First Nations Oil and Gas and Moneys Management Act

Marginal note:Accounts — moneys

49 Books and accounts shall be maintained for moneys that have been paid to a first nation under sections 30 and 31, 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 an account is established to hold moneys so paid; or

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