Marginal note:Required information

54. At the request of the Board, a first nation that has made a local revenue law 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.

Marginal note:Standards

• 55. (1) The Board may establish standards, not inconsistent with the regulations, respecting

  • (a) the form and content of laws made under section 9;

  • (b) approvals of the Board under Part 1;

  • (c) certification of first nations under section 50; and

  • (d) financial reporting under subsection 14(1).

• Marginal note:Procedures

  (2) The Board may establish procedures respecting

  • (a) the submission for approval and approval of laws made under section 9;

  • (b) the issuance of a certificate under subsection 50(3); and

  • (c) the implementation or termination of a co-management arrangement or third-party management of a first nation’s local revenues.

• Marginal note:Statutory Instruments Act

  (3) The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2).

• Marginal note:First Nations Gazette

  (4) 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.

Marginal note:Regulations

56. The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Board, make regulations

• (a) respecting the implementation of a co-management arrangement or third-party management of a first nation’s local revenues, including the obligations of affected first nations to provide access to financial records; and

• (b) 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.

Marginal note:Definitions

57. The following definitions apply in this Part.

“Authority”

« Administra­tion »

“Authority” means the First Nations Finance Authority.

“investing member”

« membre investisseur »

“investing member” means a first nation that has invested in a short-term investment pool managed by the Authority.

“long-term loan”

« prêt à long terme »

“long-term loan” means a loan the term of which is one year or longer.

“member”

« membre »

“member” means a borrowing member or investing member.

“property tax revenues”

« recettes fiscales foncières »

“property tax revenues” means moneys raised under a law made under paragraph 5(1)(a).

“representative”

« représentant »

“representative”, in respect of a first nation that is a member, means the chief or a councillor of the first nation who is designated as a representative by a resolution of its council.

“security”

« titre »

“security” means a security of the Authority issued under paragraph 75(1)(b).

“short-term loan”

« prêt à court terme »

“short-term loan” means a loan the term of which is less than one year.