First Nations Fiscal Management Act Adaptation Regulations — 5
e of a First Nation that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by other revenues, the First Nation has remedied the default; (c) the co-management arrangement is no longer required; or (d) third-party management of the First Nation’s other revenues is required. Opinion final (4) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice (5) The Board shall advise the First Nations Finance Authority and the First Nations Tax Commission of the commencement or termination of the co-management arrangement. Imposed co-management — other revenues of an Indigenous group 52.2 (1) The Board may, on giving notice to an Indigenous group, require the Indigenous group to enter into a co-management arrangement in respect of the Indigenous group’s other revenues, including those that have not been used as security for a loan from the First Nations Finance Authority, (a) if, in the opinion of the Board, there is a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; or (b) if the Board has received a notice under subsection 86(5). Powers (2) Under the co-management arrangement, the Board may (a) recommend amendments to the Indigenous group’s borrowing laws or its laws respecting financial administration or the expenditure of other revenues; (b) recommend changes to the Indigenous group’s expenditures or budgets with respect to its other revenues; (c) recommend improvements to the Indigenous group’s financial management system with respect to its other revenues; (d) recommend changes to the delivery of programs and services that are paid for out of the Indigenous group’s other revenues; (e) order that expenditures of other revenues of the Indigenous group be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and (f) with respect to other revenues, exercise any powers delegated to the Board under a law of the Indigenous group or under an agreement between the Indigenous group and the Board or the Indigenous group and the First Nations Finance Authority. Termination by Board (3) The Board may terminate the co-management arrangement on giving notice to the Indigenous group that the Board is of the opinion that (a) there is no longer a serious risk that the Indigenous group will default on an obligation to the First Nations Finance Authority relating to a loan secured by other revenues; (b) in the case of an Indigenous group that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by other revenues, the Indigenous group has remedied the default; (c) the co-management arrangement is no longer required; or (d) third-party management of the Indigenous group’s other revenues is required. Opinion final (4) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice (5) The Board shall advise the First Nations Finance Authority and the First Nations Tax Commission of the commencement or termination of the co-management arrangement. Third-party management — local revenues 53 (1) The Board may, on giving notice to the council of a First Nation and to the Minister, assume management of the First Nation’s local revenues, including its local revenue account, (a) if, in the opinion of the Board, the co-management arrangement entered into under section 52 has not been effective; (b) if, in the opinion of the Board, there is 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; or (c) if the Board has received a notice under 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 subse