller

(1) A right to appoint a controller of property of the specified person is declared under paragraph 415D(7)(c) of the Act to be a kind of right to which subsection 415D(1) of the Act does not apply in the circumstances specified in subsection (4) or (5) of this section. (2) A right to appoint a controller of property of the specified person is declared under paragraph 434J(6)(c) of the Act to be a kind of right to which subsection 434J(1) of the Act does not apply in the circumstances specified in subsection (4) of this section. (3) A right to appoint a controller of property of the specified person is declared under paragraph 451E(6)(c) of the Act to be a kind of right to which subsection 451E(1) of the Act does not apply in the circumstances specified in subsection (4) of this section. (3A) A right to appoint a controller of property of the specified person is declared under paragraph 454N(6)(c) of the Act to be a kind of right to which subsection 454N(1) of the Act does not apply in the circumstances specified in subsection (4) of this section. (4) The circumstances are as follows: (a) the right is to be enforced by a person who has a security interest in, or over, property of the specified person; and (b) in relation to property of the specified person: (i) a controller has been appointed; or (ii) a right to appoint a controller has been enforced. (5) The circumstances are as follows: (a) the whole, or substantially the whole, of the property of the specified person is subject to a security interest; and (b) the right is to be enforced by the person who has the security interest referred to in paragraph (a).