Financing Secured by Other Revenues Regulations

Marginal note:Adaptation to subsection 53(1)

• 13 (1) The portion of subsection 53(1) of the Act before paragraph (a) is adapted to be read without reference to the local revenue account.

• Marginal note:Adaptation to paragraph 53(1)(c)

  (2) Paragraph 53(1)(c) of the Act is adapted to be read without reference to paragraph 33(3)(b).

• Marginal note:Adaptation to subsection 53(2)

  (3) Subsection 53(2) of the Act is adapted so that

  • (a) paragraph (a) applies only to laws made under paragraphs 5(1)(b), (d) and (f) of the Act;

  • (b) the rights and powers of the Board are to be read to include the power to act in place of the council of the first nation

    • (i) in relation to assets of the first nation that are generating other revenues, including any powers of the council to terminate an agreement, or to enter into a new agreement, in relation to those assets, and

    • (ii) under laws made under paragraphs 5(1)(b), (d) and (f) of the Act in relation to other revenues, to manage all other revenues of the first nation, and to undertake any necessary borrowing;

  • (c) if, in acting under subparagraph (b)(i), the Board exercises powers conferred on the council under the Indian Act,

    • (i) the powers of the Board are subject to any limitations imposed under the Indian Act, and

    • (ii) the Board acts as an agent or mandatary of the council in the exercise of those powers; and

  • (d) the rights and powers of the Board referred to in subparagraph (b)(ii)

    • (i) include the power to manage other revenues held by a first nation that were received before, or that are received after, the Board assumes management of the first nation’s other revenues, including those that are comingled with other moneys of the first nation; and

    • (ii) do not include the power to manage other revenues of the first nation while they are in the secured revenues trust account.

• Marginal note:Adaptation to subsection 53(8)

  (4) Subsection 53(8) of the Act is adapted to be read without reference to the First Nations Tax Commission.