PART 3First Nations Financial Management Board (continued)
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.
- 2005, c. 9, s. 56
- 2018, c. 27, s. 414(E)
56.1 For the purpose of enabling an entity referred to in any of paragraphs 50.1(1)(a) to (e) to obtain the services of the Board, other than co-management and third-party management services, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations
(a) adapting any provision of this Act or of any regulation made under this Act; and
(b) restricting the application of any provision of this Act or of any regulation made under this Act.
- 2018, c. 27, s. 400
PART 4First Nations Finance Authority
57 The following definitions apply in this Part.
Authority means the First Nations Finance Authority. (Administration)
- investing member
investing member means a First Nation that has invested in a short-term investment pool managed by the Authority. (membre investisseur)
- long-term loan
long-term loan means a loan the term of which is one year or longer. (prêt à long terme)
member means a borrowing member or investing member. (membre)
- property tax revenues
property tax revenues means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). (recettes fiscales foncières)
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. (représentant)
security means a security of the Authority issued under paragraph 75(1)(b). (titre)
- short-term loan
short-term loan means a loan the term of which is less than one year. (prêt à court terme)
- 2005, c. 9, s. 57
- 2015, c. 36, s. 193
- 2018, c. 27, s. 414(E)
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 federal public administration.
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.
- 2005, c. 9, ss. 60, 154(E)
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, elected from among the representatives of borrowing members.
Marginal note:Nomination of directors
(2) A representative of a borrowing member may nominate a representative of a borrowing member for election as Chairperson or Deputy Chairperson or 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.
- 2005, c. 9, s. 61
- 2018, c. 27, s. 401
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
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;
(b) the person’s designation as a representative of a borrowing 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.
- 2005, c. 9, s. 63
- 2018, c. 27, s. 402
64 Two thirds of the directors constitute a quorum at any meeting of the board of directors.
Marginal note:Majority vote
65 Decisions by the board of directors shall be made by a majority vote of the directors present.
Marginal note:Canada Not-for-profit Corporations Act
Marginal note:Canada Business Corporations Act
(2) The following provisions of the Canada Business Corporations Act apply, with any modifications that the circumstances require, to the Authority and its directors, members, officers and employees as if the Authority were a corporation incorporated under that Act, this Part were its articles of incorporation and its members were its shareholders:
(a) subsection 15(1) (capacity of a natural person);
(b) section 16 (by-law not required to confer powers on Authority, restriction on powers of Authority, and validity of acts of Authority);
(c) subsection 21(1) (access to Authority’s records by members and creditors);
(d) section 23 (corporate seal not needed to validate instrument);
(e) subsections 103(1) to (4) (powers of directors to make and amend by-laws, member approval of by-laws and effective date of by-laws);
(f) subsection 105(1) (qualifications of directors);
(g) subsection 108(2) (resignation of director);
(h) section 110 (right of director to attend members’ meetings and statements by retiring directors);
(i) subsection 114(1) (place of directors’ meetings);
(j) section 116 (validity of acts of directors and officers);
(k) section 117 (validity of directors’ resolutions not passed at meeting);
(l) subsections 119(1) and (4) (liability of directors);
(m) section 120 (conflict of interests of directors);
(n) section 123 (directors’ dissents);
(o) section 124 (directors’ indemnity);
(p) section 155 (financial statements);
(q) section 158 (approval of financial statements by directors);
(r) section 159 (sending financial statements to members before annual meeting);
(s) sections 161 and 162 (qualifications and appointment of auditor);
(t) section 168 (rights and duties of auditor);
(u) section 169 (examination by auditor);
(v) section 170 (auditor’s right to information);
(w) subsections 171(3) to (9) (duty and administration of audit committee and penalty for failure to comply);
(x) section 172 (qualified privilege in defamation for auditor’s statements); and
(y) subsections 257(1) and (2) (certificates of Authority as evidence).
- 2005, c. 9, s. 66
- 2009, c. 23, ss. 328, 354
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