First Nations Fiscal Management Act Adaptation Regulations — 5
ns 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 borrowing member 77 A borrowing member that has obtained a loan from the Authority may cease to be a borrowing member only with the consent of all other borrowing members. Priority 78 (1) If a borrowing member is insolvent, the Authority has priority over all other creditors of the borrowing member for all moneys that are authorized or obligated to be paid to the Authority under a law made by the borrowing member, under this Act, including under the regulations, or under an agreement relating to borrowing from the Authority, but the priority is only in respect of any debt that arises on or after the day on which the borrowing member receives the initial disbursement of the first loan that it obtained from the Authority. Debts to the Crown (2) For greater certainty, subsection (1) does not apply to Her Majesty. Limitations — loans secured by property tax revenues 79 (1) The Authority shall not make a loan secured by property tax revenues to a borrowing member unless the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d) in respect of that loan. Limitations — First Nation loans secured by other revenues (2) The Authority shall not make a loan secured by other revenues to a borrowing member that is a First Nation unless (a) the borrowing member has made a law under paragraph 8.1(1)(a) in respect of that loan and forwarded a copy of it to the Authority; (b) the Authority is satisfied that the borrowing member has the ability to repay the loan; (c) the borrowing member has obtained a certificate respecting financial performance from the First Nations Financial Management Board under subsection 50(3) and forwarded a copy of it to the Authority; (d) the borrowing member and the Authority have established a secured revenues trust account that is (i) managed by a third party approved by the Authority, and (ii) subject to terms that require the third party managing the account to periodically pay to the Authority the amounts required to be paid to it under the borrowing agreement with the borrowing member, at the times set out in that agreement, before paying any remaining amount to the borrowing member; and (e) the borrowing member has required the payers of the other revenues being used to secure the loan to deposit those other revenues into the secured revenues trust account or an intermediate account during the period of the loan. Limitations — Indigenous group loans secured by other revenues (3) The Authority shall not make a loan secured by other revenues to a borrowing member that is an Indigenous group unless (a) the borrowing member has made a borrowing law in respect of that loan and forwarded a copy of it to the Authority; (b) the Authority is satisfied that the borrowing member has the ability to repay the loan; (c) the borrowing member has obtained a certificate respecting financial performance from the First Nations Financial Management Board under subsection 50(3) and forwarded a copy of it to the Authority; (d) the borrowing member and the Authority have established a secured revenues trust account that is (i) managed by a third party approved by the Authority, and (ii) subject to terms that require the third party managing the account to periodically pay to the Authority the amounts required to be paid to it under the borrowing agreement with the borrowing member, at the times set out in that agreement, before paying any remaining amount to the borrowing member; and (e) the borrowing member has required the payers of the other revenues being used to secure the loan to deposit those other revenues into the secured revenues trust account or an intermediate account during the period of the loan. Maintenance of registry and publication 79.1 The Authority shall maintain a registry of