First Nations Fiscal Management Act (S.C. 2005, c. 9)

Act current to 2016-09-18 and last amended on 2016-07-26. Previous Versions

Marginal note:Default by first nation
  •  (1) If a borrowing member fails to make a payment to the Authority, to fulfil any other obligation under a borrowing agreement with the Authority or to pay a charge imposed by the Authority under this Part, the Authority shall

    • (a) notify the borrowing member of the failure; and

    • (b) send a notice of the failure to the First Nations Financial Management Board and the First Nations Tax Commission, together with evidence of the failure and a copy of any relevant documents and records.

  • Marginal note:Requirement for report

    (2) If a failure referred to in subsection (1) relates to an obligation other than payment, the Authority may require that the First Nations Financial Management Board review and report on the reasons for the failure.

  • Marginal note:Report

    (3) On receipt of a notice referred to in paragraph (1)(b) in respect of a failure related to an obligation other than payment, the First Nations Financial Management Board shall advise the Authority in writing of its opinion on the reasons for the failure and recommend any intervention under section 52 or 53 that it considers appropriate.

  • Marginal note:Required intervention

    (4) The Authority may, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on a borrowing member or assume third-party management of the first nation’s local revenues

    • (a) where the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or

    • (b) on receipt of a report of the Board under subsection (3) in respect of the borrowing member.

Marginal note:Short-term pooled investment funds
  •  (1) The Authority may establish short-term pooled investment funds.

  • Marginal note:Investments

    (2) Funds in a short-term pooled investment fund may be invested only in

    • (a) securities issued or guaranteed by Canada, a province or the United States;

    • (b) fixed-term deposits, notes, certificates or other short-term paper of, or guaranteed by, a bank, trust company or credit union, including swaps in United States currency;

    • (c) securities issued by the Authority or by a local, municipal or regional government in Canada;

    • (d) commercial paper issued by a Canadian company that is rated in the highest category by at least two recognized security-rating institutions;

    • (e) any class of investments permitted under an Act of a province relating to trustees; or

    • (f) any other investments or class of investments prescribed by regulation.

General

Marginal note:Annual report
  •  (1) The Chairperson shall, within four months after the end of each fiscal year, submit to the Authority’s members and the Minister a report of the operations of the Authority for that fiscal year.

  • Marginal note:Contents

    (2) The annual report shall include the financial statements of the Authority and its auditor’s opinion on them.

Regulations

Marginal note:Regulations

 The Governor in Council may, on the recommendation of the Minister after consultation by the Minister with the Authority, make regulations

  • (a) prescribing anything that is to be prescribed under subsection 82(1) and paragraphs 85(3)(c) and (4)(b) and 87(2)(f);

  • (b) fixing a percentage in respect of an amount to be withheld from a loan under subsection 84(2), which may be a higher or lower percentage than the percentage set out in that subsection and may vary according to whether the loan is secured by property tax revenues or by other revenues;

  • (c) respecting the imposition of charges under subsection 84(5), including the manner of calculating those charges and the share of those charges to be paid by each borrowing member; and

  • (d) extending the application of this Part to any non-profit organization established to provide social welfare, housing, recreational or cultural services to first nations or their members on reserve lands and making any adaptations to the provisions of this Act that are necessary for that purpose.

  • 2005, c. 9, s. 89;
  • 2015, c. 36, s. 201.

PART 5[Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

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 [Repealed, 2012, c. 19, s. 660]

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 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

PART 6Financial Management and Control

Marginal note:Definitions

 The following definitions apply in this Part.

board of directors

conseil d’administra­tion

board of directors includes

  • (a) in respect of the First Nations Tax Commission, the commissioners referred to in section 17; and

  • (b) in respect of the First Nations Financial Management Board, the directors referred to in section 38. (conseil d’administra­tion)

institution

institution

institution means the First Nations Tax Commission or the First Nations Financial Management Board. (institution)

 
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