Abstract: A padlock housing and a shackle protruding from the housing having a secured position releasably secured in the housing, and an unsecured position wherein at least a portion of the shackle is removable from the housing. A shackle retainer control having a locked position engaging the shackle to prevent movement of the shackle between the secured and unsecured positions, and an unlocked position disengaged from the shackle allowing movement of the shackle between the secured and unsecured positions. A codeable actuator operatively connected with the shackle retainer control for controlling movement of the shackle retainer control between the locked position and the unlocked position. The codeable actuator adapted for receiving a pre-existing key and being coded to the pre-existing key, wherein the pre-existing key is operable to manipulate the codeable actuator once coded to the actuator to lock and unlock the shackle retainer control.