First Nations Fiscal Management Act Adaptation Regulations — 5
er paragraph 33(3)(b) or subsection 86(4). Powers (2) If the Board assumes third-party management of the local revenues of a First Nation, the Board has the exclusive authority to (a) subject to subsection (3), act in the place of the council of the First Nation to make laws under paragraphs 5(1)(a) to (f) and subsection 9(1); (b) act in the place of the council of the First Nation to (i) with respect to local revenues, exercise any powers and fulfil any obligations of the council under this Act, including under the regulations made under this Act, or under any laws made under paragraphs 5(1)(a) to (e) and 9(1)(a), (ii) manage the First Nation’s local revenues, including the local revenue account, (iii) undertake any necessary borrowing for the purpose of remedying the situation for which third-party management was required, and (iv) provide for the delivery of programs and services that are paid for out of the First Nation’s local revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; (c) assign interests or rights under subsection 5(7); and (d) with respect to local revenues, exercise any powers or fulfil any obligations delegated to the Board under a law of the First Nation or an agreement between the First Nation and the Board or between the First Nation and the First Nations Finance Authority. Delegation — consent of council required (3) The Board shall not make a law under paragraph 5(1)(f) or 9(1)(b) that delegates a power to a person or body to whom a power was not delegated at the time the Board assumed third-party management of the local revenues of a First Nation, unless the council of the First Nation gives its consent. Prohibition (4) The council of the First Nation shall not, during the time that the board assumes third-party management of the First Nation’s local revenues, repeal any law made under paragraph 5(1)(g). Review every six months (5) Where the Board has assumed third-party management of a First Nation’s local revenues, it shall review the need for third-party management at least once every six months and advise the First Nations Finance Authority, the First Nations Tax Commission and the council of the First Nation of the results of its review. Board not agent or mandatary (5.1) For greater certainty, the Board is not an agent or mandatary of the First Nations Finance Authority or the First Nations Tax Commission while exercising its exclusive authority under subsection (2). Termination by Board (6) The Board may terminate third-party management of a First Nation’s local 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 local 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 local 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 local 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(4), the First Nations Finance Authority has, in writing, requested the termination and stated its reasons for the request. Opinion final (7) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice (8) 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 local revenues. Third-party management — other revenues o