First Nations Fiscal Management Act Adaptation Regulations

First Nations Fiscal Management Act Adaptation Regulations Whereas the Governor in Council considers that the annexed First Nations Fiscal Management Act Adaptation Regulations are necessary for the purpose of enabling an Indigenous group that is a party to a treaty, land claims agreement or self-government agreement with Canada to benefit from the provisions of the First Nations Fiscal Management Acta or obtain the services of any body established under that Act; S.C. 2005, c. 9; S.C. 2012, c. 19, s. 658 Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister of Crown-Indigenous Relations, makes the annexed First Nations Fiscal Management Act Adaptation Regulations under subsection 141(1)b of the First Nations Fiscal Management Acta. S.C. 2023, c. 16, s. 55 Definition of Act In these Regulations, Act means the First Nations Fiscal Management Act. Purpose The purpose of these Regulations is to enable an Indigenous group that is a party to a treaty or self-government agreement with Canada to benefit from the provisions of the Act or obtain the services of the bodies established under the Act, specifically the ability to obtain financing secured by other revenues within the meaning of subsection 2(1) of the Act, as adapted by section 5 of these Regulations. Application The Act and the regulations made under the Act apply in respect of an Indigenous group referred to in section 2 that is named in Schedule 1 or 2, subject to the adaptations set out in these Regulations. Precision For greater certainty, the adaptations to the Act that are set out in these Regulations are not intended to re-establish the First Nations Tax Commission, the First Nations Financial Management Board, the First Nations Finance Authority or the First Nations Infrastructure Institute, nor to affect the composition of those bodies. Adaptation The heading before section 1 and sections 1 to 141.2 of the Act are adapted as follows: Short title This Act may be cited as the First Nations Fiscal Management Act. Definitions The following definitions apply in this Act. borrowing law means a law made by an Indigenous group respecting the borrowing from the First Nations Finance Authority of money that is secured by other revenues, including any authorization to enter into a particular borrowing agreement with that Authority. (texte législatif sur les emprunts) borrowing member means a First Nation or Indigenous group that has been accepted as a borrowing member under subsection 76(2) or (3) and has not ceased to be a borrowing member under section 77. (membre emprunteur) capital assets includes capital infrastructure. (immobilisation) council has the same meaning as council of the band in subsection 2(1) of the Indian Act. (conseil de la première nation) First Nation means a band named in the schedule. (première nation) First Nations Finance Authority means the corporation established under section 58. (Administration financière des premières nations) First Nations Financial Management Board means the board established under subsection 38(1). (Conseil de gestion financière des premières nations) First Nations Gazette means the publication published under section 34. (Gazette des premières nations) First Nations Infrastructure Institute means the institute established under subsection 102(1). (Institut des infrastructures des premières nations) First Nations Tax Commission means the commission established under subsection 17(1). (Commission de la fiscalité des premières nations) governing body means the legislative body of an Indigenous group, the executive of the body or Indigenous group or a person or entity that is authorized to act on behalf of the Indigenous group. (corps dirigeant) Indigenous group, except in sections 50.1 and 141, means an Indigenous group that is a party to a treaty or self-government agreement with Canada and that is named in Schedule 1 or 2 to the First Nations Fiscal Management Act Adaptation Regulations. (groupe autochtone) interest, in relation to reserve lands in Canada elsewhere than in Quebec, means any estate, right or interest of any nature in or to the lands, including any right to occupy, possess or use the lands, but does not include title to the lands that is held by her Majesty. (intérêt) intermediate account means an account established by a First Nation or Indigenous group in which other revenues to be used for financing under this Act are deposited and out of which the First Nations Finance Authority is authorized to transfer such revenues to a secured revenues trust account of the First Nation or Indigenous group. (compte intermédiaire) local revenue law means a law made under subsection 5(1). (texte législatif sur les recettes locales) local revenues means moneys raised under a local revenue law and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). (recettes locales) Minister means the Minister of Crown-Indigenous Relations. (ministre) other revenues means in relation to a First Nation, tax revenues and fees imposed or collected by the First Nation under a law or agreement, other than local revenues, and revenues from taxes administered by His Majesty in right of Canada on the First Nation’s behalf, including under the First Nations Goods and Services Tax Act, unless an agreement between them specifically permits the use of the revenues as security for a loan referred to in paragraph 74(b) and any other applicable conditions are satisfied, royalties payable to the First Nation under the Framework Agreement, as defined in subsection 2(1) of the Framework Agreement on First Nation Land Management Act, or under the First Nations Oil and Gas and Moneys Management Act, royalties payable to His Majesty in right of Canada under the Indian Act or the Indian Oil and Gas Act on behalf of the First Nation, if the First Nation has assumed control of its moneys under the First Nations Oil and Gas and Moneys Management Act, revenues that are from leases, permits or other instruments or acts authorizing the use of reserve land issued under the Indian Act and that the First Nation has assumed control of under the First Nations Oil and Gas and Moneys Management Act, revenues from leases, permits or other instruments or acts authorizing the use of reserve land issued under the Framework Agreement, as defined in subsection 2(1) of the Framework Agreement on First Nation Land Management Act, revenues otherwise payable to the First Nation under any agreement with a person other than His Majesty in right of Canada — with the exception of revenues collected by His Majesty in right of Canada on the First Nation’s behalf unless an agreement between them specifically permits their use as security for a loan referred to in paragraph 74(b) and any other applicable conditions are satisfied, revenues, other than local revenues, received by the First Nation from businesses wholly or partly owned by it, including dividends from shares owned by it, transfers from a provincial, regional, municipal or local government to the First Nation, transfers from His Majesty in right of Canada to the First Nation if the agreement governing the transfer specifically permits the use of the transfer as security for a loan referred to in paragraph 74(b) and if any other applicable conditions are satisfied, interest earned by the First Nation on deposits, investments or loans, other than interest held by His Majesty in right of Canada on the First Nation’s behalf, and revenues prescribed by regulation; and in relation to an Indigenous group, tax revenues and fees imposed or collected by the Indigenous group under a law or an agreement, other than revenues from taxes assessed against the ownership, use, occupation or possession of the Indigenous group’s lands, or payments made in lieu of those taxes, fees for the provision of services or the use of facilities on the Indigenous group’s lands, or for a regulatory process, permit, licence or other authorization, in relation to water, sewers, waste management, animal control, recreation or transportation, or any other similar services, and revenues from taxes administered by His Majesty in right of Canada on the Indigenous group’s behalf, including under the First Nations Goods and Services Tax Act, unless an agreement between them specifically permits the use of the revenues as security for a loan referred to in paragraph 74(b.1) and any other applicable conditions are satisfied, revenues received by the Indigenous group in respect of leases, permits or other instruments or acts authorizing the use of its lands, including the exploitation of the lands’ natural resources, revenues otherwise payable to the Indigenous group under any agreement with a person other than His Majesty in right of Canada — with the exception of revenues collected by His Majesty in right of Canada on the Indigenous group’s behalf unless an agreement between them specifically permits their use as security for a loan referred to in paragraph 74(b.1) and any other applicable conditions are satisfied, revenues, other than revenues from taxes assessed against the ownership, use, occupation or possession of the Indigenous group’s lands, received by the Indigenous group from businesses wholly or partly owned by it, including dividends from shares owned by it, transfers from a provincial, regional, municipal or local government to the Indigenous group, transfers from His Majesty in right of Canada to the Indigenous group if the agreement governing the transfer specifically permits the use of the transfer as security for a loan referred to in paragraph 74(b.1) and if any other applicable conditions are satisfied, and interest earned by the Indigenous group on deposits, investments or loans, other than interest held by His Majesty in right of Canada on the Indigenous group’s behalf. (autres recettes) property taxation law means a law made under paragraph 5(1)(a). (texte législatif relatif à l’imposition foncière) right, in relation to reserve lands in Quebec, means any right of any nature in or to the lands, including any right to occupy, possess or use the lands and any right of a lessee, but does not include title to the lands that is held by her Majesty. (droit) secured revenues trust account means an account established by the First Nations Finance Authority and a First Nation or Indigenous group in which other revenues to be used for financing under this Act are maintained. (compte de recettes en fiducie garanti) Indian Act definitions Unless the context otherwise requires, words and expressions used in this Act and not otherwise defined have the same meaning as in the Indian Act. Extended meaning of “borrowing member” For the purpose of sections 57, 59, 74, 77, 78, 83 and 84 and paragraph 89(c), borrowing member also means an organization referred to in paragraph 50.1(1)(e) that has been accepted as a borrowing member under a regulation made under section 141.1. Amendments to schedule At the request of the council of a band, the Minister may, by order, amend the schedule in order to add or change the name of the band; or delete the name of the band, as long as there are no amounts owing by the band to the First Nations Finance Authority that remain unpaid. Regulations The Governor in Council may make regulations prescribing anything that is to be prescribed under subparagraph (a)(xi) of the definition other revenues. For greater certainty For greater certainty, nothing in this Act shall be construed as requiring capital assets for the provision of local services on reserve lands to be located on reserve lands. Financial administration laws The council of a First Nation may not make a law under paragraph 5(1)(d) or 8.1(1)(a) until the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a) and that law has been approved by the First Nations Financial Management Board. Local revenue laws Subject to sections 4 and 6 and any regulations made under paragraph 36(1)(d), the council of a First Nation may make laws respecting taxation for local purposes of reserve lands and interests or rights in reserve lands, including the assessment of the value of those lands and interests or rights, the requisition of any information necessary to conduct the assessment and the inspection, in accordance with procedures prescribed by regulation, for assessment purposes of any reserve lands that are subject to taxation for local purposes, a mechanism to establish tax rates and apply them to the assessed value of those lands and interests or rights, taxation for the provision of services in respect of reserve lands, the taxation of business activities on reserve lands, and the imposition of development cost charges; respecting the charging of fees for the provision of services or the use of facilities on reserve lands, or for a regulatory process, permit, licence or other authorization, in relation to water, sewers, waste management, animal control, recreation and transportation, as well as any other similar services; authorizing the expenditure of local revenues; respecting procedures by which the interests of taxpayers may be represented to the council; respecting the borrowing of money from the First Nations Finance Authority that is secured by local revenues, including any authorization to enter into a particular borrowing agreement with that Authority; subject to any conditions and procedures prescribed by regulation, respecting the enforcement of laws made under paragraphs (a) and (a.1), including the creation of liens or, in Quebec, prior claims or legal hypothecs on reserve lands and on interests or rights in reserve lands, the imposition and recovery of interest and penalties on an amount payable pursuant to a law made under that paragraph, where the amount is not paid when it is due, and the rate of interest or the amount of the penalty, as the case may be, subject to subsection (7), the seizure, forfeiture and assignment of interests or rights in reserve lands, the seizure and sale of personal or movable property located on reserve lands, other than property located in a dwelling, the discontinuance of services, and the recovery of costs that are incurred by the First Nation for the enforcement of those laws; delegating to any person or body any of the council’s powers to make laws under any of paragraphs (a) to (e); and delegating to the First Nations Financial Management Board any of the council’s other powers that are required to give effect to a co-management arrangement entered into under section 52 or to give effect to third-party management under section 53. Approval required A law made under subsection (1) does not have any force or effect until it is approved by the First Nations Tax Commission. Coming into force A law made under subsection (1) comes into force on the later of the day of coming into force set out in the law, and the day after it is approved by the First Nations Tax Commission. Appeals A law made under subparagraph (1)(a)(i) shall include an appeal procedure in respect of assessments, incorporating such procedures as are prescribed by regulation; and fixed rates of remuneration and fixed terms of office for any persons designated to decide the appeals. Application to competent court The First Nation may apply to a court of competent jurisdiction for an order directing the person or entity named in the application to comply with a local revenue law, such as by refraining from doing anything that, in the opinion of the court, constitutes or is directed toward the contravention of that law; or doing anything that, in the opinion of the court, may prevent the contravention of that law. Collection — competent court The First Nation may commence a proceeding in a court of competent jurisdiction to collect an amount owing to the First Nation under a local revenue law. Enforcement — Framework Agreement on First Nation Land Management Act If a First Nation has adopted a land code as defined in subsection 2(2) of the Framework Agreement on First Nation Land Management Act or the council of a First Nation has enacted a First Nation law as defined in subsection 2(1) of that Act, the First Nation may use any enforcement measure — other than a measure for the investigation or prosecution of an offence punishable on summary conviction referred to in paragraph 19.1(a) of the Framework Agreement, as defined in subsection 2(1) of that Act — that is provided for in that land code or First Nation law to enforce a local revenue law. Assignment of interest or right Despite the Indian Act or any instrument or act conferring an interest or right in reserve lands, if there are outstanding taxes payable under a law made under paragraph (1)(a) for more than two years, the First Nation may assign the interest or right in accordance with the conditions and procedures prescribed by regulation. Judicial notice In any proceedings, judicial notice may be taken of a local revenue law. Statutory Instruments Act The Statutory Instruments Act does not apply in respect of local revenue laws or laws made under section 9. Notice of proposed laws At least 30 days — or any longer period fixed by a standard made under subsection 35(1) — before making a law under paragraph 5(1)(a), (a.1) or (c), including a law repealing or amending such a law, other than a law referred to in subsection 10(1), the council of a First Nation shall publish a notice of the proposed law in the First Nations Gazette; post the notice in a public place on the reserve lands of the First Nation; and send the notice, by mail or electronic means, to the First Nations Tax Commission. Exemption The First Nations Tax Commission may exempt a First Nation from the requirements of subsection (1) in respect of an amendment of a law if the Commission considers that the amendment is not significant. Content of notice A notice referred to in subsection (1) shall describe the proposed law; state where a copy of the proposed law may be obtained; invite representations regarding the proposed law to be made, in writing, to the council within the period referred to in subsection (1); and if the council is to review the proposed law at a public meeting, state the time and place of the meeting. Council to consider representations Before making a law under paragraph 5(1)(a), (a.1) or (c), the council of a First Nation shall consider any representations that were made in accordance with paragraph (3)(c) or at a meeting referred to in paragraph (3)(d). Further representations When the council of a First Nation sends a law made under paragraph 5(1)(a), (a.1) or (c), other than a law referred to in subsection 10(1), to the First Nations Tax Commission for its approval, the council shall provide a copy of the law to any persons who made representations under paragraph 6(3)(c); and invite those persons to make written representations to the Commission within 30 days after the day on which they receive the copy of the law. Information accompanying property taxation law A property taxation law — including an amendment of a property taxation law — shall, when submitted to the First Nations Tax Commission for approval, be accompanied by a description of the lands and interests or rights subject to the law; a description of the assessment practices to be applied to each class of land and interest or right; information regarding services to be provided from local revenues, existing service agreements and any service agreement negotiations under way at the time the law was made; a description of the notices that were given and any consultation undertaken by the council before making the law; and evidence that the law was duly made by the council. The First Nations Tax Commission may exempt a First Nation from the requirements of subsection (1) in respect of an amendment of a property taxation law if the Commission considers that the amendment is not significant. Accompanying information A law made under paragraph 5(1)(a.1) or (c), when submitted to the First Nations Tax Commission for approval, shall be accompanied by Evidence law duly made A law made under any of paragraphs 5(1)(b) and (d) to (g) that is submitted to the First Nations Tax Commission for approval shall be accompanied by evidence that it was duly made by the council. Additional information on request At the request of the First Nations Tax Commission, a First Nation shall provide any documents that the Commission requires in order to review a local revenue law; determine that the law was made in accordance with this Act, the regulations or any standards made under subsection 35(1); or perform any of its other functions under this Act. Other revenues laws The council of a First Nation may make laws respecting the borrowing from the First Nations Finance Authority of money that is secured by other revenues, including any authorization to enter into a particular borrowing agreement with that Authority; delegating to any person or body any of the council’s powers to make laws under paragraph (a); and delegating to the First Nations Financial Management Board any of the council’s other powers that are required to give effect to a co-management arrangement entered into under section 52.1 or to give effect to third-party management under section 53.1. the day after the day on which it is made. In any proceedings, judicial notice may be taken of laws made under subsection (1). The Statutory Instruments Act does not apply in respect of laws made under subsection (1). Publication The First Nation shall publish all laws made under paragraphs (1)(b) and (c) in the First Nations Gazette. respecting the financial administration of the First Nation; and delegating to any person or body its powers to make laws under paragraph (a). A law made under subsection (1), including any amendment of such a law, does not have any force or effect until it is approved by the First Nations Financial Management Board. Conditions for approval The First Nations Financial Management Board shall not approve a law made under subsection (1) unless it was made in accordance with this Act, the regulations and, in all material respects, any standards established under paragraph 55(1)(a). the day after it is approved by the First Nations Financial Management Board. A law made under subsection (1) that is submitted to the First Nations Financial Management Board for approval shall be accompanied by evidence that it was duly made by the council. At the request of the First Nations Financial Management Board, a First Nation shall provide any documents that the Board requires in order to review a financial administration law submitted to the Board; determine that the law was made in accordance with this Act, the regulations or any standards made under subsection 55(1); or In any proceedings, judicial notice may be taken of a law that is made under subsection (1) and approved by the First Nations Financial Management Board under subsection (2). Repeal of financial administration law A borrowing member shall not repeal a financial administration law made under subsection 9(1) that has been approved by the First Nations Financial Management Board unless that law is replaced by another financial administration law that has been approved by the Board. Law under paragraph 5(1)(a) A council of a First Nation that makes a property taxation law that requires a rate of tax to be set annually shall also make a law under paragraph 5(1)(a) setting the rate of tax to be applied to the assessed value of each class of lands and interests or rights at least once each year on or before the date prescribed by regulation or, if none is so prescribed, on or before the date fixed by standards established under subsection 35(1). Law under paragraph 5(1)(b) A council of a First Nation that makes a property taxation law or that makes a law under paragraph 5(1)(a.1) shall also make a law under paragraph 5(1)(b) establishing a budget for the expenditure of local revenues at least once each year on or before the date prescribed by regulation or, if none is so prescribed, on or before the date fixed by standards established under subsection 35(1). No repeal by borrowing members A borrowing member with an unpaid loan secured by local revenues shall not repeal a property taxation law or a law made under paragraph 5(1)(a.1) unless the revenues raised under that law, if any, are not being used as security for any loan obtained from the First Nations Finance Authority and the repeal of that law would not adversely affect the member’s obligations to the First Nations Finance Authority; or the law is concurrently replaced by a new law of the same nature that would not result in a reduction of the borrowing member’s borrowing capacity. Priority to Authority A law made under paragraph 5(1)(b) by a borrowing member with an unpaid loan secured by local revenues shall not authorize the expenditure of local revenues unless the borrowing member’s budget provides for the payment of all amounts payable to the First Nations Finance Authority during the budget period. Financial commitment A borrowing member with an unpaid loan secured by local revenues shall, in every year, reserve the local revenues that are required to ensure that all amounts authorized to be paid to the First Nations Finance Authority in the year with respect to that loan are actually paid in that year. Legal capacity of first nations For greater certainty, for the purposes of Part 4, a borrowing member has the capacity to contract and to sue and be sued. Local revenue account Local revenues of a First Nation shall be placed in a local revenue account with a financial institution, separate from other moneys of the First Nation. Restriction on expenditures Local revenues may be expended only under the authority of a law made under paragraph 5(1)(b). Balanced budget Expenditures provided for in a law made under paragraph 5(1)(b) shall not exceed the local revenues estimated for the year in which those expenditures are to be made, less any deficit accumulated from prior years. Expenditure not authorized by law Despite subsection 13(2), a First Nation is authorized to make an expenditure of local revenues other than under the authority of a law made under paragraph 5(1)(b) in one of the following circumstances: in the case where no law has already been made under that paragraph establishing a budget for the year in which that expenditure is made, the First Nation, after making that expenditure, makes a law under that paragraph that authorizes the making of that expenditure; or in the case where a law has already been made under that paragraph establishing a budget for the year in which that expenditure is made, the First Nation is satisfied that the making of that expenditure constitutes an urgent measure and the First Nation, as soon as feasible after making the expenditure, amends that law to authorize the making of that expenditure. Local revenues Local revenues of a First Nation shall be reported on and accounted for separately from other moneys of the First Nation in compliance with the standards established under paragraph 55(1)(d). Audited reports For the purposes of subsection (1), the First Nation shall prepare a financial report on its local revenues that shall be audited at least once each year. However, if it is authorised by a standard established under paragraph 55(1)(d), the First Nation may instead report on its local revenues in its audited annual financial statements as a distinct segment of the activities that appear in the statements. Access to report The audited financial report or the audited annual financial statements, as the case may be, shall be made available to the members of the First Nation; any other persons who have an interest or right in the First Nation’s reserve lands; the First Nations Tax Commission, the First Nations Financial Management Board and the First Nations Finance Authority; and the Minister. Reporting of other revenues If a First Nation is using other revenues as security for a loan from the First Nations Finance Authority, the First Nation shall account for all of its other revenues — including other revenues that have not been used as security for the loan — separately from its other moneys, and shall provide that accounting information to the Authority and the First Nations Financial Management Board on request. Non-application of certain provisions Paragraphs 83(1)(a) and (b) to (g) and section 84 of the Indian Act do not apply to a First Nation and any regulations made under paragraph 73(1)(m) of that Act do not apply to a First Nation in respect of the borrowing of money under a law made under paragraph 5(1)(d) or 8.1(1)(a). Request for review On the request of an Indigenous group, the First Nations Financial Management Board shall review the Indigenous group’s laws; the Indigenous group’s constitution; and the Indigenous group’s treaty or self-government agreement with Canada. Additional information The First Nations Financial Management Board may request the Indigenous group to provide any documents that the Board requires to conduct its review. Review The First Nations Financial Management Board shall review the laws, constitution and treaty or self-government agreement referred to in subsection (1) to determine whether they meet the following requirements: they are not inconsistent with the Board’s exercise of its powers and discharge of its duties under sections 52.2 and 53.2; and in the case of laws, they satisfy the conditions set out in section 15.2. Compliance opinion If the First Nations Financial Management Board is of the opinion that the requirements of paragraphs (3)(a) and (b) are met, it shall provide a written opinion to that effect to the Indigenous group. Copies to Board If, after receipt of an opinion referred to in subsection (4), the Indigenous group makes a law, amends its constitution or has its treaty or self-government agreement amended, the Indigenous group shall, within 60 days after the day on which the law is made or the constitution, treaty or agreement is amended, provide the First Nations Financial Management Board with a copy of the law or the amended constitution, treaty or agreement. Review of changes Within 60 days after the day on which the First Nations Financial Management Board receives the copy referred to in subsection (5), the Board shall review the law or the amended constitution, treaty or self-government agreement to decide whether its content materially affects the opinion given under subsection (4) and shall provide the Indigenous group and the First Nations Finance Authority with notice of its decision and the reasons for it. Laws — Schedule 1 The laws of an Indigenous group named in Schedule 1 to the First Nations Fiscal Management Act Adaptation Regulations shall satisfy the following conditions: the laws meet the requirements of this Act and the regulations made under this Act and comply, in all material respects, with the standards established under paragraphs 55(1)(a.1) to (a.3); one of the laws provides that, while the Indigenous group is a borrowing member, the laws shall be interpreted in a manner that avoids any inconsistency with this Act and the regulations made under this Act; and one of the laws provides that, while the Indigenous group is a borrowing member, the laws may be amended or repealed only if their amendment or repeal is carried out in accordance with a law of the Indigenous group that complies with the standards established under paragraph 55(1)(a.2), and they are amended by or replaced with laws that comply, in all material respects, with the standards established under paragraphs 55(1)(a.1) to (a.3). Laws — Schedule 2 The laws of an Indigenous group named in Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations shall satisfy the following conditions: the laws meet the requirements of this Act and the regulations made under this Act and comply, in all material respects, with the standards established under paragraph 55(1)(a.1); and one of the laws provides that, while the Indigenous group is a borrowing member, the laws may be amended or repealed only if they are amended by or replaced with laws that comply, in all material respects, with the standards established under paragraph 55(1)(a.1). If an Indigenous group is using other revenues as security for a loan from the First Nations Finance Authority, the Indigenous group shall account for all of its other revenues — including other revenues that have not been used as security for the loan — separately from its other moneys, and shall provide that accounting information to the Authority and the First Nations Financial Management Board on request. The following definitions apply in this Part. Commission means the First Nations Tax Commission. (Commission) taxpayer means a person paying taxes or fees under a law made under paragraph 5(1)(a) or (a.1). (contribuable) Commission There is hereby established a commission, to be known as the First Nations Tax Commission, consisting of 10 commissioners, including a Chief Commissioner and Deputy Chief Commissioner. Capacity, rights, powers and privileges The Commission has the capacity, rights, powers and privileges of a natural person, including the capacity to enter into contracts; acquire, hold and dispose of property or an interest or right in property, or lease property; raise, invest or borrow money; and sue and be sued. When agent of Her Majesty The Commission is an agent of Her Majesty only for the approval of local revenue laws. Savings For the purpose of subsection (1), the issuance of a certificate referred to in paragraph 32(2)(b) is deemed not to be an approval of a local revenue law. Appointment of Chief Commissioner On the recommendation of the Minister, the Governor in Council shall appoint a Chief Commissioner and Deputy Chief Commissioner. Tenure The Chief Commissioner and Deputy Chief Commissioner hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Appointment of commissioners On the recommendation of the Minister, the Governor in Council shall appoint four commissioners to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. On the recommendation of the Minister, the Governor in Council shall appoint three additional commissioners — one of whom shall be a taxpayer using reserve lands for commercial, one for residential and one for utility purposes — to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Appointment of additional commissioner A body prescribed by regulation shall appoint an additional commissioner to hold office during pleasure for a term not exceeding five years. Staggered terms In determining the term of appointment of commissioners, the Governor in Council shall endeavour to ensure that the terms of no more than three commissioners expire in any one calendar year. Qualifications The Commission shall be composed of individuals from across Canada, including members of First Nations, who are committed to the development of First Nations local revenue systems and who have the experience or capacity to enable the Commission to fulfil its mandate. Status The Chief Commissioner shall hold office on a full-time basis, while the other commissioners shall hold office on a part-time basis. Reappointment A commissioner may be reappointed for a second or subsequent term of office. Remuneration Commissioners shall be paid the remuneration determined by the Governor in Council. Expenses The Chief Commissioner shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other Commissioners shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. Chief Commissioner — functions The Chief Commissioner is the chief executive officer of the Commission and has supervision over, and direction of, the work and staff of the Commission. Deputy Chief Commissioner — functions In the event of the absence or incapacity of the Chief Commissioner, or if the office of Chief Commissioner is vacant, the Deputy Chief Commissioner shall assume the duties and functions of the Chief Commissioner. Head office The head office of the Commission shall be on the reserve lands of the Tk’emlúps te Secwépemc or at any other location that the Governor in Council determines. Additional office The Commission shall maintain an additional office in the National Capital Region described in the schedule to the National Capital Act. Rules of procedure The Commission may make any rules that it considers necessary for the conduct of, and the fixing of a quorum for, its meetings. Staff The Commission may hire any staff that is necessary to conduct the work of the Commission; and determine the duties of those persons and the conditions of their employment. Salaries and benefits Persons hired under subsection (1) shall be paid the salaries and benefits fixed by the Commission. Mandate The purposes of the Commission are to support and protect the integrity of First Nations local revenue systems and promote common approaches to those systems as part of the Canadian fiscal framework; support and promote the reconciliation, in First Nations local revenue systems, of the interests of taxpayers with the responsibilities of councils to govern the affairs of First Nations; support and promote positive relationships between First Nations and taxpayers, including through the provision of support services for the resolution of disputes related to First Nations local revenue systems; assist First Nations in the exercise of their jurisdiction over local revenues; develop and deliver, and provide support for the development and delivery of, training and education services — and conduct research — respecting the implementation and administration of First Nations local revenue systems, respecting First Nations economic growth and respecting the evolution of local revenue systems; assist First Nations in growing their economies and increasing their local revenues; promote transparency of First Nations local revenue systems and understanding of those systems by members of First Nations, taxpayers and the public; conduct research and provide advice and information to the Government of Canada, including the Minister, regarding the future development and implementation of frameworks to support First Nations in exercising their jurisdiction over local revenues; conduct research, analyze information and provide advice to support the development, implementation and administration of First Nations local revenue systems; collaborate with First Nations, Indigenous institutions and organizations and all levels of government to strengthen First Nations economies and support the development of legal and administrative frameworks to promote the evolution of their jurisdiction over local revenues; support the negotiation, development and implementation of agreements related to First Nations local revenue systems; provide services to Indigenous groups; and collect data, publish statistical information and conduct research and analysis on matters related to the purposes set out in the other paragraphs of this section. Powers In furtherance of the purposes set out in section 29, the Commission may enter into cooperative arrangements and shared-cost ventures with national and international organizations to consult on or sell products or services developed for First Nations who have made property taxation laws. Local revenue law review The Commission shall review every local revenue law. Written submissions Before approving a law made under paragraph 5(1)(a), (a.1) or (c), other than a law referred to in subsection 10(1), the Commission shall consider, in accordance with any regulations made under paragraph 36(1)(b), any representations made to it under paragraph 7(b) in respect of the law. Local revenue law approval Subject to section 32, the Commission shall approve a local revenue law that complies with this Act and with any standards and regulations made under this Act. Registry The Commission shall maintain a registry of every law approved by it under this section and every financial administration law made under section 9. Restrictions The Commission shall not approve a law made under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a) unless the First Nation has obtained and forwarded to the Commission a certificate in respect of their financial performance, issued by the First Nations Financial Management Board under subsection 50(3); and the First Nation has sufficient unutilized borrowing capacity in respect of that loan. Copy and certificate On approving a law made by a First Nation under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a), the Commission shall provide the First Nations Finance Authority with a true copy of the law registered under subsection 31(4); and a certificate stating that the law meets all the requirements of this Act and the regulations made under this Act. Notice of judicial review If the Commission becomes aware that judicial review proceedings have been undertaken in respect of an approved law referred to in subsection (2), the Commission shall without delay inform the First Nations Finance Authority of those proceedings. Certificate is evidence A certificate referred to in paragraph (2)(b) is, in the absence of evidence to the contrary, conclusive evidence in any judicial proceedings of the facts contained in it. Review on request On the request in writing by a member of a First Nation, or by a person who holds an interest or right in reserve lands, who is of the opinion that the First Nation has not complied with this Part or a regulation made under this Part or, with respect to local revenues, Part 1 or a regulation made under that Part or that a local revenue law has been unfairly or improperly applied, has requested the council of the First Nation to remedy the situation, and is of the opinion that the council has not remedied the situation, the Commission shall conduct a review of the matter in accordance with the regulations. Independent review If the Commission is of the opinion that a First Nation has not complied with this Part or a regulation made under this Part or, with respect to local revenues, Part 1 or a regulation made under that Part or that a local revenue law has been unfairly or improperly applied, it shall conduct a review of the matter in accordance with the regulations. Remedying the situation If, after conducting a review, the Commission considers that a First Nation has not complied with this Part or a regulation made under this Part or, with respect to local revenues, Part 1 or a regulation made under that Part or that a local revenue law has been unfairly or improperly applied, the Commission shall order the First Nation to remedy the situation; and may, if the First Nation does not remedy the situation within the time set out in the order, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on the First Nation under section 52 or assume third-party management under section 53 to remedy the situation. First Nations Gazette All local revenue laws approved by the Commission and all standards and procedures established by the Commission under section 35 shall be published in the First Nations Gazette. Frequency of publication The Commission shall publish the First Nations Gazette at least once in each calendar year. Standards The Commission may establish standards, not inconsistent with the regulations, respecting the form and content of local revenue laws; enforcement procedures to be included in those laws; criteria for the approval of laws made under paragraph 5(1)(d) or (f); criteria for the approval of local revenue laws respecting reserve lands that have been set apart for the use and benefit of more than one First Nation, including criteria in relation to the First Nations entering into agreements in relation to the administration of those local revenue laws and criteria in respect of those agreements; notices relating to local revenue laws, including any minimum periods applicable to the notices; the form in which information required under section 8 is to be provided to the Commission; and the dates on or before which laws must be made by a council of a First Nation under section 10. Procedures The Commission may establish procedures respecting submission for approval of local revenue laws; approval of those laws; representation of taxpayers’ interests in the decisions of the Commission; and resolution of disputes with First Nations concerning the taxation of interests or rights on reserve lands. The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2). Functions and powers The Commission may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. No identifying information The Commission shall ensure that no First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Commission makes publicly available under subsection (1). Exception The Commission is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, Indigenous group, entity or individual to whom it relates consents to being identified. Information sharing agreements The Commission may enter into agreements with a First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Commission, make regulations prescribing anything that is to be prescribed under subparagraph 5(1)(a)(i), paragraph 5(1)(e) or (4)(a), subsection 5(7) or section 10; establishing procedures to be followed for the purposes of section 31 or 33, including procedures for requiring the production of documents from a First Nation or person requesting a review under subsection 33(1), for conducting hearings, and authorizing the Commission to apply to a justice of the peace for a subpoena compelling a person to appear before the Commission to give evidence and bring any documents specified in the subpoena, and to pay associated travel expenses; prescribing fees to be charged by the Commission for services to First Nations and other organizations; and respecting the exercise of the law-making powers of First Nations under subsection 5(1). Provincial differences Regulations made under paragraph (1)(a) may vary from province to province. Authority to vary Regulations made under paragraph (1)(b) may authorize the Commission to vary the procedures to accommodate the customs or culture of a First Nation in respect of which a hearing is being held; extend or shorten any period provided for in those regulations; dispense with compliance with any procedure provided for in the regulations in the interest of securing a just, expeditious and inexpensive hearing of a complaint;

and delegate any of the powers of the Commission under section 31 or 33 to a panel consisting of one or more commissioners. Designation of panels by Chief Commissioner Regulations made under paragraph (1)(b) may authorize or require the Chief Commissioner to designate the members of a panel for the purposes of the delegation of powers referred to in paragraph (3)(d). Inconsistencies In the event of an inconsistency between a law made under subsection 5(1) and regulations made under subsection (1), the regulations prevail to the extent of the inconsistency. Definition of Board In this Part, Board means the First Nations Financial Management Board. Establishment There is established a board, to be known as the First Nations Financial Management Board, to be managed by a board of directors consisting of a minimum of nine and a maximum of 13 directors, including a Chairperson and Vice-Chairperson. The Board has the capacity, rights, powers and privileges of a natural person, including the capacity to Not agent of Her Majesty The Board is not an agent of Her Majesty. Appointment of Chairperson On the recommendation of the Minister, the Governor in Council shall appoint a Chairperson to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Appointment of additional directors The Governor in Council, on the recommendation of the Minister, shall appoint a minimum of five, and a maximum of nine, other directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Indigenous directors The Governor in Council shall endeavour to ensure that the majority of the directors are Indigenous. Appointment by AFOA Canada AFOA Canada, or any other body prescribed by regulation, shall appoint up to three additional directors to hold office during pleasure for a term not exceeding five years. In determining the term of appointment of directors, the Governor in Council shall endeavour to ensure that the terms of no more than three directors expire in any one calendar year. The board of directors shall be composed of individuals from across Canada, including members of First Nations, who are committed to the strengthening of the financial management of First Nations, of Indigenous groups or of entities referred to in paragraphs 50.1(1)(a) to (c) and who have the experience or capacity to enable the Board to fulfil its mandate. Election of Vice-Chairperson The board of directors shall elect a Vice-Chairperson from among the directors. Functions In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Vice-Chairperson shall assume the duties and functions of the Chairperson. Directors may be reappointed for a second or subsequent term of office. The Chairperson shall hold office on a full-time basis and the other directors shall hold office on a part-time basis. Directors shall be paid the remuneration determined by the Governor in Council. The Chairperson shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other directors shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. The board of directors may make any rules that it considers necessary for the conduct of its meetings. The head office of the Board shall be at a location determined by the Governor in Council. The board of directors may hire any staff that is necessary to conduct the work of the Board; and Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors. The purposes of the Board are to assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing the capacity to meet their financial management requirements; assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing and implementing laws and by-laws respecting financial administration; assist First Nations, Indigenous groups and entities referred to in paragraphs 50.1(1)(a) to (c) in their dealings with different levels of governments respecting financial management, including matters of accountability and shared fiscal responsibility; assist First Nations, Indigenous groups and entities referred to in paragraphs 50.1(1)(a) to (c) in the development, implementation and improvement of financial relationships with financial institutions, business partners and different levels of governments, to enable the economic and social development of First Nations, of Indigenous groups and of those entities; develop and support the application of general credit rating criteria to First Nations and Indigenous groups; provide review and audit services respecting First Nation and Indigenous group financial management; provide assessment and certification services respecting First Nation and Indigenous group financial management and financial performance; provide monitoring and reporting services respecting financial management systems and financial performance; provide First Nations, Indigenous groups and entities referred to in subsection 50.1(1) with monitoring and reporting services respecting the implementation of laws and by-laws respecting financial administration and the compliance of those laws and by-laws with applicable standards; provide services respecting the co-management and third-party management of local revenues and other revenues; provide advice, policy research and review and evaluative services on the development of fiscal arrangements between different levels of governments and First Nations or Indigenous groups, as well as on the development of fiscal arrangements between different levels of governments and entities referred to in paragraphs 50.1(1)(a) to (c); develop, implement, test and evaluate, as well as conduct research with respect to, proposals and pilot projects related to the purposes set out in the other paragraphs of this section; assist First Nations, Indigenous groups, entities referred to in subsection 50.1(1), other levels of government and public and private organizations in the development and implementation of fiscal and economic proposals that contribute to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action and to implementing the United Nations Declaration on the Rights of Indigenous Peoples; and Review of financial management system On the request of the council of a First Nation or the request of an Indigenous group, the Board may review the First Nation’s or Indigenous group’s financial management system or financial performance for compliance with the standards established under subsection 55(1). Report On completion of a review under subsection (1), the Board shall provide to the First Nation or Indigenous group a report setting out the scope of the review undertaken; and an opinion as to whether the First Nation or Indigenous group was in compliance with the standards or as to which aspects of the standards were not complied with by the First Nation or Indigenous group. Issuance of certificate If after completing a review under subsection (1) the Board is of the opinion that the First Nation or Indigenous group was in compliance, in all material respects, with the standards, it shall issue to the First Nation or Indigenous group a certificate to that effect. Revocation of certificate The Board may, on giving notice to a council of a First Nation or to an Indigenous group, revoke a certificate issued under subsection (3) if, on the basis of financial or other information available to the Board, it is of the opinion that the basis on which the certificate was issued has materially changed; the First Nation or Indigenous group provided information that is incomplete or incorrect or made misrepresentations to the Board; or the First Nation or Indigenous group is no longer in compliance, in all material respects, with the standards. Form and content The Board may determine the form and content of certificates issued under subsection (3), including any restrictions as to the purposes for which, and the persons by whom, they are intended to be used. Remedial measures required If a borrowing member’s certificate is revoked, the borrowing member shall, without delay, take any measures required to re-establish its certification. Opinion final An opinion of the Board referred to in this section is final and conclusive and is not subject to appeal. Review and monitoring On the request of a First Nation or Indigenous group or under the terms of an agreement between a First Nation and any level of government, the Board may review or monitor the implementation of laws of the First Nation or Indigenous group respecting financial administration; the compliance of laws of the First Nation respecting financial administration with the standards established under paragraph 55(1)(a); the compliance of laws of the Indigenous group respecting financial administration with the standards established under paragraph 55(1)(a.1); the First Nation’s compliance with the standards established under paragraph 55(1)(c) or (d); and the Indigenous group’s compliance with the standards established under paragraph 55(1)(c). On completion of a review, or from time to time while carrying out monitoring, the Board shall provide to the First Nation or Indigenous group a report setting out its findings and any recommendations. The Board may establish procedures respecting the requests for review and monitoring referred to in subsection (1); the review and monitoring referred to in subsection (1); and the reports referred to in subsection (2). The Statutory Instruments Act does not apply in respect of procedures established under subsection (3). Review of financial management system — non-scheduled entities On the request of any of the following entities, the Board may review the entity’s financial management system, financial performance or laws or by-laws respecting financial administration to determine whether it is in compliance, in all material respects, with the standards established under subsection (3): a band that is not named in the schedule; a tribal council; an Indigenous group — other than one named in Schedule 1 or 2 to the First Nations Fiscal Management Act Adaptation Regulations — that is a party to a treaty, land claims agreement or self-government agreement with Canada or with a province, or an entity established under, or as a result of, such a treaty or agreement; an entity — owned or controlled by one or more First Nations or entities referred to in paragraph (a), (b) or (c) — whose mandate is primarily to promote the well-being or advancement of Indigenous people; or a not-for-profit organization established to provide public services to Indigenous groups or Indigenous persons, including services with respect to social welfare, infrastructure, housing, recreational or cultural activities, health or education. On completion of a review under subsection (1), the Board shall provide to the entity a report setting out an opinion as to whether the entity was in compliance, in all material respects, with the standards or as to which aspects of the standards were not complied with by the entity. The Board may establish standards, not inconsistent with the regulations, respecting financial management systems and financial performance of entities referred to in subsection (1); and the form and content of laws or by-laws respecting financial administration of entities referred to in subsection (1). The Board may establish procedures respecting the review referred to in subsection (1). The Statutory Instruments Act does not apply to a standard established under subsection (3) or a procedure established under subsection (4). All standards established by the Board under subsection (3) shall be published in the First Nations Gazette. On the request of an entity referred to in subsection 50.1(1) or under the terms of an agreement between such an entity and any level of government, the Board may review or monitor the implementation of laws or by-laws made by the entity respecting financial administration; the compliance of those laws or by-laws with the standards established under paragraph 50.1(3)(b); and the entity’s compliance with the standards established under paragraph 50.1(3)(a). On completion of a review, or from time to time while carrying out monitoring, the Board shall provide to the entity a report setting out its findings and any recommendations. Required intervention — local revenues On receipt of a notice from the First Nations Tax Commission under paragraph 33(3)(b) or from the First Nations Finance Authority under subsection 86(4), the Board shall either require the First Nation to enter into a co-management arrangement in accordance with section 52 or assume third-party management in accordance with section 53, as the Board sees fit. Required intervention — other revenues of a First Nation On receipt of a notice from the First Nations Finance Authority under subsection 86(5) in relation to a First Nation, the Board shall either require the First Nation to enter into a co-management arrangement in accordance with section 52.1 or assume third-party management in accordance with section 53.1, as the Board sees fit. Required intervention — other revenues of an Indigenous group On receipt of a notice from the First Nations Finance Authority under subsection 86(5) in relation to an Indigenous group, the Board shall either require the Indigenous group to enter into a co-management arrangement in accordance with section 52.2 or assume third-party management in accordance with section 53.2, as the Board sees fit. Imposed co-management — local revenues The Board may, on giving notice to the council of a First Nation, require the First Nation to enter into a co-management arrangement in respect of the First Nation’s local revenues, including its local revenue account, if, in the opinion of the Board, there is a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by local revenues; or if the Board has received a notice under paragraph 33(3)(b) or subsection 86(4). Under the co-management arrangement, the Board may recommend amendments to a law of the First Nation made under any of paragraphs 5(1)(a) to (f) or subsection 9(1); recommend changes to the First Nation’s expenditures or budgets with respect to its local revenues; recommend improvements to the First Nation’s financial management system with respect to its local revenues; recommend changes to the delivery of programs and services paid for out of the First Nation’s local revenues; order that expenditures of local revenues of the First Nation be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and with respect to local revenues, exercise any powers delegated to the Board under a law of the First Nation or under an agreement between the First Nation and the Board or the First Nation and the First Nations Finance Authority. Termination by Board The Board may terminate the co-management arrangement on giving notice to the council of the First Nation that the Board is of the opinion that there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by local revenues; in the case of a First Nation that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by local revenues, the First Nation has remedied the default; the co-management arrangement is no longer required; or third-party management of the First Nation’s local revenues is required. An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice The Board shall advise the First Nations Finance Authority and the First Nations Tax Commission of the commencement or termination of the co-management arrangement. Imposed co-management — other revenues of a First Nation The Board may, on giving notice to the council of a First Nation, require the First Nation to enter into a co-management arrangement in respect of the First Nation’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, if, in the opinion of the Board, there is a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; or if the Board has received a notice under subsection 86(5). recommend amendments to a law of the First Nation made under any of paragraphs 8.1(1)(a) or (b) or subsection 9(1); recommend changes to the First Nation’s expenditures or budgets with respect to its other revenues; recommend improvements to the First Nation’s financial management system with respect to its other revenues; recommend changes to the delivery of programs and services that are paid for out of the First Nation’s other revenues; order that expenditures of other revenues of the First Nation be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and with respect to other revenues, exercise any powers delegated to the Board under a law of the First Nation or under an agreement between the First Nation and the Board or the First Nation and the First Nations Finance Authority. there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; in the case of a First Nation that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by other revenues, the First Nation has remedied the default; third-party management of the First Nation’s other revenues is required. Imposed co-management — other revenues of an Indigenous group The Board may, on giving notice to an Indigenous group, require the Indigenous group to enter into a co-management arrangement in respect of the Indigenous group’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, if, in the opinion of the Board, there is a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; or recommend amendments to the Indigenous group’s borrowing laws or its laws respecting financial administration or the expenditure of other revenues; recommend changes to the Indigenous group’s expenditures or budgets with respect to its other revenues; recommend improvements to the Indigenous group’s financial management system with respect to its other revenues; recommend changes to the delivery of programs and services that are paid for out of the Indigenous group’s other revenues; order that expenditures of other revenues of the Indigenous group be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and with respect to other revenues, exercise any powers delegated to the Board under a law of the Indigenous group or under an agreement between the Indigenous group and the Board or the Indigenous group and the First Nations Finance Authority. The Board may terminate the co-management arrangement on giving notice to the Indigenous group that the Board is of the opinion that there is no longer a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; in the case of an Indigenous group that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by other revenues, the Indigenous group has remedied the default; third-party management of the Indigenous group’s other revenues is required. Third-party management — local revenues The Board may, on giving notice to the council of a First Nation and to the Minister, assume management of the First Nation’s local revenues, including its local revenue account, if, in the opinion of the Board, the co-management arrangement entered into under section 52 has not been effective; If the Board assumes third-party management of the local revenues of a First Nation, the Board has the exclusive authority to subject to subsection (3), act in the place of the council of the First Nation to make laws under paragraphs 5(1)(a) to (f) and subsection 9(1); act in the place of the council of the First Nation to with respect to local revenues, exercise any powers and fulfil any obligations of the council under this Act, including under the regulations made under this Act, or under any laws made under paragraphs 5(1)(a) to (e) and 9(1)(a), manage the First Nation’s local revenues, including the local revenue account, undertake any necessary borrowing for the purpose of remedying the situation for which third-party management was required, and provide for the delivery of programs and services that are paid for out of the First Nation’s local revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; assign interests or rights under subsection 5(7); and with respect to local revenues, exercise any powers or fulfil any obligations delegated to the Board under a law of the First Nation or an agreement between the First Nation and the Board or between the First Nation and the First Nations Finance Authority. Delegation — consent of council required The Board shall not make a law under paragraph 5(1)(f) or 9(1)(b) that delegates a power to a person or body to whom a power was not delegated at the time the Board assumed third-party management of the local revenues of a First Nation, unless the council of the First Nation gives its consent. Prohibition The council of the First Nation shall not, during the time that the board assumes third-party management of the First Nation’s local revenues, repeal any law made under paragraph 5(1)(g). Review every six months Where the Board has assumed third-party management of a First Nation’s local revenues, it shall review the need for third-party management at least once every six months and advise the First Nations Finance Authority, the First Nations Tax Commission and the council of the First Nation of the results of its review. Board not agent or mandatary For greater certainty, the Board is not an agent or mandatary of the First Nations Finance Authority or the First Nations Tax Commission while exercising its exclusive authority under subsection (2). The Board may terminate third-party management of a First Nation’s local revenues, on giving notice to the council of the First Nation, if it is of the opinion that there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by local revenues and the Authority consents to the termination in writing; in the case of a First Nation that was in default of an obligation to the First Nations Finance Authority relating to a loan secured by local revenues, it is of the opinion that the First Nation has remedied the default and the Authority consents to the termination in writing; it is of the opinion that the situation for which third-party management of the First Nation’s local revenues was required has been remedied; or in the case of third-party management that was assumed by the Board following receipt of a notice under subsection 86(4), the First Nations Finance Authority has, in writing, requested the termination and stated its reasons for the request. The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of a First Nation’s local revenues. Third-party management — other revenues of a First Nation The Board may, on giving notice to the council of a First Nation and to the Minister, assume management of the First Nation’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, if, in the opinion of the Board, the co-management arrangement entered into under section 52.1 has not been effective; If the Board assumes third-party management of the other revenues of a First Nation, the Board has the exclusive authority to subject to subsection (5), act in the place of the council of the First Nation to make laws under paragraphs 8.1(1)(a) and (b) and subsection 9(1); with respect to other revenues, exercise any powers and fulfil any obligations of the council under this Act, including under the regulations made under this Act, or under any laws made under paragraph 8.1(1)(a) or 9(1)(a), manage the First Nation’s other revenues, manage assets of the First Nation that are generating other revenues, including by exercising any powers of the council to terminate an agreement, or enter into a new agreement, in respect of those assets, provide for the delivery of programs and services that are paid for out of the First Nation’s other revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; and with respect to other revenues, exercise any powers or fulfil any obligations delegated to the Board under a law of the First Nation or an agreement between the First Nation and the Board or between the First Nation and the First Nations Finance Authority. Scope of power In exercising the authority referred to in subparagraph (2)(b)(ii), the Board may manage other revenues of a First Nation that were received before, or that are received after, the Board assumes management of the First Nation’s other revenues, including those that are comingled with other moneys of the First Nation. However, the Board may not manage the First Nation’s other revenues that are in a secured revenues trust account or an intermediate account. For greater certainty, the Board is not an agent or mandatary of the First Nations Finance Authority while exercising its exclusive authority under subsection (2). The Board shall not make a law under paragraph 8.1(1)(b) or 9(1)(b) that delegates a power to a person or body to whom a power was not delegated at the time the Board assumed third-party management of the other revenues of a First Nation, unless the council of the First Nation gives its consent. The council of a First Nation shall not, during the time that the Board assumes third-party management of the First Nation’s other revenues, repeal any law made under paragraph 8.1(1)(c). If the Board has assumed third-party management of a First Nation’s other revenues, it shall review the need for third-party management at least once every six months and advise the First Nations Finance Authority, the First Nations Tax Commission and the council of the First Nation of the results of its review. The Board may terminate third-party management of a First Nation’s other revenues, on giving notice to the council of the First Nation, if it is of the opinion that there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues and the Authority consents to the termination in writing; in the case of a First Nation that was in default of an obligation to the First Nations Finance Authority relating to a loan secured by other revenues, it is of the opinion that the First Nation has remedied the default and the Authority consents to the termination in writing; it is of the opinion that the situation for which third-party management of the First Nation’s other revenues was required has been remedied; or in the case of third-party management that was assumed by the Board following receipt of a notice under subsection 86(5), the First Nations Finance Authority has, in writing, requested the termination and stated its reasons for the request. The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of a First Nation’s other revenues. Third-party management — other revenues of an Indigenous group The Board may, on giving notice to an Indigenous group, assume management of the Indigenous group’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, if, in the opinion of the Board, the co-management arrangement entered into under section 52.2 has not been effective; If the Board assumes third-party management of the other revenues of an Indigenous group, the Board has the exclusive authority to act in the place of a governing body of the Indigenous group to make borrowing laws or laws respecting financial administration or the expenditure of other revenues; act in the place of a governing body of the Indigenous group to with respect to other revenues, exercise any powers and fulfil any obligations of the governing body under this Act, including under the regulations made under this Act, or under the Indigenous group’s borrowing laws or its laws respecting financial administration or the expenditure of other revenues, manage the Indigenous group’s other revenues, manage assets of the Indigenous group that are generating other revenues, including by exercising any powers of the governing body to terminate an agreement, or enter into a new agreement, in respect of those assets, provide for the delivery of programs and services that are paid for out of the Indigenous group’s other revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; and with respect to other revenues, exercise any powers or fulfil any obligations delegated to the Board under a law of the Indigenous group or an agreement between the Indigenous group and the Board or between the Indigenous group and the First Nations Finance Authority. Law-making If the Board makes a law under paragraph (2)(a) in relation to an Indigenous group named in Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations, the Board is not required to comply with the Indigenous group’s laws respecting the requirements regarding the making of such a law; and the law comes into force on the day set out in the law. Scope of power — (2)(b)(ii) In exercising the authority referred to in subparagraph (2)(b)(ii), the Board may manage other revenues of an Indigenous group that were received before, or that are received after, the Board assumes management of the Indigenous group’s other revenues, including those that are comingled with other moneys of the Indigenous group. However, the Board may not manage the Indigenous group’s other revenues that are in a secured revenues trust account or an intermediate account. Restriction on power — (2)(b)(iii) and (v) In exercising the authority referred to in subparagraph (2)(b)(iii) or (v), the Board may not cause the disposition of real property or immovables without written approval of the Indigenous group. If the Board has assumed third-party management of an Indigenous group’s other revenues, it shall review the need for third-party management at least once every six months and advise the First Nations Finance Authority, the First Nations Tax Commission and the Indigenous group of the results of its review. The Board may terminate third-party management of an Indigenous group’s other revenues, on giving notice to the Indigenous group, if it is of the opinion that there is no longer a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues and the Authority consents to the termination in writing; in the case of an Indigenous group that was in default of an obligation to the First Nations Finance Authority relating to a loan secured by other revenues, it is of the opinion that the Indigenous group has remedied the default and the Authority consents to the termination in writing; it is of the opinion that the situation for which third-party management of the Indigenous group’s other revenues was required has been remedied; or The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of an Indigenous group’s other revenues. Required information — First Nation At the request of the Board, a First Nation shall provide to the Board any information about the First Nation’s financial management system and financial performance that the Board requires for a decision regarding a co-management arrangement or third-party management of the First Nation’s local revenues or other revenues. Required information — Indigenous group At the request of the Board, an Indigenous group shall provide to the Board any information about the Indigenous group’s financial management system and financial performance that the Board requires for a decision regarding a co-management arrangement or third-party management of the Indigenous group’s other revenues. the form and content of laws made under section 9; the content of Indigenous groups’ laws respecting financial administration; in relation to Indigenous groups named in Schedule 1 to the First Nations Fiscal Management Act Adaptation Regulations, the content of their laws concerning notices to be given, representations to be considered and other procedural formalities to be respected before the Indigenous groups may make a law after receipt of an opinion referred to in subsection 15.1(4); in relation to Indigenous groups named in Schedule 1 to the First Nations Fiscal Management Act Adaptation Regulations, the content of their laws concerning the delegation to the Board of the powers set out in subsection 53.2(2); approvals of the Board under Part 1; certification of First Nations and Indigenous groups under section 50; and financial reporting under subsection 14(1). the submission for approval and approval of laws made under section 9; the submission of a request for a review under subsection 15.1(1) and the provision of an opinion under subsection 15.1(4); the issuance of a certificate under subsection 50(3); the implementation or termination of a co-management arrangement or third-party management of a First Nation’s local revenues or other revenues; and the implementation or termination of a co-management arrangement or third-party management of an Indigenous group’s other revenues. All laws made under section 9 and approved by the Board and all standards established by the Board under subsection (1) shall be published in the First Nations Gazette. The Board may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. The Board shall ensure that no First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Board makes publicly available under subsection (1). The Board is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, Indigenous group, entity or individual to whom it relates consents to being identified. The Board may enter into agreements with a First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Board, make regulations respecting the implementation of a co-management arrangement or third-party management of a First Nation’s local revenues or other revenues, including the obligations of affected First Nations to provide access to financial records; and fixing fees that the Board may charge for services, including fees to First Nations for co-management and third-party management services, and the manner in which the fees may be recovered. For the purpose of enabling an entity referred to in any of paragraphs 50.1(1)(a) to (e) to obtain the services of the Board, other than co-management and third-party management services, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations adapting any provision of this Act or of any regulation made under this Act; and restricting the application of any provision of this Act or of any regulation made under this Act. Authority means the First Nations Finance Authority. (Administration) investing member means a First Nation or Indigenous group that has invested in a short-term investment pool managed by the Authority. (membre investisseur) member means a borrowing member or investing member. (membre) property tax revenues means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). (recettes fiscales foncières) representative means in respect of a First Nation that is a member, the chief or a councillor of the First Nation who is designated as a representative by a resolution of its council; and in respect of an Indigenous group that is a member, the person who is elected to, or is otherwise a member of, a governing body of the Indigenous group and is designated in writing by that governing body as the Indigenous group’s representative. (représentant) security means a security of the Authority issued under paragraph 75(1)(b). (titre) There is hereby established a non-profit corporation without share capital, to be known as the First Nations Finance Authority. Membership The members of the Authority shall be its borrowing members and investing members. The Authority is not an agent of Her Majesty or a Crown corporation within the meaning of the Financial Administration Act, and its officers and employees are not part of the federal public administration. No guarantees No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of the Authority. Board of Directors The Authority shall be managed by a board of directors, consisting of from 5 to 11 directors, including a Chairperson and Deputy Chairperson, elected from among the representatives of borrowing members. Nomination of directors A representative of a borrowing member may nominate a representative of a borrowing member for election as Chairperson or Deputy Chairperson or as a director other than the Chairperson or Deputy Chairperson. Election of directors Directors shall be elected by representatives of borrowing members. Function of Deputy Chairperson In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Deputy Chairperson shall assume the duties and functions of the Chairperson. Term of office Directors shall hold office on a part-time basis for a term of one year. Additional terms A director is eligible to be re-elected for a second or subsequent term of office. Ceasing to be director A person ceases to be a director when the person ceases to hold office as a chief or councillor of a First Nation that is a borrowing member; the person ceases to be a member of a governing body of an Indigenous group that is a borrowing member; the person’s designation as a representative of a First Nation that is a borrowing member is revoked by a resolution of the council of that First Nation; the person’s designation as a representative of an Indigenous group that is a borrowing member is revoked in writing by the governing body that designated the person; or the person is removed from office before the expiry of the term of the appointment by a special resolution of the board of directors. Quorum Two thirds of the directors constitute a quorum at any meeting of the board of directors. Majority vote Decisions by the board of directors shall be made by a majority vote of the directors present. Canada Not-for-profit Corporations Act The Canada Not-for-profit Corporations Act does not apply to the Authority. Canada Business Corporations Act The following provisions of the Canada Business Corporations Act apply, with any modifications that the circumstances require, to the Authority and its directors, members, officers and employees as if the Authority were a corporation incorporated under that Act, this Part were its articles of incorporation and its members were its shareholders: subsection 15(1) (capacity of a natural person); section 16 (by-law not required to confer powers on Authority, restriction on powers of Authority, and validity of acts of Authority); subsection 21(1) (access to Authority’s records by members and creditors); section 23 (corporate seal not needed to validate instrument); subsections 103(1) to (4) (powers of directors to make and amend by-laws, member approval of by-laws and effective date of by-laws); subsection 105(1) (qualifications of directors); subsection 108(2) (resignation of director); section 110 (right of director to attend members’ meetings and statements by retiring directors); subsection 114(1) (place of directors’ meetings); section 116 (validity of acts of directors and officers); section 117 (validity of directors’ resolutions not passed at meeting); subsections 119(1) and (4) (liability of directors); section 120 (conflict of interests of directors); section 123 (directors’ dissents); section 124 (directors’ indemnity); section 155 (financial statements); section 158 (approval of financial statements by directors); section 159 (sending financial statements to members before annual meeting); sections 161 and 162 (qualifications and appointment of auditor); section 168 (rights and duties of auditor); section 169 (examination by auditor); section 170 (auditor’s right to information); subsections 171(3) to (9) (duty and administration of audit committee and penalty for failure to comply); section 172 (qualified privilege in defamation for auditor’s statements); and subsections 257(1) and (2) (certificates of Authority as evidence). Remuneration of directors Directors shall be paid a fee for attendance at meetings of the board of directors, as fixed by the by-laws of the Authority. Duty of care The directors and officers of the Authority in exercising their powers and performing their duties shall act honestly and in good faith with a view to the best interests of the Authority; and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Limit of liability Directors and officers are not liable for a failure to comply with subsection (1) if they rely in good faith on a written report of the auditor of the Authority or financial statements represented by an officer of the Authority as fairly reflecting the financial condition of the Authority; or a report of a lawyer, notary, accountant, engineer, appraiser or other person whose position or profession lends credibility to a statement made by that person. President The board of directors shall appoint a President to act as the chief executive officer of the Authority. Other staff The President may employ any other officers and employees that are necessary to conduct the work of the Authority. Annual general meeting The Authority shall hold an annual general meeting of representatives for the purpose of presenting the annual report and audited financial statements of the Authority; electing the board of directors; and dealing with any other business of the Authority that may be presented by the board of directors. By-laws The board of directors may make by-laws respecting the calling and conduct of meetings of the board, including the holding of meetings by teleconference; fixing the fees to be paid to directors for attendance at meetings of the board and the reimbursement of reasonable travel and living expenses to directors; respecting the duties and conduct of the directors, officers and employees of the Authority and the terms and conditions of employment and of the termination of employment of officers and employees of the Authority; respecting the signing and sealing of securities and interest coupons issued by the Authority; and generally for the conduct and management of the affairs of the Authority. The head office of the Authority shall be on reserve lands at a location determined by the board of directors. Annual budget At the beginning of every year, the President shall prepare an annual budget of the Authority and present it to the board of directors for approval. The purposes of the Authority are to secure for its borrowing members that are First Nations, through the use of property tax revenues, loans that have terms of one year or longer to finance or refinance capital assets for the provision of local services on reserve lands, or loans that have terms of less than one year to meet cash-flow requirements for operating or capital purposes or to refinance a short-term debt incurred for capital purposes; secure for its borrowing members that are First Nations, through the use of other revenues, loans for any purpose that promotes the First Nation’s economic or social development, including loans for capital assets that are to be wholly or partly owned by the First Nation, including capital assets for the provision of services, housing, plants, machinery, roads and buildings, rolling stock that is to be wholly or partly owned by the First Nation, land that is to be wholly or partly owned by the First Nation, shares or any other ownership interest in a corporation whose purpose includes the ownership, operation, management or sale of the products of power generating facilities, waste or wastewater treatment facilities or other public service utilities or facilities, and short-term financing to meet cash flow requirements for capital purposes or to refinance a short-term debt incurred for capital purposes; secure for its borrowing members that are Indigenous groups, through the use of other revenues, loans for any purpose that promotes the Indigenous group’s economic or social development, including loans for capital assets that are to be wholly or partly owned by the Indigenous group, including capital assets for the provision of services, housing, plants, machinery, roads and buildings, rolling stock that is to be wholly or partly owned by the Indigenous group, land that is to be wholly or partly owned by the Indigenous group, secure the best possible credit terms for its borrowing members; provide investment services to First Nations, Indigenous groups and entities referred to in any of paragraphs 50.1(1)(a) to (e); and provide advice regarding the development of financing mechanisms for First Nations and Indigenous groups. Powers of board of directors For the purposes of this Part, the board of directors may by resolution borrow money in an amount authorized by the resolution; issue securities of the Authority; lend securities to generate income, if the loan is fully secured; enter into agreements for risk management purposes, including swaps;

and provide for payments related to the issuance of securities, the registration, transfer, management and redemption of securities, the re-issuance, reinstatement or other disposition of lost, stolen, destroyed or damaged securities or interest coupons, the examination, cancellation or destruction of securities and of materials used in their production, or the timing of the issuance of securities. Security issuance requirements A resolution respecting the issuance of securities shall set out the rate of interest; the time and place of repayment of principal and interest; and the currency in which repayment of principal and interest will be made. Security issuance resolutions A resolution respecting the issuance of securities may provide that the securities are to be redeemable in advance of maturity at a time and price set out in the resolution; all or any part of the securities may be paid, refunded or renewed; the securities are to be issued in an amount sufficient to realize the amount of any securities called in and paid before maturity, for a term not longer than the remainder of the term of the securities called in and paid; or the securities and any interest coupons attached to them are to be in the form set out in the resolution, and are to be exchangeable for other securities of the same issue on any terms and conditions set out in the resolution. Amount of issue The Authority may issue securities the principal amounts of which, after payment of any discount and the costs of issue and sale, will realize the net amount authorized by the board of directors in a resolution made under paragraph (1)(a). Declaration conclusive A declaration in a resolution authorizing the issuance of securities that it is necessary to issue securities in the principal amount authorized in order to realize the net amount authorized is conclusive evidence of that fact. Sale price The board of directors may sell securities at their par value or at other than par value. Delegation The board of directors may delegate its powers under this section to a committee of directors and officers of the Authority, subject to any limitations that the board of directors may impose. Application to become borrowing member A First Nation or Indigenous group may apply to the Authority to become a borrowing member. Criteria — First Nations The Authority shall accept a First Nation as a borrowing member only if the First Nations Financial Management Board has issued to the First Nation a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. Criteria — Indigenous groups The Authority shall accept an Indigenous group as a borrowing member only if the Indigenous group has provided the Authority with a copy of an opinion provided to the Indigenous group by the First Nations Financial Management Board under subsection 15.1(4); and the First Nations Financial Management Board has issued to the Indigenous group a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. Ceasing to be borrowing member A borrowing member that has obtained a loan from the Authority may cease to be a borrowing member only with the consent of all other borrowing members. Priority If a borrowing member is insolvent, the Authority has priority over all other creditors of the borrowing member for all moneys that are authorized or obligated to be paid to the Authority under a law made by the borrowing member, under this Act, including under the regulations, or under an agreement relating to borrowing from the Authority, but the priority is only in respect of any debt that arises on or after the day on which the borrowing member receives the initial disbursement of the first loan that it obtained from the Authority. Debts to the Crown For greater certainty, subsection (1) does not apply to Her Majesty. Limitations — loans secured by property tax revenues The Authority shall not make a loan secured by property tax revenues to a borrowing member unless the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d) in respect of that loan. Limitations — First Nation loans secured by other revenues The Authority shall not make a loan secured by other revenues to a borrowing member that is a First Nation unless the borrowing member has made a law under paragraph 8.1(1)(a) in respect of that loan and forwarded a copy of it to the Authority; the Authority is satisfied that the borrowing member has the ability to repay the loan; the borrowing member has obtained a certificate respecting financial performance from the First Nations Financial Management Board under subsection 50(3) and forwarded a copy of it to the Authority; the borrowing member and the Authority have established a secured revenues trust account that is managed by a third party approved by the Authority, and subject to terms that require the third party managing the account to periodically pay to the Authority the amounts required to be paid to it under the borrowing agreement with the borrowing member, at the times set out in that agreement, before paying any remaining amount to the borrowing member; and the borrowing member has required the payers of the other revenues being used to secure the loan to deposit those other revenues into the secured revenues trust account or an intermediate account during the period of the loan. Limitations — Indigenous group loans secured by other revenues The Authority shall not make a loan secured by other revenues to a borrowing member that is an Indigenous group unless the borrowing member has made a borrowing law in respect of that loan and forwarded a copy of it to the Authority; Maintenance of registry and publication The Authority shall maintain a registry of every law that is forwarded to it under paragraph 79(2)(a) or (3)(a) and shall publish a copy of each law on an Internet website to be maintained by the Authority within 30 days after the day on which it is received. Restriction A borrowing member that has obtained a loan from the Authority that is secured by property tax revenues and has a term of one year or longer shall not subsequently obtain such a loan from any other person as long as the loan from the Authority remains unpaid. Limitations — short-term loans The Authority shall not make a loan that has a term of less than one year to a borrowing member for a purpose described in subparagraph 74(a)(ii) unless the loan is made in anticipation of local revenues set out in a law made by the borrowing member under paragraph 5(1)(b). Sinking fund The Authority shall establish a sinking fund, or any other system of repayment prescribed by regulation, to fulfil its repayment obligations to the holders of each security issued by the Authority. Separate accounts Where a sinking fund is established, a separate sinking fund account shall be kept for each borrowing member participating in a security issued by the Authority. Sinking fund investments Funds in a sinking fund may be invested only in securities issued or guaranteed by Canada or a province; securities of a local, municipal or regional government in Canada; securities of the Authority or of a municipal finance authority established by a province, if the day on which they mature is not later than the day on which the security for which the sinking fund is established matures; investments guaranteed by a bank, trust company or credit union; or deposits in a bank or trust company in Canada or non-equity or membership shares in a credit union. Surpluses The Authority may declare a surplus in a sinking fund and use the surplus, in order of priority, to replenish any amounts paid out of the debt reserve fund; and make a distribution to borrowing members who are participating in that fund. Recovery from sinking fund The Authority may recover fees payable by a borrowing member from any surplus to be distributed to that member under paragraph (1)(b). Debt reserve fund The Authority shall establish a debt reserve fund to make payments or sinking fund contributions for which insufficient moneys are available from borrowing members. Provisioning of fund The Authority shall withhold — and deposit in the debt reserve fund — 5% of the amount of any loan. Percentage withheld may be reduced by board However, the board of directors may, by resolution, reduce the percentage to be withheld from a loan under subsection (2) to a percentage that is not less than 1%, if the board of directors is satisfied that doing so would not have a negative impact on the Authority’s credit rating. Separate account A separate account shall be kept for each security issued and for each borrowing member contributing to the debt reserve fund. Investments The funds of the debt reserve fund may be invested only in securities, investments or deposits referred to in paragraph 82(3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days. Liability for shortfall The following rules apply if payments from the debt reserve fund reduce its balance: if the balance is reduced by less than 50% of an amount determined in any manner prescribed by regulation, the Authority may, in accordance with the regulations, require borrowing members with unpaid loans to pay without delay amounts sufficient to replenish the debt reserve fund; and if the balance is reduced by 50% or more of an amount determined in any manner prescribed by regulation, the Authority shall, in accordance with the regulations, require borrowing members with unpaid loans to pay without delay amounts sufficient to replenish the debt reserve fund. Repayment Money contributed by a borrowing member to the debt reserve fund, and any investment income received on it, that has not already been repaid to the borrowing member by the Authority shall be repaid when all obligations in respect of the security for which the money was contributed have been satisfied. Credit enhancement fund The Authority shall establish a fund for the enhancement of the Authority’s credit rating. The funds of the credit enhancement fund may be invested only in securities, investments or deposits referred to in paragraph 82(3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days. Investment income Investment income from the credit enhancement fund may be used to temporarily offset any shortfalls in the debt reserve fund; to defray the Authority’s costs of operation; and for any other purpose prescribed by regulation. Capital The capital of the credit enhancement fund may be used to temporarily offset any shortfalls in the debt reserve fund; and Repayment to credit enhancement fund Any funds that are paid from the credit enhancement fund to offset a shortfall in the debt reserve fund shall be repaid by that debt reserve fund within 18 months after the day on which the funds are paid or, if more than one payment of funds is made, within 18 months after the day on which the first payment is made. After the expiry of that 18-month period, no further funds shall be paid from the credit enhancement fund to that debt reserve fund unless it has been fully replenished under section 84. Default If a borrowing member fails to make a payment to the Authority, to fulfil any other obligation under a borrowing agreement with the Authority or to pay a charge imposed by the Authority under this Part, the Authority shall notify the borrowing member of the failure; and send a notice of the failure to the First Nations Financial Management Board and the First Nations Tax Commission, together with evidence of the failure and a copy of any relevant documents and records. Requirement for report If a failure referred to in subsection (1) relates to an obligation other than payment, the Authority may require that the First Nations Financial Management Board review and report on the reasons for the failure. On receipt of a notice referred to in paragraph (1)(b) in respect of a failure related to an obligation other than payment, the First Nations Financial Management Board shall advise the Authority in writing of its opinion on the reasons for the failure and recommend any intervention under section 52 or 53, in the case of an obligation relating to a loan secured by local revenues, or under section 52.1, 52.2, 53.1 or 53.2, in the case of an obligation relating to a loan secured by other revenues, that it considers appropriate. The Board must provide a copy of the report including its opinion and any recommendations to the First Nations Tax Commission. Required intervention The Authority may, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on a borrowing member in respect of its local revenues or assume third-party management of its local revenues if, with respect to a loan secured by local revenues, the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or if, with respect to a loan secured by local revenues, the Authority receives a report of the Board under subsection (3) in respect of the borrowing member. The Authority may, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on a borrowing member in respect of its other revenues or assume third-party management of its other revenues if, with respect to a loan secured by other revenues, the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or if, with respect to a loan secured by other revenues, the Authority receives a report of the Board under subsection (3) in respect of the borrowing member. Copy to Commission The Authority must provide a copy of the notices referred to in subsections (4) and (5) to the First Nations Tax Commission. Short-term pooled investment funds The Authority may establish short-term pooled investment funds. Funds in a short-term pooled investment fund may be invested only in securities issued or guaranteed by Canada, a province or the United States; fixed-term deposits, notes, certificates or other short-term paper of, or guaranteed by, a bank, trust company or credit union, including swaps in United States currency; securities issued by the Authority or by a local, municipal or regional government in Canada; commercial paper issued by a Canadian company that is rated in the highest category by at least two recognized security-rating institutions; any class of investments permitted under an Act of a province relating to trustees; or any other investments or class of investments prescribed by regulation. Annual report The Chairperson shall, within four months after the end of each fiscal year, submit to the Authority’s members and the Minister a report of the operations of the Authority for that fiscal year. Contents The annual report shall include the financial statements of the Authority and its auditor’s opinion on them. Assignment — revenues payable by Her Majesty Despite section 67 of the Financial Administration Act and anything else in federal or provincial law, a borrowing member may, for the purposes of paragraph 74(b) or (b.1), assign the rights to any of the other revenues referred to in that paragraph that are payable to the borrowing member by Her Majesty in right of Canada. Assignment not binding An assignment referred to in subsection (1) is not binding on Her Majesty in right of Canada and, without limiting the generality of the foregoing, a minister of, or other person acting on behalf of, Her Majesty in right of Canada is not required to pay to the assignee the assigned revenues; the assignment does not create any liability of Her Majesty in right of Canada to the assignee; and the rights of the assignee are subject to all rights of set-off or compensation in favour of Her Majesty in right of Canada. The Governor in Council may, on the recommendation of the Minister after consultation by the Minister with the Authority, make regulations prescribing anything that is to be prescribed under subsection 82(1) and paragraphs 84(5)(a) and (b), 85(3)(c) and (4)(b) and 87(2)(f); and respecting the imposition of charges under subsection 84(5), including the manner of calculating those charges and the share of those charges to be paid by each borrowing member. Council resolution The council of a First Nation may submit to the Minister a resolution of the council requesting the payment to the First Nation of moneys held by Her Majesty for the use and benefit of the First Nation; and moneys to be collected or received in future by Her Majesty for the use and benefit of the First Nation. Information to accompany resolution The resolution shall be accompanied by proof that the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a) and the law has been approved by the First Nations Financial Management Board; the council has obtained independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation; and the payment of the moneys to the First Nation has been approved under section 91. Approval by members If the council of a First Nation intends to request the payment of moneys under subsection 90(1), the council shall conduct a vote among the First Nation’s eligible voters on the approval of the payment of the moneys. Eligible voters Every First Nation member, whether resident on a reserve of the First Nation or not, is an eligible voter if the member is at least 18 years old on the date of the vote. Independent legal and financial advice Before conducting the vote under subsection (1), the council shall obtain independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation. Information to be provided Before conducting the vote under subsection (1), the council shall also take reasonable measures that are in accordance with the First Nation’s practices to inform eligible voters of their right to vote and the means of exercising that right; the fact that council has obtained the legal and financial advice referred to in subsection (3); the implications of the payment of the moneys and the reasons why the payment is for the benefit of the First Nation; and the fact that the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a). Majority approval The payment of the moneys to the First Nation is approved if a majority of eligible voters who participated voted to approve the payment. Minimum participation Despite subsection (5), the payment is not approved unless at least 25% of all eligible voters participated in the vote. Increased percentage The council may, by resolution adopted before the vote, increase the percentage of eligible voters required under subsection (6). Initial payment of moneys After the resolution is submitted to the Minister by the council of the First Nation under subsection 90(1), the moneys held by Her Majesty for the First Nation’s use and benefit shall be paid to the First Nation out of the Consolidated Revenue Fund, if the Minister is satisfied that Subsequent payment Following a payment of moneys under subsection (1), all moneys subsequently collected or received by Her Majesty for the use and benefit of the First Nation shall be paid out of the Consolidated Revenue Fund to the First Nation. Subsection (2) ceases to apply Subsection (2) shall cease to apply if the law referred to in paragraph (1)(a) is repealed, and at the time of its repeal, it is not concurrently replaced by a law respecting the financial administration of the First Nation made under paragraph 9(1)(a) that has been approved by the First Nations Financial Management Board. Liability for future management Following the payment of moneys under section 92, Her Majesty is not liable for the management of those moneys. Past liability This Act does not affect the liability of Her Majesty or a First Nation for any act or omission in respect of moneys occurring before a payment referred to in section 93. Indian Act Sections 61 to 69 of the Indian Act do not apply in respect of moneys paid to a First Nation under section 92 of this Act. Definition of service In this Part, service means a service provided on reserve lands by or on behalf of a First Nation, including in relation to the provision of water, wastewater management, drainage, waste management, animal control, recreation, transportation, telecommunications and energy. Laws respecting the provision of services The council of a First Nation may make laws respecting the provision of services and respecting infrastructure located on the First Nation’s reserve lands that is used in the provision of those services, including laws regulating or prohibiting the provision of services; imposing requirements and prohibitions with respect to infrastructure; and respecting, subject to any conditions and procedures prescribed by regulation, the enforcement of laws made under this subsection, including by providing for measures to require any person or entity to refrain from doing anything that constitutes or is directed toward the contravention of those laws, require any person or entity to do anything that may prevent or remedy the contravention of those laws, recover costs incurred by the First Nation in enforcing those laws and impose and recover interest and penalties with respect to those costs, create liens or, in Quebec, prior claims or legal hypothecs on reserve lands and on interests or rights in reserve lands, and discontinue services. For greater certainty, laws made under subsection (1) apply only on the reserve lands of the First Nation that made the laws. Non-compliance with measure If a person or entity is not complying with a measure referred to in subparagraph (1)(c)(i) or (ii), the First Nation may take appropriate corrective measures at the expense of the person or entity. The First Nation may apply to a court of competent jurisdiction for an order directing a person or entity named in the application to comply with a law made under subsection (1), such as by If a First Nation has adopted a land code as defined in subsection 2(2) of the Framework Agreement on First Nation Land Management Act or the council of a First Nation has enacted a First Nation law as defined in subsection 2(1) of that Act, the First Nation may use any enforcement measure — other than a measure for the investigation or prosecution of an offence punishable on summary conviction referred to in paragraph 19.1(a) of the Framework Agreement, as defined in subsection 2(1) of that Act — that is provided for in that land code or First Nation law to enforce a law made under subsection (1). The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the First Nations Infrastructure Institute, make regulations prescribing anything that is to be prescribed under paragraph (1)(c). The First Nation shall publish all laws made under subsection (1) in the First Nations Gazette and provide a copy of a law made under that subsection on request. A law made under subsection 97(1) comes into force on the later of the day on which it is published in the First Nations Gazette. In any proceedings, judicial notice may be taken of a law made under subsection 97(1). The Statutory Instruments Act does not apply in respect of a law made under subsection 97(1). Definition of Institute In this Part, Institute means the First Nations Infrastructure Institute. There is established an institute, to be known as the First Nations Infrastructure Institute, to be managed by a board of directors consisting of ten directors, including a Chairperson and Vice-Chairperson. The Institute has the capacity, rights, powers and privileges of a natural person, including the capacity to Not agent of His Majesty The Institute is not an agent of His Majesty in right of Canada. Appointment of first directors On the recommendation of the Minister, the Governor in Council shall appoint the first ten directors of the board of directors, including a Chairperson, who are to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Appointment of subsequent directors — Governor in Council On the recommendation of the Minister, the Governor in Council shall appoint three directors, including a Chairperson, to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Committee to advise Minister The Minister may establish a committee to advise the Minister on the appointment of directors, other than the Chairperson, under subsection (1). This committee is to include representation from the board of directors. Appointment of subsequent directors — prescribed bodies One or more bodies prescribed by regulation shall, in accordance with any rules and procedures established by the board of directors and subject to subparagraph 113(b)(ii), appoint seven additional directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the board under section 108. The board of directors shall be composed of individuals from across Canada, including members of First Nations, who are committed to improving infrastructure outcomes for First Nations, Indigenous groups and entities referred to in subsection 50.1(1) and who have the experience or capacity to enable the Institute to fulfil its mandate. Removal of directors The board of directors may remove a director appointed under subsection 105(3) for cause at any time in accordance with the rules and procedures established under subparagraph 113(b)(i). Continuation in office Despite subsections 105(1) and (3), an appointed director continues to hold office until they are reappointed or their successor is appointed. Chairperson — functions The Chairperson is the chief executive officer of the Institute and has supervision over, and direction of, the work and staff of the Institute. Interim Chairperson In the event of the absence or incapacity of the Chairperson, the Vice-Chairperson shall assume the duties and functions of the Chairperson. Powers of the board make any rules and procedures that it considers necessary for the conduct of its meetings; and in respect of a director referred to in subsection 105(3), make any rules and procedures that it considers necessary for their appointment or removal, determine additional qualifications necessary for their particular appointment, and establish the length of their term, which shall not exceed five years. The head office of the Institute shall be on reserve lands at a location determined by the board of directors. hire any staff that is necessary to conduct the work of the Institute; and The purposes of the Institute are to assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in planning, developing, procuring, owning, managing, operating and maintaining infrastructure, including by providing review, analysis, assessment, certification and monitoring services; assist First Nations in the exercise of their jurisdiction over the provision of services, as defined in section 96, and over infrastructure; provide services or support the provision of services respecting asset management; develop and deliver, and provide support for the development and delivery of, training and education services — and conduct research — respecting infrastructure and social, cultural, environmental, economic and fiscal sustainability; support capacity development for infrastructure planning, development, procurement, management, operation, maintenance, funding and financing by First Nations, Indigenous groups and entities referred to in subsection 50.1(1); advance options to assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing and implementing approaches to support the stable, effective and long-term funding and financing of infrastructure; collaborate with First Nations, Indigenous institutions and organizations and all levels of government to support the development of legal and administrative frameworks to improve the planning, development, procurement, management, operation and maintenance of infrastructure; provide policy research services, review and evaluative services and advice to support First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing fiscal frameworks and revenue streams to support the development, management, operation and maintenance of infrastructure; conduct research and provide advice and information to the Government of Canada, including the Minister, on the development and implementation of frameworks to support the development of infrastructure that is socially, culturally, environmentally, economically and fiscally sustainable; and In furtherance of its purposes, the Institute may enter into partnerships, agreements and other arrangements with local, regional, national and international organizations to provide services to First Nations, Indigenous groups and entities referred to in subsection 50.1(1). Provision of services On the request of a First Nation, an Indigenous group or an entity referred to in subsection 50.1(1), the Institute may provide services relating to its purposes to that First Nation, Indigenous group or entity, including assistance in planning, developing, procuring, owning, operating and maintaining infrastructure; project management support with respect to infrastructure; the review of funding and financing options for infrastructure projects; and support in asset management. Review of infrastructure project On the request of a First Nation, an Indigenous group or an entity referred to in subsection 50.1(1), the Institute may review an infrastructure project, or any aspect of an infrastructure project, involving that First Nation, Indigenous group or entity for compliance with the standards established under subsection 113.8(1). On completion of the review, the Institute shall provide to the First Nation, Indigenous group or entity a report setting out an opinion as to whether the infrastructure project, or aspect of the infrastructure project, was in compliance with the standards or as to which aspects of the standards were not complied with. If after completing the review the Institute is of the opinion that the infrastructure project, or the reviewed aspect, was in compliance, in all material respects, with the standards, it shall issue to the First Nation, Indigenous group or entity a certificate to that effect. The Institute may, on giving notice to the First Nation, Indigenous group or entity, revoke the First Nation’s, the Indigenous group’s or the entity’s certificate if, on the basis of information available to the Institute, it is of the opinion that the certificate was issued on the basis of incomplete or incorrect information. The Institute may determine the form and content of certificates issued under subsection (3), including any restrictions as to the purposes for which, and the persons by whom, they are intended to be used. An opinion of the Institute referred to in this section is final and conclusive and is not subject to appeal. Review for continued compliance On the request of a First Nation, an Indigenous group or an entity referred to in subsection 50.1(1), or under the terms of an agreement between any level of government and the First Nation, Indigenous group or entity, the Institute may review an infrastructure project, or any aspect of an infrastructure project, for which it has issued a certificate under subsection 113.5(3) for continued compliance with the standards established under subsection 113.8(1). On completion of the review, the Institute shall provide to the First Nation, Indigenous group or entity a report setting out the scope of its review and its findings and any recommendations. Report final The content of the report is final and conclusive and is not subject to appeal. Review of First Nation laws On the request of a First Nation, the Institute may review any law made by the council under subsection 97(1) for compliance with the standards established under subsection 113.8(1). Notification of compliance If after completing the review the Institute is of the opinion that the law is in compliance, in all material respects, with the standards, it shall notify the First Nation of its opinion in writing. The Institute may establish standards, not inconsistent with the regulations, respecting the form and content of laws made under subsection 97(1); the planning, developing, procuring, owning, managing, operating and maintaining infrastructure; asset management; and the certification and review of infrastructure projects. The Institute may establish procedures respecting reviews of laws made under subsection 97(1) and requests for such reviews; the provision of services under subsection 113.4(2) and requests for such services; reviews of infrastructure projects, requests for such reviews, and the issuance of certificates under section 113.5; and reviews for continued compliance under section 113.6 and requests for such reviews. The Institute shall publish all standards established under subsection (1) and procedures established under subsection (2) in the First Nations Gazette. The Institute may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. The Institute shall ensure that no First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Institute makes publicly available under subsection (1). The Institute is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, Indigenous group, entity or individual to whom it relates consents to being identified. The Institute may enter into agreements with a First Nation, Indigenous group, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Institute, make regulations prescribing fees that the Institute may charge for services and the manner in which the fees may be recovered. board of directors includes in respect of the First Nations Tax Commission, the commissioners referred to in section 17; in respect of the First Nations Financial Management Board, the directors referred to in section 38; and in respect of the First Nations Infrastructure Institute, the directors referred to in subsection 102(1). (conseil d’administration) institution means the First Nations Tax Commission, the First Nations Financial Management Board or the First Nations Infrastructure Institute. (institution) Exclusion from federal public administration The officers and employees of an institution are not part of the federal public administration. No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of an institution. Financial year The financial year of each institution is the period from April 1 to March 31, unless otherwise prescribed by regulation. Expenditure of revenues Subject to any terms and conditions that the Treasury Board may direct, for the purposes of the institution, an institution may expend, during a financial year or the following year, any revenues that it receives in that financial year through the conduct of its operations. Corporate plans Each institution shall, in accordance with any directions given by the Minister, establish a five-year corporate plan and a budget for each financial year and submit them to the Minister for approval. Scope and contents of corporate plan The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of the objects or purposes of the institution; the institution’s objectives for the five-year period to which the plan relates and the strategy it intends to employ to achieve those objectives; and the institution’s expected performance for that five-year period as compared to its objectives set out in the last corporate plan. Contents of budget The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations. Form of corporate plan The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. Restriction on business or activity No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year. Amendment Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval. Books and systems Each institution shall keep books of account and records in relation to them; and maintain financial and management control and information systems. The books, records and systems referred to in subsection (1) shall be kept and maintained in such a manner as will provide reasonable assurance that the institution’s assets are safeguarded and controlled; its transactions are in accordance with this Act; its financial, human and physical resources are managed economically and efficiently; and its operations are carried out effectively. Internal audit An institution may cause internal audits to be conducted to assess compliance with subsections (1) and (2). Financial statements Each institution shall annually prepare financial statements, in accordance with generally accepted accounting principles, as supplemented by any directions given by the Minister under subsection (6). Form of financial statements The financial statements of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. Directions The Minister may give directions respecting the preparation of financial statements, to supplement generally accepted accounting principles. Annual auditor’s report Each institution shall cause an annual auditor’s report to be prepared in accordance with any directions of the Minister, on its financial statements; and any quantitative information required to be audited under subsection (3). A report under subsection (1) shall include separate statements as to whether in the auditor’s opinion the financial statements are presented fairly, in accordance with generally accepted accounting principles, applied on a basis consistent with that of the preceding year, the quantitative information is accurate in all material respects and, if applicable, was prepared on a basis consistent with that of the preceding year, and the transactions of the institution that have come to the auditor’s notice in the course of their examination for the report were carried out in accordance with this Act; and call attention to any other matter falling within the scope of the auditor’s examination for the report that, in their opinion, should be brought to the attention of the institution or the Minister. Audit of quantitative information The Minister may require that any quantitative information required to be included in an institution’s annual report pursuant to paragraph (2)(a) be audited. Presentation to Minister Each institution shall submit its audited financial statements to the Minister at least 30 days before the day of its annual meeting. Special examination Each institution shall, at least once every five years and at any other time required by its board of directors or by the Minister, cause a special examination to be carried out in respect of its operations to determine if the books, records, systems and practices referred to in section 119 were, in the period under examination, maintained in a manner that met the requirements of that section. Plan Before commencing a special examination, an examiner shall survey the systems and practices of the institution to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the institution. Resolution of disagreements Any disagreement between the examiner and the audit committee or board of directors of an institution with respect to a plan referred to in subsection (2) shall be resolved by the Minister. Reliance on internal audit An examiner shall, as far as is practicable, rely on any internal audit conducted pursuant to subsection 119(3) in respect of the institution being examined. An examiner shall, on completion of a special examination in respect of an institution, submit a report on their findings, and a summary of that report, to the Minister and to the board of directors of the institution. The report of an examiner shall include a statement whether in the examiner’s opinion, having regard to the criteria referred to in subsection 119(2), there is a reasonable assurance that there are no significant deficiencies in the systems and practices examined; and a statement of the extent to which the examiner relied on internal audits. Posting of report An institution shall, as soon as possible after receipt of an examiner’s report, post a summary of the report on an Internet website maintained by the institution. Examiner Subject to subsection (2), a special examination shall be carried out by the auditor of the institution. Other auditor If, in the opinion of the Minister, a person other than the auditor of an institution should carry out a special examination in respect of the institution, the Minister may, after consulting with the board of directors of the institution, direct that the examination be carried out by another auditor who is qualified for the purpose. Consultation with Auditor General The auditor or examiner of an institution may at any time consult the Auditor General of Canada on any matter relating to an audit or special examination. Right to information At the request of the auditor or examiner of an institution, the present or former commissioners, directors, officers, employees or agents or mandataries of the institution shall provide any information and explanations, and give access to any records, documents, books, accounts and vouchers of the institution that are under their control, that the auditor or examiner considers necessary to prepare a report required under this Act. Obligation to inform If a commissioner or director of an institution does not have information or an explanation requested by an auditor or examiner under subsection (1), the commissioner or director shall obtain the information or explanation and provide it to the auditor or examiner. Nothing in this Part or in any directions of the Minister shall be construed as authorizing the auditor or examiner of an institution to express any opinion on the merits of matters of policy, including the merits of the objects or purposes for which the institution was established or the restrictions on the businesses or activities that it may carry on, as set out in this Act; or any business or policy decision of the institution. Qualified privilege An oral or written statement or report made under this Part by an auditor or examiner has qualified privilege. Audit committee Each institution shall establish an audit committee composed of not less than three commissioners or directors who are not officers of the institution and who are competent to perform the duties set out in subsection (2). Duties An audit committee shall review, and advise the board of directors in respect of, the financial statements that are to be included in the annual report of the institution; oversee any internal audit of the institution; review, and advise the board of directors in respect of, the annual auditor’s report in respect of the institution; review, and advise the board of directors in respect of, any plan and report of a special examiner; and perform any other functions that are assigned to it by the board of directors of the institution. Auditor’s or examiner’s attendance An auditor and any examiner of an institution are entitled to receive notice of every meeting of the audit committee and, at the expense of the institution, to attend and be heard at each meeting. Required attendance The auditor or examiner of an institution shall attend any meeting of the institution’s audit committee at which he or she is requested to attend by a member of that committee. Calling meeting The auditor or examiner of an institution or a member of the institution’s audit committee may call a meeting of that committee. Disclosure of material developments The chief executive officer of an institution shall, as soon as reasonably practicable, notify the Minister and any commissioner or director of the institution not already aware of them of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the performance of the institution, relative to its objectives or requirements for funding. Each institution shall, within four months after the end of each financial year, submit to the Minister an annual report on the operations of the institution in that year. Form and contents The annual report of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution and shall include the financial statements of the institution; the annual auditor’s report; a statement on the extent to which the institution has met its objectives for the financial year; any quantitative information respecting the performance of the institution that the Minister may require to be included; and any other information that is required under this Act or any other Act of Parliament. Annual meeting The board of directors of an institution shall call an annual meeting not later than 18 months after the institution is established and subsequently not later than 15 months after the preceding annual meeting. Manner in which meeting held The board of directors shall determine the manner in which the annual meeting shall be held, which may be entirely by means of electronic communication or in a way that allows participation by such means. Notice of meeting An institution shall, at least 30 days before the annual meeting, publish a notice on an Internet website to be maintained by the institution setting out the time and location, if any, of the meeting; indicating the means of participating in the meeting, such as by providing instructions on how to participate electronically; and specifying that the institution’s annual report may be accessed on that website. Availability to public At the annual meeting, the board of directors shall ensure that the institution’s most recent annual report is made available to those participating in the meeting;

and the chief executive officer and the commissioners or directors of the institution who are attending the meeting are available to those participating in the meeting to answer any questions about the institution’s operations. Conflict of interest No person who is appointed to, or employed by, the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute shall be appointed to, or employed by, any other one of those bodies. No person referred to in subsection (1) shall accept or hold any office or employment that is inconsistent with their duties or take part in any matter involving a body referred to in subsection (1) in which they have an interest. All persons appointed to the First Nations Tax Commission, First Nations Financial Management Board or First Nations Infrastructure Institute shall comply with the Conflict of Interest Act as though they were public office holders as defined in that Act. Liability of His Majesty No person has a right to receive any compensation, damages, indemnity or other relief from His Majesty in right of Canada in respect of any claim against the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute arising from its exercise of, or its failure to exercise, any of its powers or functions, including any claim against the First Nations Tax Commission as an agent of His Majesty in right of Canada. Insurance required The First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute shall maintain in good standing at all times the insurance coverage required by any regulations made under paragraph 140(b). No appropriation No payment to the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute may be made under an appropriation by Parliament authorized under an Act of Parliament to enable the Commission, Board, Authority or Institute to satisfy any claim referred to in subsection 133(1). No compensation No person has a right to receive any compensation, damages, indemnity or other relief from Her Majesty in right of Canada, or from the First Nations Tax Commission, for any acquired, vested or future right, or for any prospect of such a right, that is affected by a law approved by the First Nations Tax Commission under subsection 31(3), or for any duty or liability imposed on that person as a result of such a law. Limit of liability — commissioner, director, employee, etc. No civil proceedings lie against any of the following persons for anything done or omitted to be done in the exercise or performance, or purported exercise or performance, in good faith of any power or duty under this Act or regulations made under this Act: a commissioner or employee of the First Nations Tax Commission or a person acting on its behalf; a director or employee of the First Nations Financial Management Board or a person acting on its behalf; and a director or employee of the First Nations Infrastructure Institute or a person acting on its behalf. Limit of liability — co-management or third-party management Despite anything in federal or provincial law, if, under this Act, the First Nations Financial Management Board has required a First Nation to enter into a co-management arrangement or has assumed third-party management of a First Nation’s local revenues or other revenues, neither the Board nor any director or employee of the Board or person acting on behalf of the Board is by reason of that fact liable for any liability of the First Nation. Despite anything in federal or provincial law or in a law of an Indigenous group, if, under this Act, the First Nations Financial Management Board has required an Indigenous group to enter into a co-management arrangement or has assumed third-party management of an Indigenous group’s other revenues, neither the Board nor any director or employee of the Board or person acting on behalf of the Board is by reason of that fact liable for any liability of the Indigenous group. Personal liability for costs No director or employee of the First Nations Financial Management Board or person acting on behalf of the Board is personally liable for costs awarded in any civil proceedings brought against any of them in relation to anything done, or omitted to be done, in the exercise or purported exercise of any power, or in the performance or purported performance of any duty, of that person or the Board in accordance with this Act or the regulations made under this Act, unless a court otherwise directs; or awarded against the Board in any civil proceedings. No civil proceedings lie against a member of a council or an employee of a First Nation for anything done, or omitted to be done, during the course of the exercise or purported exercise in good faith of any power, or the performance or purported performance in good faith of any duty, of that member or employee in accordance with this Act, regulations made under this Act or a law made by the council of a First Nation under this Act. Conflict with other laws In the event of a conflict between a local revenue law, a law made under subsection 8.1(1) or a law made under subsection 97(1) and an Act of Parliament or any regulations made under an Act of Parliament or a code made by a First Nation under another Act of Parliament, the Act, regulations or code prevails to the extent of the conflict. Conflict with other First Nation laws In the event of a conflict between a law made by a First Nation under this Act and a law, other than a code, made by the First Nation under another Act of Parliament, the law made by the First Nation under this Act prevails to the extent of the conflict. Official languages For greater certainty, the provisions of the Official Languages Act applicable to federal institutions apply to the First Nations Tax Commission. If there is a demand for services in a particular official language, the First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute shall offer services in that language. The Governor in Council may make regulations prescribing anything that is to be prescribed under subsection 20(3), 41(2) or 105(3) or section 116; and respecting the insurance coverage required to be maintained by the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute in respect of liabilities referred to in subsection 133(1), including the circumstances in which the Commission, Board, Authority or Institute would be exempt from that requirement. For the purpose of enabling an Indigenous group that is a party to a treaty, land claims agreement or self-government agreement with Canada to benefit from the provisions of this Act or obtain the services of any body established under this Act, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations Amendments to schedule in regulations The Minister may, by order, at the request of the governing body of an Indigenous group referred to in subsection (1), amend any schedule included in regulations made under that subsection and listing the Indigenous groups that are subject to those regulations in order to add or change the name of the Indigenous group; or delete the name of the Indigenous group, as long as there are no amounts owing by the Indigenous group to the First Nations Finance Authority that remain unpaid. Regulations — organizations referred to in paragraph 50.1(1)(e) For the purpose of enabling an organization referred to in paragraph 50.1(1)(e) to benefit from the provisions of this Act, other than Parts 1, 2 and 5, or obtain the services of the First Nations Financial Management Board or the First Nations Finance Authority, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations The Minister may, by order, at the request of an organization referred to in paragraph 50.1(1)(e), amend any schedule included in regulations made under subsection (1) and listing the organizations that are subject to those regulations in order to add or change the name of the organization; or delete the name of the organization, as long as there are no amounts owing by the organization to the First Nations Finance Authority that remain unpaid. Regulations — joint reserve lands For the purpose of enabling a First Nation to benefit from the provisions of this Act, or obtain the services of any body established under this Act, in respect of reserve lands that have been set apart for the use and benefit of that First Nation and one or more other First Nations, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations The heading before section 1 and sections 1 to 4 of the Debt Reserve Fund Replenishment Regulations are adapted as follows: The following definitions apply in these Regulations. Act means the First Nations Fiscal Management Act. (Loi) defaulting member means a borrowing member whose failure to make a payment payable under a borrowing agreement with the Authority has led to a reduction in the debt reserve fund. (membre en défaut) Debt reserve fund balance For the purposes of paragraphs 84(5)(a) and (b) of the Act, the amount is equal to the balance of the debt reserve fund immediately before the first of the payments from that fund were made, not taking into account any payments that previously led the Authority to require replenishment of the fund under those paragraphs. At least 90 days before the day on which a payment is to be made to replenish the debt reserve fund, the Authority must send to the council of every borrowing member that is a First Nation with an unpaid loan, and to every borrowing member that is an Indigenous group with an unpaid loan, a notice setting out the amount of the shortfall in the debt reserve fund and the amount required to be paid by that borrowing member as determined under section 3. The notice must identify all defaulting members and the amount of the shortfall attributable to each of them. Amount to pay The amount to be paid under subsection 2(1) is in the case of a defaulting member, an amount that is determined by the Authority that must not exceed the amount of the shortfall attributable to that defaulting member; and in the case of any other borrowing member with an unpaid loan, the amount determined by the formula is the aggregate amount of the borrowing member’s unpaid loans, is the aggregate amount of all borrowing members’ unpaid loans, is the aggregate amount of all defaulting members’ unpaid loans, is the amount of the shortfall in the debt reserve fund, and is the aggregate of the amounts payable by the defaulting members under paragraph (a). Liability For greater certainty, despite the payment of an amount under paragraph 3(a), a defaulting member remains liable for the payment to the Authority of all amounts required to be paid under a borrowing agreement with the Authority. The heading before section 1 and sections 1 to 23 of the Revenue Management Implementation Regulations are adapted as follows: financial institution means the First Nations Finance Authority or any person — including a bank, credit union or caisse populaire — or trustee with which local revenues or other revenues are deposited or by or through which local revenues or other revenues are invested. (institution financière) law-making delegate means in relation to a First Nation, a person or body to which the council of the First Nation has, under paragraph 5(1)(f), 8.1(1)(b) or 9(1)(b) of the Act, delegated any of the council’s powers to make laws; and in relation to an Indigenous group, a person or body, other than the Board, to which a governing body of the Indigenous group has delegated any of the governing body’s powers to make laws. (délégataire) local services capital assets means capital assets that are, or are intended to be, used wholly or in part for the delivery on reserve lands of programs and services that are paid for wholly or in part out of local revenues. (immobilisations destinées à la prestation de services locaux) manager means a person appointed under subsection 2(1). (administrateur) other revenues capital assets means capital assets that are, or are intended to be, used for generating other revenues; or used wholly or in part for the delivery of programs and services that are paid for wholly or in part out of other revenues. (immobilisations des autres recettes) record includes a computer file, computer database, photographic or graphical representation, sound recording, film and videotape. (document) tax administrator means the person responsible for the administration of a First Nation’s property taxation laws. (administrateur fiscal) third-party local services agreement means an agreement, lease, instrument or act granting a right-of-way or easement or real servitude, permit or other instrument or act to which a First Nation or His Majesty in right of Canada is a party that provides, wholly or in part, for the delivery of programs or services; and under which payments may be made from local revenues. (accord de services locaux) Unless the context otherwise requires, words and expressions used in these Regulations and not defined in them or in the Act have the same meaning as in the Indian Act. Appointment Subject to subsection (2) and section 3, if the Board requires a First Nation or Indigenous group to enter into a co-management arrangement or assumes third-party management and appoints a person who is not an employee of the Board to act as an agent or mandatary of the Board for the purposes of the co-management arrangement or third-party management, the scope of the authority of the person shall be set out in writing and a copy provided to the council of the First Nation or to the Indigenous group without delay. Qualification A member of the board of directors of the Board shall not be appointed as a manager. Limitation on authority A manager shall not give an order under paragraph 52(2)(e), 52.1(2)(e) or 52.2(2)(e) of the Act; act in the place of the council of the First Nation under paragraph 53(2)(a) or 53.1(2)(a) of the Act or act in the place of a governing body of the Indigenous group under paragraph 53.2(2)(a) of the Act; or assign interests or rights under paragraph 53(2)(c) of the Act. Request for information — First Nation A request for information referred to in section 54 of the Act may be made orally or in writing, by the Board or a manager, to the council of the First Nation or to any of its councillors, employees or law-making delegates. Request for information — Indigenous group A request for information referred to in section 54.1 of the Act may be made orally or in writing, by the Board or a manager, to the Indigenous group, to any member of a governing body of the Indigenous group or to any employee or law-making delegate of the Indigenous group. Records and documents — local revenues At any time after receipt of a notice under subsection 52(1) or 53(1) of the Act and while a co-management arrangement in respect of the First Nation’s local revenues or third-party management of its local revenues is in effect, the First Nation shall, without delay, on receipt of an oral or written request, give the Board or a manager access to, and copies — or the opportunity to make copies — of, all records and documents respecting the First Nation’s local revenue laws and their administration, including records and documents relating to communications between the First Nation and the First Nations Tax Commission, the First Nations Finance Authority or the Minister; assessments for the calculation of local revenues; the levying of taxes or the charging of fees under local revenue laws and the collection of local revenues; budgets for the expenditure of local revenues; reserve lands, or interests or rights in reserve lands, that are subject to local revenue laws; the First Nation’s local revenue account and all expenditures of local revenues including the audited financial reports or the audited annual financial statements, as the case may be, referred to in subsection 14(1.1) of the Act; any deposit, loan or investment, or any other agreement with a financial institution, relating to local revenues; representations made under paragraph 6(3)(c) of the Act; the enforcement of local revenue laws; agreements and communications between the First Nation and the First Nations Finance Authority, including those related to the borrowing of money from the Authority; agreements and communications between the First Nation and any law-making delegate relating to the delegation of law-making powers; requests made, or reviews carried out, under section 33 of the Act, including any agreements and communications with the First Nations Tax Commission in respect of the request or review; programs and services that are paid for wholly or in part out of local revenues; third-party local services agreements; local services capital assets; any other agreements, obligations, commitments or other arrangements under which the First Nation is or may become obligated to expend local revenues or is or may become entitled to receive local revenues; council meetings, membership meetings or taxpayers meetings at which local revenue laws are discussed; employment contracts of persons involved in the making or administration of any local revenue law or the management of local revenues; and drafts of records or documents referred to in any of paragraphs (a) to (r). Copies A First Nation shall, without delay, on receipt of any records or documents referred to in subsection (1) that are produced or obtained while a co-management arrangement or third-party management is in effect, provide a copy of the records or documents to the Board or a manager. Records and documents — other revenues of a First Nation At any time after receipt of a notice under subsection 52.1(1) or 53.1(1) of the Act and while a co-management arrangement in respect of the First Nation’s other revenues or third-party management of its other revenues is in effect, the First Nation shall, without delay, on receipt of an oral or written request, give the Board or a manager access to, and copies — or the opportunity to make copies — of, all records and documents respecting the laws of the First Nation made under section 8.1 of the Act and their administration, including records and documents relating to communications between the First Nation and the First Nations Finance Authority or the Minister; budgets for the expenditure of other revenues; reserve lands, or interests or rights in reserve lands, that are subject to laws made under section 8.1 of the Act; the First Nation’s other revenues and all expenditures of other revenues and, if applicable, the accounting information required under section 14.1 of the Act; any deposit, loan or investment, or any other agreement with a financial institution, relating to other revenues or any secured revenues trust account; the enforcement of the laws made under section 8.1 of the Act; programs and services that are paid for wholly or in part out of other revenues; other revenues capital assets; any other agreements, obligations, commitments or other arrangements under which the First Nation is or may become obligated to expend other revenues or is or may become entitled to receive other revenues; council meetings or membership meetings at which the laws made under section 8.1 of the Act are discussed; employment contracts of persons involved in the making or administration of any law made under section 8.1 of the Act or the management of other revenues; and drafts of records or documents referred to in any of paragraphs (a) to (m). Records and documents — other revenues of an Indigenous group At any time after receipt of a notice under subsection 52.2(1) or 53.2(1) of the Act and while a co-management arrangement in respect of the Indigenous group’s other revenues or third-party management of its other revenues is in effect, the Indigenous group shall, without delay, on receipt of an oral or written request, give the Board or a manager access to, and copies — or the opportunity to make copies — of, all records and documents respecting the Indigenous group’s laws respecting other revenues and the administration of those laws, including records and documents relating to lands of the Indigenous group that are generating other revenues; the Indigenous group’s other revenues and all expenditures of other revenues and, if applicable, the accounting information required under section 15.3 of the Act; the enforcement of laws respecting other revenues; agreements and communications between the Indigenous group and the First Nations Finance Authority, including those related to the borrowing of money from the Authority; agreements and communications between the Indigenous group and any law-making delegate relating to the delegation of law-making powers; any other agreements, obligations, commitments or other arrangements under which the Indigenous group is or may become obligated to expend other revenues or is or may become entitled to receive other revenues; meetings of a governing body of the Indigenous group, or meetings of the Indigenous group’s members, at which laws respecting other revenues are discussed; employment contracts of persons involved in the making or administration of any law respecting other revenues or the management of other revenues; and drafts of records or documents referred to in any of paragraphs (a) to (l). An Indigenous group shall, without delay, on receipt of any records or documents referred to in subsection (1) that are produced or obtained while a co-management arrangement or third-party management is in effect, provide a copy of the records or documents to the Board or a manager. Request for copies — local revenues At any time after the Board gives a notice under subsection 52(1) or 53(1) of the Act and while a co-management arrangement in respect of the First Nation’s local revenues or third-party management of its local revenues is in effect, the Board or a manager may, either orally or in writing, request copies of records or documents referred to in section 5 from any person who possesses or has control over them, including the First Nations Tax Commission; the First Nations Finance Authority; a financial institution; a law-making delegate; any party to a third-party local services agreement; any person who manages or controls local services capital assets; the First Nation’s auditor; and the person in charge of the Reserve Land Register, the Surrendered and Designated Lands Register, the First Nation Lands Register, as defined in subsection 2(2) of the Framework Agreement on First Nation Land Management Act, or any register maintained by or for the First Nation in which reserve lands, or interests or rights in reserve lands, are recorded, or any provincial land registry in which reserve lands, or interests or rights in reserve lands, are recorded. Assistance The First Nation shall, on the request of the Board or manager, provide the Board or manager with any assistance that is necessary to enable them to obtain copies of records or documents under subsection (1). Request for copies — other revenues of a First Nation At any time after the Board gives a notice under subsection 52.1(1) or 53.1(1) of the Act and while a co-management arrangement in respect of the First Nation’s other revenues or third-party management of its other revenues is in effect, the Board or a manager may, either orally or in writing, request copies of records or documents referred to in section 5.1 from any person who possesses or has control over them, including any person who manages or controls other revenues capital assets; Request for copies — other revenues of an Indigenous group At any time after the Board gives a notice under subsection 52.2(1) or 53.2(1) of the Act and while a co-management arrangement in respect of the Indigenous group’s other revenues or third-party management of its other revenues is in effect, the Board or a manager may, either orally or in writing, request copies of records or documents referred to in section 5.2 from any person who possesses or has control over them, including the Indigenous group’s auditor; and the person in charge of any land registry in which the Indigenous group’s lands are recorded. The Indigenous group shall, on the request of the Board or manager, provide the Board or manager with any assistance that is necessary to enable them to obtain copies of records or documents under subsection (1). Explanations — First Nation If a First Nation is required to provide records or documents under section 5 or 5.1, a councillor, employee, law-making delegate or representative of the First Nation shall, at the request of the Board or a manager, made orally or in writing, provide an explanation of the records or documents. Requirement to obtain information If a councillor, employee, law-making delegate or representative of the First Nation is not able to provide the requested explanation, they shall, without delay, make every effort to obtain any information, records or documents that are necessary to provide the explanation. Explanations — Indigenous group If an Indigenous group is required to provide records or documents under section 5.2, a member of a governing body of the Indigenous group or an employee, law-making delegate or representative of the Indigenous group shall, at the request of the Board or a manager, made orally or in writing, provide an explanation of the records or documents. If a member of a governing body of the Indigenous group or an employee, law-making delegate or representative of the Indigenous group is not able to provide the requested explanation, they shall, without delay, make every effort to obtain any information, records or documents that are necessary to provide the explanation. Maintenance and return of records or documents When the Board or a manager obtains records or documents from a First Nation or Indigenous group, or creates records or documents on behalf of a First Nation or Indigenous group, while a co-management arrangement or third-party management is in effect, the Board or the manager shall maintain care and control over them until they are returned to the First Nation or Indigenous group; may make and retain copies of them; and subject to paragraph (b), shall return them to the First Nation or Indigenous group, without delay, on termination of the co-management arrangement or third-party management. First Nation access to records or documents On receipt of a written request from the council of the First Nation, the Board or a manager shall allow a representative of the council to inspect and copy records or documents referred to in section 8, on any terms and conditions that will ensure the security and safekeeping of the records or documents. Indigenous group access to records or documents On receipt of a written request from the Indigenous group, the Board or a manager shall allow a representative of a governing body of the Indigenous group to inspect and copy records or documents referred to in section 8, on any terms and conditions that will ensure the security and safekeeping of the records or documents. Copy of order If an order is made under paragraph 52(2)(e), 52.1(2)(e) or 52.2(2)(e) of the Act requiring that cheques be co-signed by a manager, the Board or the manager shall provide a copy of the order to each financial institution with which the First Nation or Indigenous group has any ongoing financial arrangements. Revocation of order If an order referred to in subsection (1) is revoked by the Board, the Board or a manager shall provide a copy of the revocation to each financial institution referred to in that subsection. Notice to financial institutions If the Board assumes third-party management, the Board or a manager shall provide, to each financial institution with which the First Nation or Indigenous group has any ongoing financial arrangements, a copy of the notice of assumption of third-party management given by the Board to the council of the First Nation or to the Indigenous group. Signatories The Board or a manager may, by written notice to a financial institution, authorize one or more individuals to act as signatory for a manager for the purposes of subsection (1) and establish the number of signatories required for any purpose. Notice of termination of third-party management If third-party management is terminated by the Board, the Board or a manager shall provide a copy of the notice of termination to each financial institution referred to in subsection (1). Application of Act and regulations to Board For greater certainty, nothing in these Regulations exempts the Board, while acting in the place of the council of a First Nation under paragraph 53(2)(a) or (b) or 53.1(2)(a) or (b) of the Act or in the place of a governing body of an Indigenous group under paragraph 53.2(2)(a) or (b) of the Act, from complying with any of the requirements applicable to the council of the First Nation or to the Indigenous group under the Act and any regulations made under it. Notice of law-making Before making a law under paragraph 53.2(2)(a) of the Act in relation to an Indigenous group named in Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations, the Board shall give 30 days’ written notice to the Indigenous group, the First Nations Finance Authority and the First Nations Tax Commission, accompanied by a copy of the proposed law, an indication of the timing of the making of the law and the reasons that the Board intends to make the law. Subsection (1) does not apply if the Board is of the opinion that giving the notice would obstruct its ability to take timely and necessary actions to remedy the situation for which third-party management was required. Written representations Within 15 days after the day on which the notice is received or any longer period permitted by the Board, the Indigenous group may make written representations to the Board regarding the proposed law and its timing. Conditions for law-making Before making the law, the Board shall consider any representations made by the Indigenous group; ensure that the requirements of this section are met; and in the case of a law respecting financial administration, ensure that the law complies, in all material respects, with the standards established under paragraph 55(1)(a.1) of the Act. Meeting of board of directors The making of the law shall take place at a meeting of the board of directors of the Board, held in accordance with the board of directors’ rules. Making of law The making of the law shall be effected by the passing of a resolution. Copy to Indigenous group No later than 15 days after the day on which the law is made, the Board shall provide the Indigenous group with a certified copy of the resolution and a copy of the law. Scope of implementation The implementation of a co-management arrangement or third-party management in respect of a First Nation or Indigenous group does not preclude the Board from approving a financial administration law in respect of the First Nation made by its council under subsection 9(1) of the Act or made by the Board acting in the place of the council under paragraph 53(2)(a) or 53.1(2)(a) of the Act; performing a review under subsection 15.1(6) of the Act; or issuing a certificate to the First Nation or Indigenous group under subsection 50(3) of the Act or revoking it under subsection 50(4) of the Act. Sharing of information The Board or a manager may disclose any records, documents and other information, including records, documents and information obtained under these Regulations, that the Board or manager considers necessary to carry out co-management or third-party management effectively or to fulfil the objectives set out in section 15. Cooperative management — local revenues If the Board has required a First Nation to enter into a co-management arrangement in respect of its local revenues or has assumed third-party management of its local revenues, the Board shall work cooperatively with the council of the First Nation, the tax administrator and any employee of the First Nation designated by the council to enable the First Nation to resume full responsibility for the management, control and administration of its local revenues. Cooperative management — other revenues of a First Nation If the Board has required a First Nation to enter into a co-management arrangement in respect of its other revenues or has assumed third-party management of its other revenues, the Board shall work cooperatively with the council of the First Nation and any employee of the First Nation designated by the council to enable the First Nation to resume full responsibility for the management, control and administration of its other revenues. Cooperative management — other revenues of an Indigenous group If the Board has required an Indigenous group to enter into a co-management arrangement in respect of its other revenues or has assumed third-party management of its other revenues, the Board shall work cooperatively with any governing body of the Indigenous group and any employee of the Indigenous group designated by the governing body to enable the Indigenous group to resume full responsibility for the management, control and administration of its other revenues. Interpretation Subsections (1) to (1.2) do not limit or otherwise affect the powers and discretion of the Board in respect of the implementation of a co-management arrangement or of third-party management. Remedial management plan — local revenues Within 60 days after requiring a First Nation to enter into a co-management arrangement in respect of the First Nation’s local revenues or assuming third-party management of its local revenues, the Board or a manager shall review the available information relating to the First Nation’s local revenues and to its local revenue laws and provide the council of the First Nation with a remedial management plan to address the matters that contributed to the assumption of co-management or third-party management. Remedial management plan — other revenues of a First Nation Within 60 days after requiring a First Nation to enter into a co-management arrangement in respect of the First Nation’s other revenues or assuming third-party management of its other revenues, the Board or a manager shall review the available information relating to the First Nation’s other revenues and to its laws made under section 8.1 of the Act and provide the council of the First Nation with a remedial management plan to address the matters that contributed to the assumption of co-management or third-party management. Remedial management plan — other revenues of an Indigenous group Within 60 days after requiring an Indigenous group to enter into a co-management arrangement in respect of the Indigenous group’s other revenues or assuming third-party management of its other revenues, the Board or a manager shall review the available information relating to the Indigenous group’s other revenues and to its laws respecting other revenues and provide the Indigenous group with a remedial management plan to address the matters that contributed to the assumption of co-management or third-party management. Content of plan A remedial management plan may include a debt reduction plan, a budget or an expenditure plan. Continuing need A remedial management plan shall indicate whether the Board is of the opinion that there is a continuing need for a co-management arrangement or third-party management. The Board shall provide a written report of the results of each review required under subsection 53(5), 53.1(7) or 53.2(7) of the Act. Final report — First Nation Within six months after the termination of third-party management of a First Nation’s local revenues or other revenues, the Board or a manager shall provide the council of the First Nation with a written report that includes a summary of any third-party management activities not previously reported on; a summary or copy of all laws made by the Board acting in the place of the council of the First Nation under paragraph 53(2)(a) or 53.1(2)(a) of the Act; a summary or copy of all agreements entered into or terminated by the Board in the course of implementing third-party management; in the case of third-party management of the First Nation’s local revenues, a copy of the most recent audited financial report or the audited annual financial statements, as the case may be, that were made available to the Board under subsection 14(2) of the Act, and a statement of the revenues deposited to, and any expenditures from, the local revenue account, from the last day covered by the financial report or financial statements, as the case may be, to the most recent date possible; in the case of third-party management of the First Nation’s other revenues, a copy of the most recent accounting information that was provided to the Board under section 14.1 of the Act, if applicable, and a statement of any deposits and expenditures of other revenues, from the last day covered by the accounting information to the most recent date possible; and an update to the remedial management plan. Final report — Indigenous group Within six months after the termination of third-party management of an Indigenous group’s other revenues, the Board or a manager shall provide the Indigenous group with a written report that includes a summary or copy of all laws made by the Board acting in the place of a governing body of the Indigenous group under paragraph 53.2(2)(a) of the Act; a copy of the most recent accounting information that was provided to the Board under section 15.3 of the Act, if applicable, and a statement of any deposits and expenditures of other revenues, from the last day covered by the accounting information to the most recent date possible; and Within six months after the termination of co-management without assuming third-party management, the Board or a manager shall provide the council of the First Nation, or the Indigenous group, with a written report that includes a summary of any co-management activities not previously reported on; and Meeting to review reports Within 45 days after delivery to the council of the First Nation, or to the Indigenous group, of the remedial management plan provided under section 16 or a report provided under section 18, the council of the First Nation, or the Indigenous group, may deliver a written request to the Board or a manager to meet to review the plan or report. Time limit for meeting Within 30 days after the date of the acknowledgement of receipt of the request, the Board or a manager shall meet with the council of the First Nation, or a representative of the Indigenous group, to review the plan or report and respond to questions about it. Records of fees and disbursements The Board shall maintain records of disbursements made and of fees paid or payable by the Board to a manager and other persons in the course of implementing a co-management arrangement or third-party management. Invoices The Board shall invoice the First Nation or Indigenous group, not more than once each month, for the amount of fees and disbursements that have been invoiced to the Board since the date of the last invoice rendered to the First Nation or Indigenous group under this subsection, plus 10% of that amount. Final invoice After termination of a co-management arrangement or third-party management, the Board shall send a final invoice to the First Nation or Indigenous group within nine months after the date on which the notice of termination is given under subsection 52(3), 52.1(3), 52.2(3), 53(6), 53.1(8) or 53.2(8) of the Act, as the case may be. Form of invoices Each invoice sent to the First Nation or Indigenous group shall set out the nature and amounts of the fees and disbursements and shall include a copy of any invoices received by the Board from a manager or the other persons referred to in subsection (1). Debt The First Nation or Indigenous group shall pay to the Board the amounts that have been invoiced under this section within 30 days after the day on which each invoice is received or within any longer period that is agreed to by the Board and the First Nation or Indigenous group. Funding of required interventions If the following conditions are met, the Board shall give notice, in writing, to the First Nations Finance Authority, the First Nations Tax Commission and the Minister of the Board’s intention to send the Authority any invoices referred to in section 20 that have not been paid by the First Nation or Indigenous group before or on the day on which they are due: the Board incurred the fees and disbursements set out in the invoices in the course of implementing a co-management arrangement or third-party management that was required by a notice referred to in subsection 86(4) or (5) of the Act; the Board is of the opinion that the First Nation or Indigenous group does not have funds available to pay the invoices and that, if it were required to do so, it would go further into debt without any reasonable ability to discharge its debts; and the Board does not have funds available to pay the invoices. Invoices to Authority The Board may send the First Nations Finance Authority the invoices referred to in subsection (1) no earlier than 30 days after the day on which the notice is given to the Authority. Payment of invoices Unless the First Nations Finance Authority receives a notice under subsection (4), it shall pay to the Board the amounts invoiced within 30 days after the day on which the invoices are received. Change of circumstances If a condition set out in paragraph (1)(b) or (c) ceases to be met after the notice referred to in subsection (1) is given, the Board shall give notice of that fact in writing to the First Nations Finance Authority, the First Nations Tax Commission and the Minister. Written notices The following notices and orders given by the Board shall be in writing: a notice given to the council of a First Nation under subsection 52(1) or (3) or 52.1(1) or (3) of the Act or to an Indigenous group under subsection 52.2(1) or (3) of the Act; an order made under paragraph 52(2)(e), 52.1(2)(e) or 52.2(2)(e) of the Act and any revocation of the order; a notice given to the First Nations Finance Authority and the First Nations Tax Commission under subsection 52(5), 52.1(5) or 52.2(5) of the Act; a notice given to the council of a First Nation under subsection 53(1) or (6) or 53.1(1) or (8) of the Act or to an Indigenous group under subsection 53.2(1) or (8) of the Act; a notice given to the Minister under subsection 53(1) or 53.1(1) of the Act; and a notice given to the First Nations Finance Authority and the First Nations Tax Commission under subsection 53(8), 53.1(10) or 53.2(10) of the Act. Copy to Authority and Commission The Board shall provide the First Nations Finance Authority and the First Nations Tax Commission with a copy of a notice given to the council of a First Nation under subsection 52(1) or (3), 52.1(1) or (3), 53(1) or (6) or 53.1(1) or (8) of the Act or to an Indigenous group under subsection 52.2(1) or (3) or 53.2(1) or (8) of the Act. Copy to the Minister The Board shall provide the Minister with a copy of a notice given to the council of a First Nation under subsection 53(6) or 53.1(8) of the Act. Methods of delivery Records, notices, reports, copies, orders, invoices, requests or any other documents referred to in these Regulations may be delivered personally, or by courier, registered mail, fax or e-mail. Personal delivery A record, notice, report, copy, order, invoice, request or any other document referred to in these Regulations may be delivered personally to the Board or a manager, by leaving it with an employee of the Board or a member of the board of directors of the Board, at the office of the Board at 100 Park Royal South, Suite 300, West Vancouver, British Columbia, V7T 1A2, an employee of the Board in any other location, if the employee is acting in the course of their duties, or the manager, if the manager is acting in the course of their duties; to a First Nation or its council, by leaving it with the person apparently in charge, at the time of delivery, of the administrative office of the First Nation, or with the First Nation’s legal counsel; to an Indigenous group, by leaving it with the person apparently in charge, at the time of delivery, of the administrative office of the Indigenous group, or with the Indigenous group’s legal counsel; and to a financial institution, by leaving it with the person apparently in charge, at the time of delivery, of its head office or of a branch office of the institution, with an officer or director of the institution or with the institution’s legal counsel. Time of delivery A record, notice, report, copy, order, invoice, request or any other document referred to in these Regulations shall be considered to have been delivered if delivered personally, at the time that personal delivery is made; if sent by registered mail or by courier, at the time that the acknowledgement of its receipt is signed; if sent by fax, on the day indicated on the confirmation of transmission; and if sent by e-mail, at the time indicated in the electronic confirmation that the e-mail has been delivered to the recipient’s e-mail address. Addition to Schedule 1 or 2 These Regulations come into force on the day on which an amendment to add the name of an Indigenous group to Schedule 1 or 2 comes into force. [Note: Regulations not in force.]