First Nations Oil and Gas and Moneys Management Act (S.C. 2005, c. 48)

Assented to 2005-11-25

Marginal note:Law of trusts
  •  (1) Laws of general application in relation to trusts and trustees in force in the province in which the trust instrument is executed apply in respect of a trust established for the purposes of this Act except to the extent that those laws conflict with this Act.

  • Marginal note:Rules against perpetuities and accumulations

    (2) A trust established for the purposes of this Act is exempt from the application of any rule of common law that limits the period within which a beneficial interest must vest or the period during which income may be accumulated.

Marginal note:Councillors as trustees
  •  (1) A member of the council of a first nation may not be made a trustee ex officio of a trust established for the purposes of this Act.

  • Marginal note:Exception

    (2) Subsection (1) does not preclude a member of a council from serving as a trustee in the member’s personal capacity.

Marginal note:Security required of trustees

 Every trustee of a trust established for the purposes of this Act other than a trust company shall, before moneys are paid into a trust referred to in section 10 or 11, and at any other time when the council so requests, provide to the council of the first nation

  • (a) evidence of bonding, insurance or other form of security, in an amount equal to the amount held in the trust, for the recovery of any loss occasioned by theft or by breach of the conditions of the trust; and

  • (b) evidence that the trustee fulfils the requirements of provincial law, if any, as to the minimum financial worth of trustees generally.

Marginal note:Oil and gas transfer agreement

 After a first nation has prepared the codes referred to in section 10, the Minister and the first nation may conclude a transfer agreement setting out arrangements for the transfer to the first nation of the management and regulation of oil and gas.

Marginal note:Moneys payment agreement

 After a first nation has prepared the codes referred to in section 11, the Minister and the first nation may conclude a payment agreement setting out arrangements for the payment of moneys to the first nation.

APPROVAL PROCEDURE

Marginal note:Approval of transfer

 After a transfer agreement has been concluded under section 15, the first nation may conduct a vote among its eligible voters, in accordance with the regulations, on the ratification of the oil and gas code and the financial code referred to in section 10 and the approval of the transfer to the first nation of the management and regulation of oil and gas exploration and exploitation.

Marginal note:Approval of payment

 After a payment agreement has been concluded under section 16, the first nation may conduct a vote among its eligible voters, in accordance with the regulations, on the ratification of the financial code referred to in section 11 and the approval of the payment of moneys to the first nation in accordance with the code.