49BEffect of issue of RoLR event on licence held by a failed national retailer

49B Effect of issue of RoLR event on licence held by a failed national retailer (1) This section applies if the AER issues a RoLR notice for a failed national retailer because of the occurrence of an event or circumstance described in paragraph (b)(i) or (ii), (c)(i), (ii) or (iii), (d), (e), (f)(i), (ii), (iii) or (iv) or (g) of the definition of ***RoLR event*** (a ***specified RoLR event***). (2) If the AER revokes, under section 142 of the National Energy Retail Law (as it applies a law of a participating jurisdiction other than Victoria), the retailer authorisation held by the failed national retailer at the same time as it issues the RoLR notice, the retail licence held by the failed national retailer is, despite this Act, revoked, by force of this section, at the same time as the revocation of the retailer authorisation takes effect. (3) If the AER does not revoke, under section 142 of the National Energy Retail Law (as it applies a law of a participating jurisdiction other than Victoria), the retailer authorisation held by the failed national retailer, the Commission must not revoke the retail licence held by the failed national retailer if the specified RoLR event would also constitute a ground on which to revoke the licence. (4) The AER must, without delay, notify the Commission of the AER's decision whether to revoke the retailer authorisation. S. 49C inserted by No. 55/2007 s. 3, substituted by No. 18/2024 s. 26.