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First Nations Fiscal Management Act

Version of section 13 from 2016-04-01 to 2018-12-12:

Marginal note:Local revenue account

  •  (1) Local revenues of a first nation shall be placed in a local revenue account with a financial institution, separate from other moneys of the first nation.

  • Marginal note:Restriction on expenditures

    (2) Local revenues may be expended only under the authority of a law made under paragraph 5(1)(b).

  • Marginal note:Balanced budget

    (3) Expenditures provided for in a law made under paragraph 5(1)(b) shall not exceed the local revenues estimated for the year in which those expenditures are to be made, less any deficit accumulated from prior years.

  • 2005, c. 9, s. 13
  • 2015, c. 36, s. 184

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