First Nations Fiscal Management Act

Marginal note:Appointment of additional directors

• 41 (1) The Governor in Council, on the recommendation of the Minister, shall appoint a minimum of five, and a maximum of eleven, other directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause.

• Marginal note:Appointment by AFOA

  (2) The Aboriginal Financial Officers Association of Canada, or any other body prescribed by regulation, shall appoint up to three additional directors to hold office during pleasure for a term not exceeding five years.

• Marginal note:Staggered terms

  (3) In determining the term of appointment of directors, the Governor in Council shall endeavour to ensure that the terms of no more than three directors expire in any one calendar year.

• Marginal note:Qualifications

  (4) The board of directors shall be composed of men and women from across Canada, including members of first nations, who are committed to the strengthening of first nation financial management and who have the experience or capacity to enable the Board to fulfil its mandate.