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Naskapi and the Cree-Naskapi Commission Act

Version of section 97 from 2002-12-31 to 2018-03-28:

Marginal note:Borrowing by-laws

  •  (1) Each borrowing by a band, whether on a short-term basis or on a long-term basis, must be authorized by a by-law of the band, which by-law must specify

    • (a) the amount to be borrowed and the purpose of borrowing; and

    • (b) the manner and terms of repayment and the repayment date or dates.

  • Marginal note:Long-term borrowing

    (2) A by-law made under subsection (1) authorizing long-term borrowing must be approved by the electors of the band at a special band meeting or referendum at which at least twenty per cent of the electors voted on the matter.

  • Marginal note:Idem

    (3) A band may not borrow on a long-term basis until regulations made under section 98 are in force.

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