GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
First Nations Fiscal Management Act — F-11.67 52
Imposed co-management — local revenues 52 (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 local revenues, including its local revenue account, (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 local revenues; or (b) if the Board has received a notice under paragraph 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. 2005, c. 9, s. 52; 2018, c. 27, s. 414(E) 2023, c. 16, s. 25
First Nations Fiscal Management Act — F-11.67 52.1
Imposed co-management — other revenues 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 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. 2023, c. 16, s. 26
First Nations Fiscal Management Act — F-11.67 53
inion 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. 2005, c. 9, s. 53; 2015, c. 36, s. 192; 2018, c. 27, ss. 399, 414(E) 2023, c. 16, s. 27
First Nations Fiscal Management Act — F-11.67 53.1
agement of a First Nation’s other 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 other 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 other 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 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 a First Nation’s other revenues. 2023, c. 16, s. 28
First Nations Fiscal Management Act — F-11.67 54
Required information 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. 2005, c. 9, s. 54; 2018, c. 27, s. 414(E) 2023, c. 16, s. 29
First Nations Fiscal Management Act — F-11.67 55
Standards 55 (1) The Board may establish standards, not inconsistent with the regulations, respecting (a) the form and content of laws made under section 9 ; (b) approvals of the Board under Part 1; (c) certification of First Nations under section 50 ; and (d) financial reporting under subsection 14 (1). Procedures (2) The Board may establish procedures respecting (a) the submission for approval and approval of laws made under section 9 ; (b) the issuance of a certificate under subsection 50 (3); and (c) the implementation or termination of a co-management arrangement or third-party management of a First Nation’s local revenues or other revenues. Statutory Instruments Act (3) The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2). First Nations Gazette (4) All laws made under section 9 and approved by the Board and all standards established by the Board under subsection (1) shall be published in the First Nations Gazette . 2005, c. 9, s. 55; 2018, c. 27, s. 414(E) 2023, c. 16, s. 30
First Nations Fiscal Management Act — F-11.67 55.1
Functions and powers 55.1 (1) The Board may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. No identifying information (2) The Board shall ensure that no First Nation, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Board makes publicly available under subsection (1). Exception (3) The Board is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, entity or individual to whom it relates consents to being identified. 2023, c. 16, s. 31
First Nations Fiscal Management Act — F-11.67 55.2
Information sharing agreements 55.2 The Board may enter into agreements with a First Nation, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. 2023, c. 16, s. 31
First Nations Fiscal Management Act — F-11.67 56
Regulations 56 The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Board, make regulations (a) respecting the implementation of a co-management arrangement or third-party management of a First Nation’s local revenues or other revenues, including the obligations of affected First Nations to provide access to financial records; and (b) fixing fees that the Board may charge for services, including fees to First Nations for co-management and third-party management services, and the manner in which the fees may be recovered. 2005, c. 9, s. 56; 2018, c. 27, s. 414(E) 2023, c. 16, s. 32
First Nations Fiscal Management Act — F-11.67 56.1
Regulations 56.1 For the purpose of enabling an entity referred to in any of paragraphs 50.1(1)(a) to (e) to obtain the services of the Board, other than co-management and third-party management services, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations (a) adapting any provision of this Act or of any regulation made under this Act; and (b) restricting the application of any provision of this Act or of any regulation made under this Act. 2018, c. 27, s. 400 2023, c. 16, s. 33(F)
First Nations Fiscal Management Act — F-11.67 57
Definitions 57 The following definitions apply in this Part. Authority means the First Nations Finance Authority. ( Administration ) investing member means a First Nation that has invested in a short-term investment pool managed by the Authority. ( membre investisseur ) long-term loan [Repealed, 2023, c. 16, s. 34] member means a borrowing member or investing member. ( membre ) property tax revenues means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). ( recettes fiscales foncières ) representative , in respect of a First Nation that is a member, means the chief or a councillor of the First Nation who is designated as a representative by a resolution of its council. ( représentant ) security means a security of the Authority issued under paragraph 75 (1)(b). ( titre ) short-term loan [Repealed, 2023, c. 16, s. 34] 2005, c. 9, s. 57; 2015, c. 36, s. 193; 2018, c. 27, s. 414(E) 2023, c. 16, s. 34
First Nations Fiscal Management Act — F-11.67
Authority means the First Nations Finance Authority. ( Administration )
First Nations Fiscal Management Act — F-11.67
investing member means a First Nation that has invested in a short-term investment pool managed by the Authority. ( membre investisseur )
First Nations Fiscal Management Act — F-11.67
long-term loan [Repealed, 2023, c. 16, s. 34]
First Nations Fiscal Management Act — F-11.67
member means a borrowing member or investing member. ( membre )
First Nations Fiscal Management Act — F-11.67
property tax revenues means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). ( recettes fiscales foncières )
First Nations Fiscal Management Act — F-11.67
representative , in respect of a First Nation that is a member, means the chief or a councillor of the First Nation who is designated as a representative by a resolution of its council. ( représentant )
First Nations Fiscal Management Act — F-11.67
security means a security of the Authority issued under paragraph 75 (1)(b). ( titre )
First Nations Fiscal Management Act — F-11.67
short-term loan [Repealed, 2023, c. 16, s. 34]
First Nations Fiscal Management Act — F-11.67 58
Establishment 58 There is hereby established a non-profit corporation without share capital, to be known as the First Nations Finance Authority.
First Nations Fiscal Management Act — F-11.67 59
Membership 59 The members of the Authority shall be its borrowing members and investing members.
First Nations Fiscal Management Act — F-11.67 60
Not agent of Her Majesty 60 (1) The Authority is not an agent of Her Majesty or a Crown corporation within the meaning of the Financial Administration Act , and its officers and employees are not part of the federal public administration. No guarantees (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of the Authority. 2005, c. 9, ss. 60, 154(E)
First Nations Fiscal Management Act — F-11.67 61
Board of Directors 61 (1) The Authority shall be managed by a board of directors, consisting of from 5 to 11 directors, including a Chairperson and Deputy Chairperson, elected from among the representatives of borrowing members. Nomination of directors (2) A representative of a borrowing member may nominate a representative of a borrowing member for election as Chairperson or Deputy Chairperson or as a director other than the Chairperson or Deputy Chairperson. Election of directors (3) Directors shall be elected by representatives of borrowing members. 2005, c. 9, s. 61; 2018, c. 27, s. 401
First Nations Fiscal Management Act — F-11.67 62
Function of Deputy Chairperson 62 In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Deputy Chairperson shall assume the duties and functions of the Chairperson.
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Term of office 63 (1) Directors shall hold office on a part-time basis for a term of one year. Additional terms (2) A director is eligible to be re-elected for a second or subsequent term of office. Ceasing to be director (3) A person ceases to be a director when (a) the person ceases to hold office as a chief or councillor of a First Nation that is a borrowing member; (b) the person’s designation as a representative of a borrowing member is revoked by a resolution of the council of that First Nation; or (c) the person is removed from office before the expiry of the term of the appointment by a special resolution of the board of directors. 2005, c. 9, s. 63; 2018, c. 27, s. 402
First Nations Fiscal Management Act — F-11.67 64
Quorum 64 Two thirds of the directors constitute a quorum at any meeting of the board of directors.
First Nations Fiscal Management Act — F-11.67 65
Majority vote 65 Decisions by the board of directors shall be made by a majority vote of the directors present.
First Nations Fiscal Management Act — F-11.67 66
Canada Not-for-profit Corporations Act 66 (1) The Canada Not-for-profit Corporations Act does not apply to the Authority. Canada Business Corporations Act (2) The following provisions of the Canada Business Corporations Act apply, with any modifications that the circumstances require, to the Authority and its directors, members, officers and employees as if the Authority were a corporation incorporated under that Act, this Part were its articles of incorporation and its members were its shareholders: (a) subsection 15(1) (capacity of a natural person); (b) section 16 (by-law not required to confer powers on Authority, restriction on powers of Authority, and validity of acts of Authority); (c) subsection 21(1) (access to Authority’s records by members and creditors); (d) section 23 (corporate seal not needed to validate instrument); (e) subsections 103(1) to (4) (powers of directors to make and amend by-laws, member approval of by-laws and effective date of by-laws); (f) subsection 105(1) (qualifications of directors); (g) subsection 108(2) (resignation of director); (h) section 110 (right of director to attend members’ meetings and statements by retiring directors); (i) subsection 114(1) (place of directors’ meetings); (j) section 116 (validity of acts of directors and officers); (k) section 117 (validity of directors’ resolutions not passed at meeting); (l) subsections 119(1) and (4) (liability of directors); (m) section 120 (conflict of interests of directors); (n) section 123 (directors’ dissents); (o) section 124 (directors’ indemnity); (p) section 155 (financial statements); (q) section 158 (approval of financial statements by directors); (r) section 159 (sending financial statements to members before annual meeting); (s) sections 161 and 162 (qualifications and appointment of auditor); (t) section 168 (rights and duties of auditor); (u) section 169 (examination by auditor); (v) section 170 (auditor’s right to information); (w) subsections 171(3) to (9) (duty and administration of audit committee and penalty for failure to comply); (x) section 172 (qualified privilege in defamation for auditor’s statements); and (y) subsections 257(1) and (2) (certificates of Authority as evidence). 2005, c. 9, s. 66; 2009, c. 23, ss. 328, 354
First Nations Fiscal Management Act — F-11.67 67
Remuneration of directors 67 Directors shall be paid a fee for attend­ance at meetings of the board of directors, as fixed by the by-laws of the Authority.
First Nations Fiscal Management Act — F-11.67 68
Duty of care 68 (1) The directors and officers of the Authority in exercising their powers and performing their duties shall (a) act honestly and in good faith with a view to the best interests of the Authority; and (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Limit of liability (2) Directors and officers are not liable for a failure to comply with subsection (1) if they rely in good faith on (a) a written report of the auditor of the Authority or financial statements represented by an officer of the Authority as fairly reflecting the financial condition of the Authority; or (b) a report of a lawyer, notary, accountant, engineer, appraiser or other person whose position or profession lends credibility to a statement made by that person.
First Nations Fiscal Management Act — F-11.67 69
President 69 (1) The board of directors shall appoint a President to act as the chief executive officer of the Authority. Other staff (2) The President may employ any other officers and employees that are necessary to conduct the work of the Authority.
First Nations Fiscal Management Act — F-11.67 70
Annual general meeting 70 The Authority shall hold an annual general meeting of representatives for the purpose of (a) presenting the annual report and audited financial statements of the Authority; (b) electing the board of directors; and (c) dealing with any other business of the Authority that may be presented by the board of directors.
First Nations Fiscal Management Act — F-11.67 71
By-laws 71 The board of directors may make by-laws (a) respecting the calling and conduct of meetings of the board, including the holding of meetings by teleconference; (b) fixing the fees to be paid to directors for attendance at meetings of the board and the reimbursement of reasonable travel and living expenses to directors; (c) respecting the duties and conduct of the directors, officers and employees of the Authority and the terms and conditions of employment and of the termination of employment of officers and employees of the Authority; (d) respecting the signing and sealing of securities and interest coupons issued by the Authority; and (e) generally for the conduct and management of the affairs of the Authority.
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Head office 72 The head office of the Authority shall be on reserve lands at a location determined by the board of directors.
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Annual budget 73 At the beginning of every year, the President shall prepare an annual budget of the Authority and present it to the board of directors for approval.
First Nations Fiscal Management Act — F-11.67 74
Mandate 74 The purposes of the Authority are to (a) secure for its borrowing members, through the use of property tax revenues, (i) loans that have terms of one year or longer to finance or refinance capital assets for the provision of local services on reserve lands, or (ii) loans that have terms of less than one year to meet cash-flow requirements for operating or capital purposes or to refinance a short-term debt incurred for capital purposes; (iii) [Repealed, 2023, c. 16, s. 35] (b) secure for its borrowing members, through the use of other revenues, loans for any purpose that promotes a First Nation’s economic or social development, including loans for (i) capital assets that are to be wholly or partly owned by the First Nation, including capital assets for the provision of services, housing, plants, machinery, roads and buildings, (ii) rolling stock that is to be wholly or partly owned by the First Nation, (iii) land that is to be wholly or partly owned by the First Nation, (iv) shares or any other ownership interest in a corporation whose purpose includes the ownership, operation, management or sale of the products of power generating facilities, waste or wastewater treatment facilities or other public service utilities or facilities, and (v) short-term financing to meet cash flow requirements for capital purposes or to refinance a short-term debt incurred for capital purposes; (c) secure the best possible credit terms for its borrowing members; (d) provide investment services to First Nations and entities referred to in any of paragraphs 50.1(1)(a) to (e); and (e) provide advice regarding the development of financing mechanisms for First Nations. 2005, c. 9, s. 74; 2018, c. 27, ss. 403, 414(E) 2023, c. 16, s. 35