First Nations Fiscal Management Act

Marginal note:Review of financial management system — non-scheduled entities

• 50.1 (1) On the request of any of the following entities, the Board may review the entity’s financial management system, financial performance or laws or by-laws respecting financial administration to determine whether it is in compliance, in all material respects, with the standards established under subsection (3):

  • (a) a band that is not named in the schedule;

  • (b) a tribal council;

  • (c) an Aboriginal group that is a party to a treaty, land claims agreement or self-government agreement with Canada or with a province, or an entity established under, or as a result of, such a treaty or agreement;

  • (d) an entity — owned or controlled by one or more First Nations or entities referred to in paragraphs (a), (b) or (c) — whose mandate is primarily to promote the well-being or advancement of Aboriginal people; or

  • (e) a not-for-profit organization established to provide public services, including social welfare, housing, recreational, cultural, health or educational services, to Aboriginal groups or Aboriginal persons.

• Marginal note:Report

  (2) On completion of a review under subsection (1), the Board shall provide to the entity a report setting out

  • (a) the scope of the review undertaken; and

  • (b) an opinion as to whether the entity was in compliance, in all material respects, with the standards or as to which aspects of the standards were not complied with by the entity.

• Marginal note:Standards

  (3) The Board may establish standards, not inconsistent with the regulations, respecting

  • (a) financial management systems and financial performance of entities referred to in subsection (1); and

  • (b) the form and content of laws or by-laws respecting financial administration of entities referred to in subsection (1).

• Marginal note:Procedures

  (4) The Board may establish procedures respecting the review referred to in subsection (1).

• Marginal note:Statutory Instruments Act

  (5) The Statutory Instruments Act does not apply to a standard established under subsection (3) or a procedure established under subsection (4).

• Marginal note:First Nations Gazette

  (6) All standards established by the Board under subsection (3) shall be published in the First Nations Gazette.