First Nations Fiscal Management Act

Marginal note:Term of office

• 63 (1) Directors shall hold office on a part-time basis for a term of one year.

• Marginal note:Additional terms

  (2) A director is eligible to be re-elected for a second or subsequent term of office.

• Marginal note:Ceasing to be director

  (3) A person ceases to be a director when

  • (a) the person ceases to hold office as a chief or councillor of a first nation that is a borrowing member or investing member;

  • (b) the person’s designation as a representative of a borrowing member or investing member is revoked by a resolution of the council of that first nation; or

  • (c) the person is removed from office before the expiry of the term of the appointment by a special resolution of the board of directors.