First Nations Fiscal Management Act Adaptation Regulations — 5
. Other staff (2) The President may employ any other officers and employees that are necessary to conduct the work of the Authority. 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. 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. Head office 72 The head office of the Authority shall be on reserve lands at a location determined by the board of directors. 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. Purposes Mandate 74 The purposes of the Authority are to (a) secure for its borrowing members that are First Nations, 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; (b) secure for its borrowing members that are First Nations, through the use of other revenues, loans for any purpose that promotes the 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; (b.1) secure for its borrowing members that are Indigenous groups, through the use of other revenues, loans for any purpose that promotes the Indigenous group’s economic or social development, including loans for (i) capital assets that are to be wholly or partly owned by the Indigenous group, 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 Indigenous group, (iii) land that is to be wholly or partly owned by the Indigenous group, (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 Fir