First Nations Fiscal Management Act

Marginal note:Initial payment of moneys

• 92 (1) After the resolution is submitted to the Minister by the council of the First Nation under subsection 90(1), the moneys held by Her Majesty for the First Nation’s use and benefit shall be paid to the First Nation out of the Consolidated Revenue Fund, if the Minister is satisfied that

  • (a) the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a) and the law has been approved by the First Nations Financial Management Board;

  • (b) the council has obtained independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation; and

  • (c) the payment of the moneys to the First Nation has been approved under section 91.

• Marginal note:Subsequent payment

  (2) Following a payment of moneys under subsection (1), all moneys subsequently collected or received by Her Majesty for the use and benefit of the First Nation shall be paid out of the Consolidated Revenue Fund to the First Nation.

• Marginal note:Subsection (2) ceases to apply

  (3) Subsection (2) shall cease to apply if the law referred to in paragraph (1)(a) is repealed, and at the time of its repeal, it is not concurrently replaced by a law respecting the financial administration of the First Nation made under paragraph 9(1)(a) that has been approved by the First Nations Financial Management Board.