44EEffect of appointment of retailer of last resort on existing

44E Effect of appointment of retailer of last resort on existing contracts and other rights and liabilities (1) Each person who was a customer of a failed retailer immediately before the transfer date: (a) ceases to be a customer of the failed retailer on that date; and (b) becomes a customer of the retailer of last resort immediately after so ceasing to be a customer of the failed retailer. (2) Commencing on the transfer date, the retailer of last resort assumes the functions and powers of the failed retailer: (a) under this Act; and (b) under the failed retailer's licence; and (c) under the Retail Code; and (d) in accordance with any matters prescribed by regulation. (3) The retailer of last resort assumes no financial or other liabilities of the failed retailer that arise before the transfer date. (4) The contract for the sale of electricity between a failed retailer and each person who was a customer of the failed retailer immediately before the transfer date is terminated on the transfer date. Electricity Reform Act 2000 35 (5) Termination of a contract under this section does not affect any rights or obligations that have already accrued under the contract, but no early termination charge is payable to the failed retailer if a contract is terminated under this section.