First Nations Fiscal Management Act Adaptation Regulations — 5
ements for capital purposes or to refinance a short-term debt incurred for capital purposes; (c) secure the best possible credit terms for its borrowing members; (d) provide investment services to First Nations, Indigenous groups and entities referred to in any of paragraphs 50.1(1)(a) to (e); and (e) provide advice regarding the development of financing mechanisms for First Nations and Indigenous groups. Functions and Powers Powers of board of directors 75 (1) For the purposes of this Part, the board of directors may by resolution (a) borrow money in an amount authorized by the resolution; (b) issue securities of the Authority; (c) lend securities to generate income, if the loan is fully secured; (d) enter into agreements for risk management purposes, including swaps; and (e) provide for (i) payments related to the issuance of securities, (ii) the registration, transfer, management and redemption of securities, (iii) the re-issuance, reinstatement or other disposition of lost, stolen, destroyed or damaged securities or interest coupons, (iv) the examination, cancellation or destruction of securities and of materials used in their production, or (v) the timing of the issuance of securities. Security issuance requirements (2) A resolution respecting the issuance of securities shall set out (a) the rate of interest; (b) the time and place of repayment of principal and interest; and (c) the currency in which repayment of principal and interest will be made. Security issuance resolutions (3) A resolution respecting the issuance of securities may provide that (a) the securities are to be redeemable in advance of maturity at a time and price set out in the resolution; (b) all or any part of the securities may be paid, refunded or renewed; (c) the securities are to be issued in an amount sufficient to realize the amount of any securities called in and paid before maturity, for a term not longer than the remainder of the term of the securities called in and paid; or (d) the securities and any interest coupons attached to them are to be in the form set out in the resolution, and are to be exchangeable for other securities of the same issue on any terms and conditions set out in the resolution. Amount of issue (4) The Authority may issue securities the principal amounts of which, after payment of any discount and the costs of issue and sale, will realize the net amount authorized by the board of directors in a resolution made under paragraph (1)(a). Declaration conclusive (5) A declaration in a resolution authorizing the issuance of securities that it is necessary to issue securities in the principal amount authorized in order to realize the net amount authorized is conclusive evidence of that fact. Sale price (6) The board of directors may sell securities at their par value or at other than par value. Delegation (7) The board of directors may delegate its powers under this section to a committee of directors and officers of the Authority, subject to any limitations that the board of directors may impose. Application to become borrowing member 76 (1) A First Nation or Indigenous group may apply to the Authority to become a borrowing member. Criteria — First Nations (2) The Authority shall accept a First Nation as a borrowing member only if the First Nations Financial Management Board has issued to the First Nation a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. Criteria — Indigenous groups (3) The Authority shall accept an Indigenous group as a borrowing member only if (a) the Indigenous group has provided the Authority with a copy of an opinion provided to the Indigenous group by the First Nations Financial Management Board under subsection 15.1(4); and (b) the First Nations Financial Management Board has issued to the Indigenous group a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. Ceasing to be borro