First Nations Fiscal Management Act

Marginal note:Restrictions

• 32 (1) The Commission shall not approve a law made under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a) unless

  • (a) the First Nation has obtained and forwarded to the Commission a certificate in respect of their financial performance, issued by the First Nations Financial Management Board under subsection 50(3); and

  • (b) the First Nation has sufficient unutilized borrowing capacity in respect of that loan.

• Marginal note:Copy and certificate

  (2) On approving a law made by a First Nation under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a), the Commission shall provide the First Nations Finance Authority with

  • (a) a true copy of the law registered under subsection 31(4); and

  • (b) a certificate stating that the law meets all the requirements of this Act and the regulations made under this Act.

• Marginal note:Notice of judicial review

  (3) If the Commission becomes aware that judicial review proceedings have been undertaken in respect of an approved law referred to in subsection (2), the Commission shall without delay inform the First Nations Finance Authority of those proceedings.

• Marginal note:Certificate is evidence

  (4) A certificate referred to in paragraph (2)(b) is, in the absence of evidence to the contrary, conclusive evidence in any judicial proceedings of the facts contained in it.