First Nations Fiscal Management Act Adaptation Regulations — 5
ects the opinion given under subsection (4) and shall provide the Indigenous group and the First Nations Finance Authority with notice of its decision and the reasons for it. Laws — Schedule 1 15.2 (1) The laws of an Indigenous group named in Schedule 1 to the First Nations Fiscal Management Act Adaptation Regulations shall satisfy the following conditions: (a) the laws meet the requirements of this Act and the regulations made under this Act and comply, in all material respects, with the standards established under paragraphs 55(1)(a.1) to (a.3); (b) one of the laws provides that, while the Indigenous group is a borrowing member, the laws shall be interpreted in a manner that avoids any inconsistency with this Act and the regulations made under this Act; and (c) one of the laws provides that, while the Indigenous group is a borrowing member, the laws may be amended or repealed only if (i) their amendment or repeal is carried out in accordance with a law of the Indigenous group that complies with the standards established under paragraph 55(1)(a.2), and (ii) they are amended by or replaced with laws that comply, in all material respects, with the standards established under paragraphs 55(1)(a.1) to (a.3). Laws — Schedule 2 (2) The laws of an Indigenous group named in Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations shall satisfy the following conditions: (a) the laws meet the requirements of this Act and the regulations made under this Act and comply, in all material respects, with the standards established under paragraph 55(1)(a.1); and (b) one of the laws provides that, while the Indigenous group is a borrowing member, the laws may be amended or repealed only if they are amended by or replaced with laws that comply, in all material respects, with the standards established under paragraph 55(1)(a.1). Reporting of other revenues 15.3 If an Indigenous group is using other revenues as security for a loan from the First Nations Finance Authority, the Indigenous group shall account for all of its other revenues — including other revenues that have not been used as security for the loan — separately from its other moneys, and shall provide that accounting information to the Authority and the First Nations Financial Management Board on request. PART 2 First Nations Tax Commission Interpretation Definitions 16 The following definitions apply in this Part. Commission means the First Nations Tax Commission. ( Commission ) taxpayer means a person paying taxes or fees under a law made under paragraph 5(1)(a) or (a.1). ( contribuable ) Establishment and Organization of Commission Commission 17 (1) There is hereby established a commission, to be known as the First Nations Tax Commission, consisting of 10 commissioners, including a Chief Commissioner and Deputy Chief Commissioner. Capacity, rights, powers and privileges (2) The Commission 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. When agent of Her Majesty 18 (1) The Commission is an agent of Her Majesty only for the approval of local revenue laws. Savings (2) For the purpose of subsection (1), the issuance of a certificate referred to in paragraph 32(2)(b) is deemed not to be an approval of a local revenue law. Appointment of Chief Commissioner 19 (1) On the recommendation of the Minister, the Governor in Council shall appoint a Chief Commissioner and Deputy Chief Commissioner. Tenure (2) The Chief Commissioner and Deputy Chief Commissioner 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 commissioners 20 (1) On the recommendation of the Minister, the Governor in Council shall appoint four commissioners to hold office during