Marginal note:Head office
47. The head office of the Board shall be at a location determined by the Governor in Council.
48. (1) The board of directors may
(a) hire any staff that is necessary to conduct the work of the Board; and
(b) determine the duties of those persons and the conditions of their employment.
Marginal note:Salaries and benefits
(2) Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors.
49. The purposes of the Board are to
(a) assist first nations in developing the capacity to meet their financial management requirements;
(b) assist first nations in their dealings with other governments respecting financial management, including matters of accountability and shared fiscal responsibility;
(c) assist first nations in the development, implementation and improvement of financial relationships with financial institutions, business partners and other governments, to enable the economic and social development of first nations;
(d) develop and support the application of general credit rating criteria to first nations;
(e) provide review and audit services respecting first nation financial management;
(f) provide assessment and certification services respecting first nation financial management and financial performance;
(g) provide financial monitoring services respecting first nation financial management and financial performance;
(h) provide co-management and third-party management services; and
(i) provide advice, policy research and review and evaluative services on the development of fiscal arrangements between first nations’ governments and other governments.
Functions and Powers
Marginal note:Review of financial management system
50. (1) On the request of the council of a first nation, the Board may review the first nation’s financial management system or financial performance for compliance with the standards established under subsection 55(1).
(2) On completion of a review under subsection (1), the Board shall provide to the first nation a report setting out
(a) the scope of the review undertaken; and
(b) an opinion as to the extent to which the first nation was in compliance with the standards.
(3) If after completing a review under subsection (1) the Board is of the opinion that the first nation was in compliance with the standards, it shall issue to the first nation a certificate to that effect.
Marginal note:Revocation of certificate
(4) The Board may, on giving notice to a council, 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 upon which the certificate was issued has materially changed.
Marginal note:Form and content
(5) 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.
Marginal note:Remedial measures required
(6) If a borrowing member’s certificate is revoked, the borrowing member shall, without delay, take any measures required to re-establish its certification.
Marginal note:Opinion final
(7) An opinion of the Board referred to in this section is final and conclusive and is not subject to appeal.
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