First Nations Fiscal Management Act Adaptation Regulations — 5
ose of enabling an entity referred to in any of paragraphs 50.1(1)(a) to (e) to obtain the services of the Board, other than co-management and third-party management services, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations (a) adapting any provision of this Act or of any regulation made under this Act; and (b) restricting the application of any provision of this Act or of any regulation made under this Act. PART 4 First Nations Finance Authority Interpretation Definitions 57 The following definitions apply in this Part. Authority means the First Nations Finance Authority. ( Administration ) investing member means a First Nation or Indigenous group that has invested in a short-term investment pool managed by the Authority. ( membre investisseur ) member means a borrowing member or investing member. ( membre ) property tax revenues means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). ( recettes fiscales foncières ) representative means (a) in respect of a First Nation that is a member, the chief or a councillor of the First Nation who is designated as a representative by a resolution of its council; and (b) in respect of an Indigenous group that is a member, the person who is elected to, or is otherwise a member of, a governing body of the Indigenous group and is designated in writing by that governing body as the Indigenous group’s representative. ( représentant ) security means a security of the Authority issued under paragraph 75(1)(b). ( titre ) Establishment and Organization of Authority Establishment 58 There is hereby established a non-profit corporation without share capital, to be known as the First Nations Finance Authority. Membership 59 The members of the Authority shall be its borrowing members and investing members. Not agent of Her Majesty 60 (1) The Authority is not an agent of Her Majesty or a Crown corporation within the meaning of the Financial Administration Act , and its officers and employees are not part of the federal public administration. No guarantees (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of the Authority. Board of Directors 61 (1) The Authority shall be managed by a board of directors, consisting of from 5 to 11 directors, including a Chairperson and Deputy Chairperson, elected from among the representatives of borrowing members. Nomination of directors (2) A representative of a borrowing member may nominate a representative of a borrowing member for election as Chairperson or Deputy Chairperson or as a director other than the Chairperson or Deputy Chairperson. Election of directors (3) Directors shall be elected by representatives of borrowing members. Function of Deputy Chairperson 62 In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Deputy Chairperson shall assume the duties and functions of the Chairperson. Term of office 63 (1) Directors shall hold office on a part-time basis for a term of one year. Additional terms (2) A director is eligible to be re-elected for a second or subsequent term of office. Ceasing to be director (3) A person ceases to be a director when (a) the person ceases to hold office as a chief or councillor of a First Nation that is a borrowing member; (a.1) the person ceases to be a member of a governing body of an Indigenous group that is a borrowing member; (b) the person’s designation as a representative of a First Nation that is a borrowing member is revoked by a resolution of the council of that First Nation; (b.1) the person’s designation as a representative of an Indigenous group that is a borrowing member is revoked in writing by the governing body that designated the person; or (c) the person is removed from office before the expiry of the term of the