Establishment and Organization of Authority
58. There is hereby established a non-profit corporation without share capital, to be known as the First Nations Finance Authority.
59. The members of the Authority shall be its borrowing members and investing members.
Marginal note:Not agent of Her Majesty
60. (1) 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 public service of Canada.
Marginal note:No guarantees
(2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of the Authority.
Marginal note:Board of Directors
61. (1) The Authority shall be managed by a board of directors, consisting of from 5 to 11 directors, including a Chairperson and Deputy Chairperson.
Marginal note:Nomination of directors
(2) A representative of a borrowing member may nominate
(a) a representative of a borrowing member for election as Chairperson or Deputy Chairperson; and
(b) any representative for election as a director other than the Chairperson or Deputy Chairperson.
Marginal note:Election of directors
(3) Directors shall be elected by representatives of borrowing members.
Marginal note:Function of Deputy Chairperson
62. 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.
Marginal note:Term of office
63. (1) Directors shall hold office on a part-time basis for a term of one year.
Marginal note:Additional terms
(2) A director is eligible to be re-elected for a second or subsequent term of office.
Marginal note:Ceasing to be director
(3) A person ceases to be a director when
(a) the person ceases to hold office as a chief or councillor of a first nation that is a borrowing member or investing member;
(b) the person’s designation as a representative of a borrowing member or investing member is revoked by a resolution of the council of that first nation; or
(c) the person is removed from office before the expiry of the term of the appointment by a special resolution of the board of directors.
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