First Nations Fiscal Management Act Adaptation Regulations — 5
ce Authority, the First Nations Tax Commission and the council of the First Nation of the results of its review. Termination by Board (8) The Board may terminate third-party management of a First Nation’s other revenues, on giving notice to the council of the First Nation, if (a) it is of the opinion that there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues and the Authority consents to the termination in writing; (b) in the case of a First Nation that was in default of an obligation to the First Nations Finance Authority relating to a loan secured by other revenues, it is of the opinion that the First Nation has remedied the default and the Authority consents to the termination in writing; (c) it is of the opinion that the situation for which third-party management of the First Nation’s other revenues was required has been remedied; or (d) in the case of third-party management that was assumed by the Board following receipt of a notice under subsection 86(5), the First Nations Finance Authority has, in writing, requested the termination and stated its reasons for the request. Opinion final (9) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice (10) The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of a First Nation’s other revenues. Third-party management — other revenues of an Indigenous group 53.2 (1) The Board may, on giving notice to an Indigenous group, assume management of the Indigenous group’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, (a) if, in the opinion of the Board, the co-management arrangement entered into under section 52.2 has not been effective; (b) if, in the opinion of the Board, there is a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; or (c) if the Board has received a notice under subsection 86(5). Powers (2) If the Board assumes third-party management of the other revenues of an Indigenous group, the Board has the exclusive authority to (a) act in the place of a governing body of the Indigenous group to make borrowing laws or laws respecting financial administration or the expenditure of other revenues; (b) act in the place of a governing body of the Indigenous group to (i) with respect to other revenues, exercise any powers and fulfil any obligations of the governing body under this Act, including under the regulations made under this Act, or under the Indigenous group’s borrowing laws or its laws respecting financial administration or the expenditure of other revenues, (ii) manage the Indigenous group’s other revenues, (iii) manage assets of the Indigenous group that are generating other revenues, including by exercising any powers of the governing body to terminate an agreement, or enter into a new agreement, in respect of those assets, (iv) undertake any necessary borrowing for the purpose of remedying the situation for which third-party management was required, and (v) provide for the delivery of programs and services that are paid for out of the Indigenous group’s other revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; and (c) with respect to other revenues, exercise any powers or fulfil any obligations delegated to the Board under a law of the Indigenous group or an agreement between the Indigenous group and the Board or between the Indigenous group and the First Nations Finance Authority. Law-making (3) If the Board makes a law under paragraph (2)(a) in relation to an Indigenous group named in Schedule 2 to the First Nations Fiscal Managem