First Nations Fiscal Management Act Adaptation Regulations — 5
group and the First Nations Finance Authority. Law-making (3) If the Board makes a law under paragraph (2)(a) in relation to an Indigenous group named in Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations , (a) the Board is not required to comply with the Indigenous group’s laws respecting the requirements regarding the making of such a law; and (b) the law comes into force on the day set out in the law. Scope of power — (2)(b)(ii) (4) In exercising the authority referred to in subparagraph (2)(b)(ii), the Board may manage other revenues of an Indigenous group that were received before, or that are received after, the Board assumes management of the Indigenous group’s other revenues, including those that are comingled with other moneys of the Indigenous group. However, the Board may not manage the Indigenous group’s other revenues that are in a secured revenues trust account or an intermediate account. Restriction on power — (2)(b)(iii) and (v) (5) In exercising the authority referred to in subparagraph (2)(b)(iii) or (v), the Board may not cause the disposition of real property or immovables without written approval of the Indigenous group. Board not agent or mandatary (6) For greater certainty, the Board is not an agent or mandatary of the First Nations Finance Authority while exercising its exclusive authority under subsection (2). Review every six months (7) If the Board has assumed third-party management of an Indigenous group’s other 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 Indigenous group of the results of its review. Termination by Board (8) The Board may terminate third-party management of an Indigenous group’s other revenues, on giving notice to the Indigenous group, if (a) it is of the opinion that 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 and the Authority consents to the termination in writing; (b) in the case of an Indigenous group that was in default of an obligation to the First Nations Finance Authority relating to a loan secured by other revenues, it is of the opinion that the Indigenous group 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 Indigenous group’s other 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(5), the First Nations Finance Authority has, in writing, requested the termination and stated its reasons for the request. Opinion final (9) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. Notice (10) The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of an Indigenous group’s other revenues. Required information — First Nation 54 At the request of the Board, a First Nation shall provide to the Board any information about the First Nation’s financial management system and financial performance that the Board requires for a decision regarding a co-management arrangement or third-party management of the First Nation’s local revenues or other revenues. Required information — Indigenous group 54.1 At the request of the Board, an Indigenous group shall provide to the Board any information about the Indigenous group’s financial management system and financial performance that the Board requires for a decision regarding a co-management arrangement or third-party management of the Indigenous group’s other revenues. Standards and Procedures Standards 55 (1) The Board may establish standards, not inconsistent with the regulations, re