Naskapi and the Cree-Naskapi Commission Act
Marginal note:Borrowing limitations
96 (1) A band may not borrow money on either a short-term or long-term basis otherwise than in accordance with section 97 and the regulations made under section 98.
Marginal note:Short-term and long-term borrowing
(2) For the purposes of this section and sections 97 and 98,
(a) money shall be deemed to be borrowed on a short-term basis only if
(i) it is borrowed for the purpose of meeting the normal operating expenditures of the band,
(ii) it is to be repaid within one year from the day on which it is borrowed, and
(iii) the band has, prior to borrowing the money, identified the source of revenue from which the money is to be repaid; and
(b) all borrowing that is not on a short-term basis shall be deemed to be on a long-term basis.
Marginal note:Repayment of loan
(3) Where a source of revenue has been identified pursuant to subparagraph (2)(a)(iii), moneys received by the band from that source shall be applied to the repayment of the loan in question.
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