First Nations Fiscal Management Act

Marginal note:Priority

• 78 (1) If a borrowing member is insolvent, the Authority has priority over all other creditors of the borrowing member for all moneys that are authorized or obligated to be paid to the Authority under a law made by the borrowing member, under this Act, including under the regulations, or under an agreement relating to borrowing from the Authority, but the priority is only in respect of any debt that arises on or after the day on which the borrowing member receives the initial disbursement of the first loan that it obtained from the Authority.

• Marginal note:Debts to the Crown

  (2) For greater certainty, subsection (1) does not apply to Her Majesty.