First Nations Oil and Gas and Moneys Management Act

Marginal note:Accounts — oil and gas

48 Books and accounts shall be maintained for a first nation’s oil and gas moneys, and annual financial statements shall be prepared in respect of those moneys, in accordance with the generally accepted accounting principles of the Canadian Institute of Chartered Accountants, by

• (a) the council of the first nation if no trust is established to hold its oil and gas moneys; or

• (b) the trustees of the trust and the council of the first nation if a trust is established.