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First Nations Fiscal Management Act

Version of section 118 from 2006-04-01 to 2023-06-19:

Marginal note:Corporate plans

  •  (1) Each institution shall, in accordance with any directions given by the Minister, establish a corporate plan and budget for each financial year and submit them to the Minister for approval.

  • Marginal note:Scope and contents of corporate plan

    (2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of

    • (a) the objects or purposes of the institution;

    • (b) the institution’s objectives for the financial year and the strategy it intends to employ to achieve those objectives; and

    • (c) the institution’s expected performance for the financial year as compared to its objectives for that year as set out in the last corporate plan.

  • Marginal note:Contents of budget

    (3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations.

  • Marginal note:Form of corporate plan

    (4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.

  • Marginal note:Restriction on business or activity

    (5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year.

  • Marginal note:Amendment

    (6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval.

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