First Nations Fiscal Management Act Adaptation Regulations — 5
consisting of a minimum of nine and a maximum of 13 directors, including a Chairperson and Vice-Chairperson. Capacity, rights, powers and privileges (2) The Board has the capacity, rights, powers and privileges of a natural person, including the capacity to (a) enter into contracts; (b) acquire, hold and dispose of property or an interest or right in property, or lease property; (c) raise, invest or borrow money; and (d) sue and be sued. Not agent of Her Majesty 39 The Board is not an agent of Her Majesty. Appointment of Chairperson 40 On the recommendation of the Minister, the Governor in Council shall appoint a Chairperson to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Appointment of additional directors 41 (1) The Governor in Council, on the recommendation of the Minister, shall appoint a minimum of five, and a maximum of nine, other directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. Indigenous directors (1.1) The Governor in Council shall endeavour to ensure that the majority of the directors are Indigenous. Appointment by AFOA Canada (2) AFOA Canada, or any other body prescribed by regulation, shall appoint up to three additional directors to hold office during pleasure for a term not exceeding five years. Staggered terms (3) In determining the term of appointment of directors, the Governor in Council shall endeavour to ensure that the terms of no more than three directors expire in any one calendar year. Qualifications (4) The board of directors shall be composed of individuals from across Canada, including members of First Nations, who are committed to the strengthening of the financial management of First Nations, of Indigenous groups or of entities referred to in paragraphs 50.1(1)(a) to (c) and who have the experience or capacity to enable the Board to fulfil its mandate. Election of Vice-Chairperson 42 (1) The board of directors shall elect a Vice-Chairperson from among the directors. Functions (2) In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Vice-Chairperson shall assume the duties and functions of the Chairperson. Reappointment 43 Directors may be reappointed for a second or subsequent term of office. Status 44 The Chairperson shall hold office on a full-time basis and the other directors shall hold office on a part-time basis. Remuneration 45 (1) Directors shall be paid the remuneration determined by the Governor in Council. Expenses (2) The Chairperson shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other directors shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. Rules of procedure 46 The board of directors may make any rules that it considers necessary for the conduct of its meetings. Head office 47 The head office of the Board shall be at a location determined by the Governor in Council. Staff 48 (1) The board of directors may (a) hire any staff that is necessary to conduct the work of the Board; and (b) determine the duties of those persons and the conditions of their employment. Salaries and benefits (2) Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors. Purposes Mandate 49 The purposes of the Board are to (a) assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing the capacity to meet their financial management requirements; (a.1) assist First Nations, Indigenous groups and entities referred to in subsection 50.1(1) in developing and implementing laws and by-laws respecting financial administration; (b) assist First Nations, Indigenous groups and entities referred to in paragraphs 50.1(1)(a)