Power to defer and power to send on demand

Where the commission agent wishes to defer sending the list of securities both because it has not been satisfied in respect of its claims (section 19) and because it has reserved the deferral having regard to the particular nature of the current account relationship with the principal (section 20), it must inform the principal, in text form, at the time of the notice of execution, that it will effect the sending of the list of securities, and therefore the transfer of ownership of the certificates, only on the principal's demand, but at the earliest after satisfaction of its claims from executing the order.