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Naskapi and the Cree-Naskapi Commission Act

Version of section 97 from 2018-03-29 to 2024-05-28:

Marginal note:Borrowing by-laws

  •  (1) Each borrowing by the band, whether on a short-term basis or on a long-term basis, must be authorized by a by-law of the band, which by-law must specify

    • (a) the amount to be borrowed and the purpose of borrowing; and

    • (b) the manner and terms of repayment and the repayment date or dates.

  • Marginal note:Long-term borrowing

    (2) A by-law made under subsection (1) authorizing long-term borrowing, other than for housing purposes, must be approved by the electors of the band at a special band meeting or referendum at which at least 20% of the electors voted on the matter.

  • Marginal note:Idem

    (3) The band may not borrow on a long-term basis until regulations made under section 98 are in force.

  • 1984, c. 18, s. 97
  • 2018, c. 4, ss. 50, 122(E)

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