Marginal note:Information from Minister — moneys

9. Following receipt of a resolution under section 7, the Minister shall inform the first nation of the amount of the moneys held by Her Majesty for the first nation at the time of the receipt of the request and of the outstanding amount of any loans referred to in subsection 30(2).

Marginal note:Oil and gas code

• 10. (1) Before a vote is conducted on a transfer requested under section 6, a first nation shall prepare an oil and gas code that

  • (a) prescribes the procedure to be followed by the council of the first nation in the making, amendment and publication of oil and gas laws;

  • (b) provides for the accountability of the council to first nation members for the management and regulation of oil and gas exploration and exploitation;

  • (c) establishes procedures for disclosing and addressing conflicts of interest of members of the council and employees of the first nation in the management and regulation of oil and gas exploration and exploitation;

  • (d) if the first nation shares a reserve with another first nation, provides for the coordination of the management and regulation of oil and gas exploration and exploitation by the two first nations; and

  • (e) provides for the amendment of the code by the first nation.

• Marginal note:Financial code for oil and gas moneys

  (2) Before a vote is conducted on a transfer requested under section 6, a first nation shall prepare a financial code that

  • (a) specifies the mode of holding oil and gas moneys, either by their deposit in an account with a financial institution or their payment to a trust of which the first nation is settlor and sole beneficiary, and prescribing the conditions governing subsequent changes from one mode to the other;

  • (b) provides for the manner of collecting oil and gas moneys and the manner of expending moneys held in the account or received by the first nation from the trust;

  • (c) provides for the accountability of the council to first nation members for the management of oil and gas moneys;

  • (d) establishes procedures for disclosing and addressing conflicts of interest of members of the council and employees of the first nation in the expenditure of those moneys; and

  • (e) provides for the amendment of the code by the first nation.

Marginal note:Financial code for moneys received from Canada

11. Before a vote is conducted on a payment requested under section 7, a first nation shall prepare a financial code

• (a) specifying the mode of holding moneys paid by Her Majesty to the first nation under sections 30 and 31 by their deposit in an account with a financial institution or payment to a trust of which the first nation is settlor and sole beneficiary, and prescribing the conditions governing future changes from one mode to the other;

• (b) respecting the manner of expending moneys held by the first nation in the account or received by it from the trust;

• (c) respecting the accountability of the council of the first nation to first nation members for the expenditure of those moneys;

• (d) establishing procedures for disclosing and addressing conflicts of interest of members of the council and employees of the first nation in the expenditure of those moneys; and

• (e) providing for the amendment of the code by the first nation.