First Nations Fiscal Management Act Adaptation Regulations — 5
h 33(3)(b) or subsection 86(4). Powers (2) Under the co-management arrangement, the Board may (a) recommend amendments to a law of the First Nation made under any of paragraphs 5(1)(a) to (f) or subsection 9(1); (b) recommend changes to the First Nation’s expenditures or budgets with respect to its local revenues; (c) recommend improvements to the First Nation’s financial management system with respect to its local revenues; (d) recommend changes to the delivery of programs and services paid for out of the First Nation’s local revenues; (e) order that expenditures of local revenues of the First Nation be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and (f) with respect to local revenues, exercise any powers delegated to the Board under a law of the First Nation or under an agreement between the First Nation and the Board or the First Nation and the First Nations Finance Authority. Termination by Board (3) The Board may terminate the co-management arrangement on giving notice to the council of the First Nation that the Board is of the opinion that (a) 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; (b) in the case of a First Nation that was in default of a payment obligation to the First Nations Finance Authority relating to a loan secured by local 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 local 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 a First Nation 52.1 (1) The Board may, on giving notice to the council of a First Nation, require the First Nation to enter into a co-management arrangement in respect of the First Nation’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 First Nation 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 a law of the First Nation made under any of paragraphs 8.1(1)(a) or (b) or subsection 9(1); (b) recommend changes to the First Nation’s expenditures or budgets with respect to its other revenues; (c) recommend improvements to the First Nation’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 First Nation’s other revenues; (e) order that expenditures of other revenues of the First Nation 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 First Nation or under an agreement between the First Nation and the Board or the First Nation and the First Nations Finance Authority. Termination by Board (3) The Board may terminate the co-management arrangement on giving notice to the council of the First Nation that the Board is of the opinion that (a) 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 other revenues; (b) in the case 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