name: First Nations Fiscal Management Act
unofficial_text: # First Nations Fiscal Management Act
  
  SC 2005, c 9
  
  An Act to provide for powers of First Nations respecting taxation, financial administration and the provision of services on reserve lands, to facilitate First Nations’ access to financing secured by local revenues or other revenues, to establish a First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute and to make consequential amendments to other Acts
  
  Assented to 2005-3-23
  
  ### Preamble
   Whereas the Government of Canada is committed to responding to, to the extent of its authority, Call to Action 44 in the Final Report of the Truth and Reconciliation Commission of Canada and implementing the United Nations Declaration on the Rights of Indigenous Peoples, including Articles 3 to 5, 20, 21 and 23 as they relate to the pursuit of economic growth in Indigenous communities and to economic reconciliation; Whereas early contact Indigenous peoples had innovative economic and trade systems supported by public infrastructure, tax systems, sharing practices and the development of trading languages to enable commerce across linguistically diverse regions; Whereas Indigenous languages have words for taxes and sharing, including the word “taksis” in the Chinook trading language; Whereas the Government of Canada has adopted a policy recognizing the inherent right of self-government as an Aboriginal right and providing for the negotiation of self-government; Whereas this Act is not intended to define the nature and scope of any right of self-government or to prejudge the outcome of any self-government negotiation; Whereas First Nations governments led an initiative in 1988 to amend the Indian Act in order to recognize their jurisdiction over real property taxation;  Whereas First Nations leaders led an initiative that resulted in the development of legislation that would enable First Nations to better exercise their jurisdiction with respect to taxation, financial administration and the provision of services on reserve lands and to participate in pooled debenture borrowing; Whereas economic development through the application of local revenues and other revenues to support borrowing on capital markets for the development of public infrastructure is available to other governments in Canada; Whereas local revenue systems on reserves should recognize both the interests of on-reserve taxpayers and the rights of members of First Nations communities; And whereas First Nations and the Government of Canada recognize the benefits of establishing Indigenous institutions as part of a comprehensive fiscal framework; NOW, THEREFORE, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 
  
  ## Short Title 
  
  ### Short title
  
  1 This Act may be cited as the First Nations Fiscal Management Act.  
  
  ## Interpretation 
  
  ### Definitions
  
  2 (1) The following definitions apply in this Act.  
  *borrowing member* means a First Nation that has been accepted as a borrowing member under subsection 76(2) and has not ceased to be a borrowing member under section 77. (membre emprunteur)   
  *capital assets* includes capital infrastructure. (immobilisation)   
  *council* has the same meaning as council of the band in subsection 2(1) of the Indian Act. (conseil de la première nation)   
  *First Nation* means a band named in the schedule. (première nation)   
  *First Nations Finance Authority* means the corporation established under section 58. (Administration financière des premières nations)   
  *First Nations Financial Management Board* means the board established under subsection 38(1). (Conseil de gestion financière des premières nations)   First Nations Gazette means the publication published under section 34. ( Gazette des premières nations)   
  *First Nations Infrastructure Institute* means the institute established under subsection 102(1). (Institut des infrastructures des premières nations)   
  *First Nations Statistical Institute* [Repealed, 2012, c. 19, s. 659]   
  *First Nations Tax Commission* means the commission established under subsection 17(1). (Commission de la fiscalité des premières nations)   
  *interest*, in relation to reserve lands in Canada elsewhere than in Quebec, means any estate, right or interest of any nature in or to the lands, including any right to occupy, possess or use the lands, but does not include title to the lands that is held by her Majesty. (intérêt)   
  *local revenue law* means a law made under subsection 5(1). (texte législatif sur les recettes locales)   
  *local revenues* means moneys raised under a local revenue law and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). (recettes locales)   
  *Minister* means the Minister of Crown-Indigenous Relations. (ministre)   
  *property taxation law* means a law made under paragraph 5(1)(a). (texte législatif relatif à l’imposition foncière)   
  *right*, in relation to reserve lands in Quebec, means any right of any nature in or to the lands, including any right to occupy, possess or use the lands and any right of a lessee, but does not include title to the lands that is held by her Majesty. (droit)   
  *third-party management* means the management of a First Nation’s local revenues under section 53. (Version anglaise seulement)  
  
  ###  Indian Act definitions 
  
  (2) Unless the context otherwise requires, words and expressions used in this Act and not otherwise defined have the same meaning as in the Indian Act.  
  
  ### Extended meaning of “borrowing member”
  
  (2.1) For the purpose of sections 57, 59, 74, 77, 78, 83 and 84 and paragraph 89(c), 
  *borrowing member* also means an Indigenous group, other than a band named in the schedule, or an organization referred to in paragraph 50.1(1)(e) that has been accepted as a borrowing member under a regulation made under section 141 or 141.1.  
  
  ### Extended meaning of “borrowing member” — section 61
  
  (2.2) For the purpose of section 61, 
  *borrowing member* also means an Indigenous group, other than a band named in the schedule, that has been accepted as a borrowing member under a regulation made under section 141.  
  
  ### Amendments to schedule
  
  (3) At the request of the council of a band, the Minister may, by order, amend the schedule in order to 
  (a) add or change the name of the band; or 
  (b) delete the name of the band, as long as there are no amounts owing by the band to the First Nations Finance Authority that remain unpaid. 
  
  ### For greater certainty
  
  (4) For greater certainty, nothing in this Act shall be construed as requiring capital assets for the provision of local services on reserve lands to be located on reserve lands. 
  
  ## Aboriginal Rights 
  
  ### Aboriginal and treaty rights
  
  3 For greater certainty, nothing in this Act shall be construed so as to abrogate or derogate from any existing Aboriginal or treaty rights of the Aboriginal peoples of Canada under section 35 of the Constitution Act, 1982.  
  
  # PART 1 
  
  ## First Nations Fiscal Powers 
  
  ### Financial administration laws
  
  4 The council of a First Nation may not make a law under paragraph 5 (1)(d) until the council has made a law respecting the financial administration of the First Nation under paragraph 9 (1)(a) and that law has been approved by the First Nations Financial Management Board.  
  
  ### Local revenue laws
  
  5 (1) Subject to sections 4 and 6 and any regulations made under paragraph 36(1)(d), the council of a First Nation may make laws 
  (a) respecting taxation for local purposes of reserve lands and interests or rights in reserve lands, including 
  (i) the assessment of the value of those lands and interests or rights, the requisition of any information necessary to conduct the assessment and the inspection, in accordance with procedures prescribed by regulation, for assessment purposes of any reserve lands that are subject to taxation for local purposes, 
  (ii) a mechanism to establish tax rates and apply them to the assessed value of those lands and interests or rights, 
  (iii) taxation for the provision of services in respect of reserve lands, 
  (iv) the taxation of business activities on reserve lands, and 
  (v) the imposition of development cost charges; 
  (a.1) respecting the charging of fees for the provision of services or the use of facilities on reserve lands, or for a regulatory process, permit, licence or other authorization, in relation to water, sewers, waste management, animal control, recreation and transportation, as well as any other similar services; 
  (b) authorizing the expenditure of local revenues; 
  (c) respecting procedures by which the interests of taxpayers may be represented to the council; 
  (d) respecting the borrowing of money from the First Nations Finance Authority, including any authorization to enter into a particular borrowing agreement with that Authority; 
  (e) subject to any conditions and procedures prescribed by regulation, respecting the enforcement of laws made under paragraphs (a) and (a.1), including 
  (i) the creation of liens or, in Quebec, prior claims or legal hypothecs on reserve lands and on interests or rights in reserve lands, 
  (ii) the imposition and recovery of interest and penalties on an amount payable pursuant to a law made under that paragraph, where the amount is not paid when it is due, and the rate of interest or the amount of the penalty, as the case may be, 
  (iii) subject to subsection (7), the seizure, forfeiture and assignment of interests or rights in reserve lands, 
  (iv) the seizure and sale of personal or movable property located on reserve lands, other than property located in a dwelling, 
  (v) the discontinuance of services, and 
  (vi) the recovery of costs that are incurred by the First Nation for the enforcement of those laws; 
  (f) delegating to any person or body any of the council’s powers to make laws under any of paragraphs (a) to (e); and 
  (g) delegating to the First Nations Financial Management Board any other of the council’s powers that are required to give effect to a co-management arrangement entered into under section 52 or to give effect to third-party management of the First Nation’s local revenues.  
  
  ### Approval required
  
  (2) A law made under subsection (1) does not have any force or effect until it is approved by the First Nations Tax Commission. 
  
  ### Coming into force
  
  (3) A law made under subsection (1) comes into force on the later of 
  (a) the day of coming into force set out in the law, and 
  (b) the day after it is approved by the First Nations Tax Commission. 
  
  ### Appeals
  
  (4) A law made under subparagraph (1)(a)(i) shall include 
  (a) an appeal procedure in respect of assessments, incorporating such procedures as are prescribed by regulation; and 
  (b) fixed rates of remuneration and fixed terms of office for any persons designated to decide the appeals. 
  
  ### Application to competent court
  
  (5) The First Nation may apply to a court of competent jurisdiction for an order directing the person or entity named in the application to comply with a local revenue law, such as by 
  (a) refraining from doing anything that, in the opinion of the court, constitutes or is directed toward the contravention of that law; or 
  (b) doing anything that, in the opinion of the court, may prevent the contravention of that law. 
  
  ### Collection — competent court
  
  (6) The First Nation may commence a proceeding in a court of competent jurisdiction to collect an amount owing to the First Nation under a local revenue law. 
  
  ### Enforcement — Framework Agreement on First Nation Land Management Act 
  
  (6.1) If a First Nation has adopted a land code as defined in subsection 2(2) of the Framework Agreement on First Nation Land Management Act or the council of a First Nation has enacted a First Nation law as defined in subsection 2(1) of that Act, the First Nation may use any enforcement measure — other than a measure for the investigation or prosecution of an offence punishable on summary conviction referred to in paragraph 19.1(a) of the Framework Agreement, as defined in subsection 2(1) of that Act — that is provided for in that land code or First Nation law to enforce a local revenue law.  
  
  ### Assignment of interest or right
  
  (7) Despite the Indian Act or any instrument or act conferring an interest or right in reserve lands, if there are outstanding taxes payable under a law made under paragraph (1)(a) for more than two years, the First Nation may assign the interest or right in accordance with the conditions and procedures prescribed by regulation.  
  
  ### Judicial notice
  
  (8) In any proceedings, judicial notice may be taken of a local revenue law. 
  
  ###  Statutory Instruments Act 
  
  (9) The Statutory Instruments Act does not apply in respect of local revenue laws or laws made under section 9.  
  
  ### Notice of proposed laws
  
  6 (1) At least 30 days — or any longer period fixed by a standard made under subsection 35(1) — before making a law under paragraph 5(1)(a), (a.1) or (c), including a law repealing or amending such a law, other than a law referred to in subsection 10(1), the council of a First Nation shall 
  (a) publish a notice of the proposed law in the First Nations Gazette ;  
  (b) post the notice in a public place on the reserve lands of the First Nation; and 
  (c) send the notice, by mail or electronic means, to the First Nations Tax Commission. 
  
  ### Exemption
  
  (2) The First Nations Tax Commission may exempt a First Nation from the requirements of subsection (1) in respect of an amendment of a law if the Commission considers that the amendment is not significant. 
  
  ### Content of notice
  
  (3) A notice referred to in subsection (1) shall 
  (a) describe the proposed law; 
  (b) state where a copy of the proposed law may be obtained; 
  (c) invite representations regarding the proposed law to be made, in writing, to the council within the period referred to in subsection (1); and 
  (d) if the council is to review the proposed law at a public meeting, state the time and place of the meeting. 
  
  ### Council to consider representations
  
  (4) Before making a law under paragraph 5(1)(a), (a.1) or (c), the council of a First Nation shall consider any representations that were made in accordance with paragraph (3)(c) or at a meeting referred to in paragraph (3)(d). 
  
  ### Further representations
  
  7 When the council of a First Nation sends a law made under paragraph 5(1)(a), (a.1) or (c), other than a law referred to in subsection 10(1), to the First Nations Tax Commission for its approval, the council shall 
  (a) provide a copy of the law to any persons who made representations under paragraph 6 (3)(c); and  
  (b) invite those persons to make written representations to the Commission within 30 days after the day on which they receive the copy of the law. 
  
  ### Information accompanying property taxation law
  
  8 (1) A property taxation law — including an amendment of a property taxation law — shall, when submitted to the First Nations Tax Commission for approval, be accompanied by 
  (a) a description of the lands and interests or rights subject to the law; 
  (b) a description of the assessment practices to be applied to each class of land and interest or right; 
  (c) information regarding services to be provided from local revenues, existing service agreements and any service agreement negotiations under way at the time the law was made; 
  (d) a description of the notices that were given and any consultation undertaken by the council before making the law; and 
  (e) evidence that the law was duly made by the council. 
  
  ### Exemption
  
  (2) The First Nations Tax Commission may exempt a First Nation from the requirements of subsection (1) in respect of an amendment of a property taxation law if the Commission considers that the amendment is not significant. 
  
  ### Accompanying information
  
  (3) A law made under paragraph 5(1)(a.1) or (c), when submitted to the First Nations Tax Commission for approval, shall be accompanied by 
  (a) a description of the notices that were given and any consultation undertaken by the council before making the law; and 
  (b) evidence that the law was duly made by the council. 
  
  ### Evidence law duly made
  
  (4) A law made under any of paragraphs 5(1)(b) and (d) to (g) that is submitted to the First Nations Tax Commission for approval shall be accompanied by evidence that it was duly made by the council. 
  
  ### Additional information on request
  
  (5) At the request of the First Nations Tax Commission, a First Nation shall provide any documents that the Commission requires in order to 
  (a) review a local revenue law; 
  (b) determine that the law was made in accordance with this Act, the regulations or any standards made under subsection 35 (1); or  
  (c) perform any of its other functions under this Act. 
  
  ### Financial administration laws
  
  9 (1) The council of a First Nation may make laws 
  (a) respecting the financial administration of the First Nation; and 
  (b) delegating to any person or body its powers to make laws under paragraph (a). 
  
  ### Approval required
  
  (2) A law made under subsection (1), including any amendment of such a law, does not have any force or effect until it is approved by the First Nations Financial Management Board. 
  
  ### Conditions for approval
  
  (2.1) The First Nations Financial Management Board shall not approve a law made under subsection (1) unless it was made in accordance with this Act, the regulations and, in all material respects, any standards established under paragraph 55(1)(a). 
  
  ### Coming into force
  
  (3) A law made under subsection (1) comes into force on the later of 
  (a) the day of coming into force set out in the law, and 
  (b) the day after it is approved by the First Nations Financial Management Board. 
  (c)  [Repealed, 2015, c. 36, s. 181]  
  
  ### Evidence law duly made
  
  (4) A law made under subsection (1) that is submitted to the First Nations Financial Management Board for approval shall be accompanied by evidence that it was duly made by the council. 
  
  ### Additional information on request
  
  (5) At the request of the First Nations Financial Management Board, a First Nation shall provide any documents that the Board requires in order to 
  (a) review a financial administration law submitted to the Board; 
  (b) determine that the law was made in accordance with this Act, the regulations or any standards made under subsection 55 (1); or  
  (c) perform any of its other functions under this Act. 
  
  ### Judicial notice
  
  (6) In any proceedings, judicial notice may be taken of a law that is made under subsection (1) and approved by the First Nations Financial Management Board under subsection (2). 
  
  ### Repeal of financial administration law
  
  9.1 A borrowing member shall not repeal a financial administration law made under subsection 9(1) that has been approved by the First Nations Financial Management Board unless that law is replaced by another financial administration law that has been approved by the Board. 
  
  ### Law under paragraph 5(1)(a)
  
  10 (1) A council of a First Nation that makes a property taxation law that requires a rate of tax to be set annually shall also make a law under paragraph 5(1)(a) setting the rate of tax to be applied to the assessed value of each class of lands and interests or rights at least once each year on or before the date prescribed by regulation or, if none is so prescribed, on or before the date fixed by standards established under subsection 35(1). 
  
  ### Law under paragraph 5(1)(b)
  
  (2) A council of a First Nation that makes a property taxation law or that makes a law under paragraph 5(1)(a.1) shall also make a law under paragraph 5(1)(b) establishing a budget for the expenditure of local revenues at least once each year on or before the date prescribed by regulation or, if none is so prescribed, on or before the date fixed by standards established under subsection 35(1). 
  
  ### No repeal by borrowing members
  
  11 (1) A borrowing member with an unpaid loan secured by local revenues shall not repeal a property taxation law or a law made under paragraph 5(1)(a.1) unless 
  (a) the revenues raised under that law, if any, are not being used as security for any loan obtained from the First Nations Finance Authority and the repeal of that law would not adversely affect the member’s obligations to the First Nations Finance Authority; or 
  (b) the law is concurrently replaced by a new law of the same nature that would not result in a reduction of the borrowing member’s borrowing capacity. 
  
  ### Priority to Authority
  
  (2) A law made under paragraph 5(1)(b) by a borrowing member with an unpaid loan secured by local revenues shall not authorize the expenditure of local revenues unless the borrowing member’s budget provides for the payment of all amounts payable to the First Nations Finance Authority during the budget period. 
  
  ### Financial commitment
  
  (3) A borrowing member with an unpaid loan secured by local revenues shall, in every year, reserve the local revenues that are required to ensure that all amounts authorized to be paid to the First Nations Finance Authority in the year with respect to that loan are actually paid in that year. 
  
  ### Legal capacity of first nations
  
  12 For greater certainty, for the purposes of Part 4, a borrowing member has the capacity to contract and to sue and be sued. 
  
  ### Local revenue account
  
  13 (1) Local revenues of a First Nation shall be placed in a local revenue account with a financial institution, separate from other moneys of the First Nation. 
  
  ### Restriction on expenditures
  
  (2) Local revenues may be expended only under the authority of a law made under paragraph 5 (1)(b).  
  
  ### Balanced budget
  
  (3) Expenditures provided for in a law made under paragraph 5 (1)(b) shall not exceed the local revenues estimated for the year in which those expenditures are to be made, less any deficit accumulated from prior years.  
  
  ### Expenditure not authorized by law
  
  13.1 Despite subsection 13(2), a First Nation is authorized to make an expenditure of local revenues other than under the authority of a law made under paragraph 5(1)(b) in one of the following circumstances: 
  (a) in the case where no law has already been made under that paragraph establishing a budget for the year in which that expenditure is made, the First Nation, after making that expenditure, makes a law under that paragraph that authorizes the making of that expenditure; or 
  (b) in the case where a law has already been made under that paragraph establishing a budget for the year in which that expenditure is made, the First Nation is satisfied that the making of that expenditure constitutes an urgent measure and the First Nation, as soon as feasible after making the expenditure, amends that law to authorize the making of that expenditure. 
  
  ### Local revenues
  
  14 (1) Local revenues of a First Nation shall be reported on and accounted for separately from other moneys of the First Nation in compliance with the standards established under paragraph 55(1)(d). 
  
  ### Audited reports
  
  (1.1) For the purposes of subsection (1), the First Nation shall prepare a financial report on its local revenues that shall be audited at least once each year. However, if it is authorised by a standard established under paragraph 55(1)(d), the First Nation may instead report on its local revenues in its audited annual financial statements as a distinct segment of the activities that appear in the statements. 
  
  ### Access to report
  
  (2) The audited financial report or the audited annual financial statements, as the case may be, shall be made available to 
  (a) the members of the First Nation; 
  (b) any other persons who have an interest or right in the First Nation’s reserve lands; 
  (c) the First Nations Tax Commission, the First Nations Financial Management Board and the First Nations Finance Authority; and 
  (d) the Minister. 
  
  ### Non-application of certain provisions
  
  15 Paragraphs 83(1)(a) and (b) to (g) and section 84 of the Indian Act do not apply to a First Nation. In addition, any regulations made under paragraph 73(1)(m) of that Act do not apply to a First Nation in respect of the borrowing of money under a law made under paragraph 5(1)(d).  
  
  # PART 2 
  
  ## First Nations Tax Commission 
  
  ## Interpretation 
  
  ### Definitions
  
  16 The following definitions apply in this Part.  
  *Commission* means the First Nations Tax Commission. (Commission)   
  *taxpayer* means a person paying taxes or fees under a law made under paragraph 5(1)(a) or (a.1). (contribuable)  
  
  ## Establishment and Organization of Commission 
  
  ### Commission
  
  17 (1) There is hereby established a commission, to be known as the First Nations Tax Commission, consisting of 10 commissioners, including a Chief Commissioner and Deputy Chief Commissioner. 
  
  ### Capacity, rights, powers and privileges
  
  (2) The Commission has the capacity, rights, powers and privileges of a natural person, including the capacity to 
  (a) enter into contracts; 
  (b) acquire, hold and dispose of property or an interest or right in property, or lease property; 
  (c) raise, invest or borrow money; and 
  (d) sue and be sued. 
  
  ### When agent of Her Majesty
  
  18 (1) The Commission is an agent of Her Majesty only for the approval of local revenue laws. 
  
  ### Savings
  
  (2) For the purpose of subsection (1), the issuance of a certificate referred to in paragraph 32 (2)(b) is deemed not to be an approval of a local revenue law.  
  
  ### Appointment of Chief Commissioner
  
  19 (1) On the recommendation of the Minister, the Governor in Council shall appoint a Chief Commissioner and Deputy Chief Commissioner. 
  
  ### Tenure
  
  (2) The Chief Commissioner and Deputy Chief Commissioner hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Appointment of commissioners
  
  20 (1) On the recommendation of the Minister, the Governor in Council shall appoint four commissioners to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Appointment of commissioners
  
  (2) On the recommendation of the Minister, the Governor in Council shall appoint three additional commissioners — one of whom shall be a taxpayer using reserve lands for commercial, one for residential and one for utility purposes — to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Appointment of additional commissioner
  
  (3) A body prescribed by regulation shall appoint an additional commissioner to hold office during pleasure for a term not exceeding five years. 
  
  ### Staggered terms
  
  (4) In determining the term of appointment of commissioners, the Governor in Council shall endeavour to ensure that the terms of no more than three commissioners expire in any one calendar year. 
  
  ### Qualifications
  
  (5) The Commission shall be composed of individuals from across Canada, including members of First Nations, who are committed to the development of First Nations local revenue systems and who have the experience or capacity to enable the Commission to fulfil its mandate. 
  
  ### Status
  
  21 The Chief Commissioner shall hold office on a full-time basis, while the other commissioners shall hold office on a part-time basis. 
  
  ### Reappointment
  
  22 A commissioner may be reappointed for a second or subsequent term of office. 
  
  ### Remuneration
  
  23 (1) Commissioners shall be paid the remuneration determined by the Governor in Council. 
  
  ### Expenses
  
  (2) The Chief Commissioner shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other Commissioners shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. 
  
  ### Chief Commissioner — functions
  
  24 The Chief Commissioner is the chief executive officer of the Commission and has supervision over, and direction of, the work and staff of the Commission. 
  
  ### Deputy Chief Commissioner — functions
  
  25 In the event of the absence or incapacity of the Chief Commissioner, or if the office of Chief Commissioner is vacant, the Deputy Chief Commissioner shall assume the duties and functions of the Chief Commissioner. 
  
  ### Head office
  
  26 (1) The head office of the Commission shall be on the reserve lands of the Tk’emlúps te Secwépemc or at any other location that the Governor in Council determines. 
  
  ### Additional office
  
  (2) The Commission shall maintain an additional office in the National Capital Region described in the schedule to the National Capital Act.  
  
  ### Rules of procedure
  
  27 The Commission may make any rules that it considers necessary for the conduct of, and the fixing of a quorum for, its meetings. 
  
  ### Staff
  
  28 (1) The Commission may 
  (a) hire any staff that is necessary to conduct the work of the Commission; and 
  (b) determine the duties of those persons and the conditions of their employment. 
  
  ### Salaries and benefits
  
  (2) Persons hired under subsection (1) shall be paid the salaries and benefits fixed by the Commission. 
  
  ## Purposes 
  
  ### Mandate
  
  29 The purposes of the Commission are to 
  (a) support and protect the integrity of First Nations local revenue systems and promote common approaches to those systems as part of the Canadian fiscal framework; 
  (b) support and promote the reconciliation, in First Nations local revenue systems, of the interests of taxpayers with the responsibilities of councils to govern the affairs of First Nations; 
  (c) support and promote positive relationships between First Nations and taxpayers, including through the provision of support services for the resolution of disputes related to First Nations local revenue systems; 
  (d) assist First Nations in the exercise of their jurisdiction over local revenues; 
  (e) develop and deliver, and provide support for the development and delivery of, training and education services — and conduct research — respecting the implementation and administration of First Nations local revenue systems, respecting First Nations economic growth and respecting the evolution of local revenue systems; 
  (f) assist First Nations in growing their economies and increasing their local revenues; 
  (g) promote transparency of First Nations local revenue systems and understanding of those systems by members of First Nations, taxpayers and the public; 
  (h) conduct research and provide advice and information to the Government of Canada, including the Minister, regarding the future development and implementation of frameworks to support First Nations in exercising their jurisdiction over local revenues; 
  (i) conduct research, analyze information and provide advice to support the development, implementation and administration of First Nations local revenue systems; 
  (j) collaborate with First Nations, Indigenous institutions and organizations and all levels of government to strengthen First Nations economies and support the development of legal and administrative frameworks to promote the evolution of their jurisdiction over local revenues; 
  (k) support the negotiation, development and implementation of agreements related to First Nations local revenue systems; 
  (l) provide services to any Indigenous group named in the schedule to any regulation made under section 141; and 
  (m) collect data, publish statistical information and conduct research and analysis on matters related to the purposes set out in the other paragraphs of this section. 
  
  ## Functions and Powers 
  
  ### Powers
  
  30 In furtherance of the purposes set out in section 29, the Commission may enter into cooperative arrangements and shared-cost ventures with national and international organizations to consult on or sell products or services developed for First Nations who have made property taxation laws.  
  
  ### Local revenue law review
  
  31 (1) The Commission shall review every local revenue law. 
  
  ### Written submissions
  
  (2) Before approving a law made under paragraph 5(1)(a), (a.1) or (c), other than a law referred to in subsection 10(1), the Commission shall consider, in accordance with any regulations made under paragraph 36(1)(b), any representations made to it under paragraph 7(b) in respect of the law. 
  
  ### Local revenue law approval
  
  (3) Subject to section 32, the Commission shall approve a local revenue law that complies with this Act and with any standards and regulations made under this Act.  
  
  ### Registry
  
  (4) The Commission shall maintain a registry of every law approved by it under this section and every financial administration law made under section 9.  
  
  ### Restrictions
  
  32 (1) The Commission shall not approve a law made under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a) unless 
  (a) the First Nation has obtained and forwarded to the Commission a certificate in respect of their financial performance, issued by the First Nations Financial Management Board under subsection 50(3); and 
  (b) the First Nation has sufficient unutilized borrowing capacity in respect of that loan. 
  
  ### Copy and certificate
  
  (2) On approving a law made by a First Nation under paragraph 5(1)(d) with respect to a loan referred to in paragraph 74(a), the Commission shall provide the First Nations Finance Authority with 
  (a) a true copy of the law registered under subsection 31 (4); and  
  (b) a certificate stating that the law meets all the requirements of this Act and the regulations made under this Act. 
  
  ### Notice of judicial review
  
  (3) If the Commission becomes aware that judicial review proceedings have been undertaken in respect of an approved law referred to in subsection (2), the Commission shall without delay inform the First Nations Finance Authority of those proceedings. 
  
  ### Certificate is evidence
  
  (4) A certificate referred to in paragraph (2)(b) is, in the absence of evidence to the contrary, conclusive evidence in any judicial proceedings of the facts contained in it. 
  
  ### Review on request
  
  33 (1) On the request in writing by a member of a First Nation, or by a person who holds an interest or right in reserve lands, who 
  (a) is of the opinion that the First Nation has not complied with this Part or Part 1 or with a regulation made under either Part or section 141 or 142 or that a law has been unfairly or improperly applied,  
  (b) has requested the council of the First Nation to remedy the situation, and 
  (c) is of the opinion that the council has not remedied the situation, the Commission shall conduct a review of the matter in accordance with the regulations. 
  
  ### Independent review
  
  (2) If the Commission is of the opinion that a First Nation has not complied with this Part or Part 1 or with a regulation made under either Part or section 141 or 142 or that a law has been unfairly or improperly applied, it shall conduct a review of the matter in accordance with the regulations.  
  
  ### Remedy
  
  (3) If, after conducting a review, the Commission considers that a First Nation has not complied with this Part or Part 1 or with a regulation made under either Part or section 141 or 142 or that a law has been unfairly or improperly applied, the Commission  
  (a) shall order the First Nation to remedy the situation; and 
  (b) may, if the First Nation does not remedy the situation within the time set out in the order, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on the First Nation or assume third-party management of the First Nation’s local revenues to remedy the situation. 
  
  ###  First Nations Gazette 
  
  34 (1) All local revenue laws approved by the Commission and all standards and procedures established by the Commission under section 35 shall be published in the First Nations Gazette.  
  
  ### Frequency of publication
  
  (2) The Commission shall publish the First Nations Gazette at least once in each calendar year.  
  
  ## Standards and Procedures 
  
  ### Standards
  
  35 (1) The Commission may establish standards, not inconsistent with the regulations, respecting 
  (a) the form and content of local revenue laws; 
  (b) enforcement procedures to be included in those laws; 
  (c) criteria for the approval of laws made under paragraph 5(1)(d) or (f); 
  (c.01) criteria for the approval of local revenue laws respecting reserve lands that have been set apart for the use and benefit of more than one First Nation, including criteria in relation to the First Nations entering into agreements in relation to the administration of those local revenue laws and criteria in respect of those agreements; 
  (c.1) notices relating to local revenue laws, including any minimum periods applicable to the notices; 
  (d) the form in which information required under section 8 is to be provided to the Commission; and  
  (e) the dates on or before which laws must be made by a council of a First Nation under section 10. 
  
  ### Procedures
  
  (2) The Commission may establish procedures respecting 
  (a) submission for approval of local revenue laws; 
  (b) approval of those laws; 
  (c) representation of taxpayers’ interests in the decisions of the Commission; and 
  (d) resolution of disputes with First Nations concerning the taxation of interests or rights on reserve lands. 
  
  ###  Statutory Instruments Act 
  
  (3) The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2).  
  
  ## Data Collection, Analysis and Publication 
  
  ### Functions and powers
  
  35.1 (1) The Commission may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. 
  
  ### No identifying information
  
  (2) The Commission shall ensure that no First Nation, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Commission makes publicly available under subsection (1). 
  
  ### Exception
  
  (3) The Commission is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, entity or individual to whom it relates consents to being identified. 
  
  ### Information sharing agreements
  
  35.2 The Commission may enter into agreements with a First Nation, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. 
  
  ## Regulations 
  
  ### Regulations
  
  36 (1) The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Commission, make regulations 
  (a) prescribing anything that is to be prescribed under subparagraph 5 (1)(a)(i), paragraph 5 (1)(e) or (4)(a), subsection 5 (7) or section 10 ;  
  (b) establishing procedures to be followed for the purposes of section 31 or 33, including procedures 
  (i) for requiring the production of documents from a First Nation or person requesting a review under subsection 33 (1),  
  (ii) for conducting hearings, and 
  (iii) authorizing the Commission to apply to a justice of the peace for a subpoena compelling a person to appear before the Commission to give evidence and bring any documents specified in the subpoena, and to pay associated travel expenses; 
  (c) prescribing fees to be charged by the Commission for services to First Nations and other organizations; and 
  (d) respecting the exercise of the law-making powers of First Nations under subsection 5 (1).  
  
  ### Provincial differences
  
  (2) Regulations made under paragraph (1)(a) may vary from province to province. 
  
  ### Authority to vary
  
  (3) Regulations made under paragraph (1)(b) may authorize the Commission to 
  (a) vary the procedures to accommodate the customs or culture of a First Nation in respect of which a hearing is being held; 
  (b) extend or shorten any period provided for in those regulations; 
  (c) dispense with compliance with any procedure provided for in the regulations in the interest of securing a just, expeditious and inexpensive hearing of a complaint; and 
  (d) delegate any of the powers of the Commission under section 31 or 33 to a panel consisting of one or more commissioners. 
  
  ### Designation of panels by Chief Commissioner
  
  (3.1) Regulations made under paragraph (1)(b) may authorize or require the Chief Commissioner to designate the members of a panel for the purposes of the delegation of powers referred to in paragraph (3)(d). 
  
  ### Inconsistencies
  
  (4) In the event of an inconsistency between a law made under subsection 5 (1) and regulations made under subsection (1), the regulations prevail to the extent of the inconsistency.  
  
  # PART 3 
  
  ## First Nations Financial Management Board 
  
  ## Interpretation 
  
  ### Definition of 
  *Board* 
  
  37 In this Part, 
  *Board* means the First Nations Financial Management Board.  
  
  ## Establishment and Organization of Board 
  
  ### Establishment
  
  38 (1) There is established a board, to be known as the First Nations Financial Management Board, to be managed by a board of directors consisting of a minimum of nine and a maximum of 13 directors, including a Chairperson and Vice-Chairperson. 
  
  ### Capacity, rights, powers and privileges
  
  (2) The Board has the capacity, rights, powers and privileges of a natural person, including the capacity to 
  (a) enter into contracts; 
  (b) acquire, hold and dispose of property or an interest or right in property, or lease property; 
  (c) raise, invest or borrow money; and 
  (d) sue and be sued. 
  
  ### Not agent of Her Majesty
  
  39 The Board is not an agent of Her Majesty. 
  
  ### Appointment of Chairperson
  
  40 On the recommendation of the Minister, the Governor in Council shall appoint a Chairperson to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Appointment of additional directors
  
  41 (1) The Governor in Council, on the recommendation of the Minister, shall appoint a minimum of five, and a maximum of nine, other directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Indigenous directors
  
  (1.1) The Governor in Council shall endeavour to ensure that the majority of the directors are Indigenous. 
  
  ### Appointment by AFOA Canada
  
  (2) AFOA Canada, or any other body prescribed by regulation, shall appoint up to three additional directors to hold office during pleasure for a term not exceeding five years. 
  
  ### Staggered terms
  
  (3) In determining the term of appointment of directors, the Governor in Council shall endeavour to ensure that the terms of no more than three directors expire in any one calendar year. 
  
  ### Qualifications
  
  (4) The board of directors shall be composed of individuals from across Canada, including members of First Nations, who are committed to the strengthening of the financial management of First Nations or of entities referred to in paragraphs 50.1(1)(a) to (c) and who have the experience or capacity to enable the Board to fulfil its mandate. 
  
  ### Election of Vice-Chairperson
  
  42 (1) The board of directors shall elect a Vice-Chairperson from among the directors. 
  
  ### Functions
  
  (2) In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Vice-Chairperson shall assume the duties and functions of the Chairperson. 
  
  ### Reappointment
  
  43 Directors may be reappointed for a second or subsequent term of office. 
  
  ### Status
  
  44 The Chairperson shall hold office on a full-time basis and the other directors shall hold office on a part-time basis. 
  
  ### Remuneration
  
  45 (1) Directors shall be paid the remuneration determined by the Governor in Council. 
  
  ### Expenses
  
  (2) The Chairperson shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other directors shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. 
  
  ### Rules of procedure
  
  46 The board of directors may make any rules that it considers necessary for the conduct of its meetings. 
  
  ### Head office
  
  47 The head office of the Board shall be at a location determined by the Governor in Council. 
  
  ### Staff
  
  48 (1) The board of directors may 
  (a) hire any staff that is necessary to conduct the work of the Board; and 
  (b) determine the duties of those persons and the conditions of their employment. 
  
  ### Salaries and benefits
  
  (2) Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors. 
  
  ## Purposes 
  
  ### Mandate
  
  49 The purposes of the Board are to 
  (a) assist First Nations and entities referred to in subsection 50.1(1) in developing the capacity to meet their financial management requirements; 
  (a.1) assist First Nations and entities referred to in subsection 50.1(1) in developing and implementing laws and by-laws respecting financial administration; 
  (b) assist First Nations and entities referred to in paragraphs 50.1(1)(a) to (c) in their dealings with different levels of governments respecting financial management, including matters of accountability and shared fiscal responsibility; 
  (c) assist First Nations and entities referred to in paragraphs 50.1(1)(a) to (c) in the development, implementation and improvement of financial relationships with financial institutions, business partners and different levels of governments, to enable the economic and social development of First Nations and of those entities; 
  (d) develop and support the application of general credit rating criteria to First Nations; 
  (e) provide review and audit services respecting First Nation financial management; 
  (f) provide assessment and certification services respecting First Nation financial management and financial performance; 
  (g) provide monitoring and reporting services respecting financial management systems and financial performance; 
  (g.1) provide First Nations and entities referred to in subsection 50.1(1) with monitoring and reporting services respecting the implementation of laws and by-laws respecting financial administration and the compliance of those laws and by-laws with applicable standards; 
  (h) provide services respecting the co-management and third-party management of local revenues and other revenues; 
  (i) provide advice, policy research and review and evaluative services on the development of fiscal arrangements between different levels of governments and First Nations, as well as on the development of fiscal arrangements between different levels of governments and entities referred to in paragraphs 50.1(1)(a) to (c); 
  (j) develop, implement, test and evaluate, as well as conduct research with respect to, proposals and pilot projects related to the purposes set out in the other paragraphs of this section; 
  (k) assist First Nations, entities referred to in subsection 50.1(1), other levels of government and public and private organizations in the development and implementation of fiscal and economic proposals that contribute to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action and to implementing the United Nations Declaration on the Rights of Indigenous Peoples; and 
  (l) collect data, publish statistical information and conduct research and analysis on matters related to the purposes set out in the other paragraphs of this section. 
  
  ## Functions and Powers 
  
  ### Review of financial management system
  
  50 (1) On the request of the council of a First Nation, the Board may review the First Nation’s financial management system or financial performance for compliance with the standards established under subsection 55 (1).  
  
  ### Report
  
  (2) On completion of a review under subsection (1), the Board shall provide to the First Nation a report setting out 
  (a) the scope of the review undertaken; and 
  (b) an opinion as to whether the First Nation was in compliance with the standards or as to which aspects of the standards were not complied with by the First Nation. 
  
  ### Issuance of certificate
  
  (3) If after completing a review under subsection (1) the Board is of the opinion that the First Nation was in compliance, in all material respects, with the standards, it shall issue to the First Nation a certificate to that effect. 
  
  ### Revocation of certificate
  
  (4) The Board may, on giving notice to a council, revoke a certificate issued under subsection (3) if, on the basis of financial or other information available to the Board, it is of the opinion that 
  (a) the basis on which the certificate was issued has materially changed; 
  (b) the First Nation provided information that is incomplete or incorrect or made misrepresentations to the Board; or 
  (c) the First Nation is no longer in compliance, in all material respects, with the standards. 
  
  ### Form and content
  
  (5) The Board may determine the form and content of certificates issued under subsection (3), including any restrictions as to the purposes for which, and the persons by whom, they are intended to be used. 
  
  ### Remedial measures required
  
  (6) If a borrowing member’s certificate is revoked, the borrowing member shall, without delay, take any measures required to re-establish its certification. 
  
  ### Opinion final
  
  (7) An opinion of the Board referred to in this section is final and conclusive and is not subject to appeal. 
  
  ### Review and monitoring
  
  50.01 (1) On the request of a First Nation or under the terms of an agreement between a First Nation and any level of government, the Board may review or monitor 
  (a) the implementation of laws of the First Nation respecting financial administration; 
  (b) the compliance of those laws with the standards established under paragraph 55(1)(a); and 
  (c) the First Nation’s compliance with the standards established under paragraph 55(1)(c) or (d). 
  
  ### Report
  
  (2) On completion of a review, or from time to time while carrying out monitoring, the Board shall provide to the First Nation a report setting out its findings and any recommendations. 
  
  ### Procedures
  
  (3) The Board may establish procedures respecting 
  (a) the requests for review and monitoring referred to in subsection (1); 
  (b) the review and monitoring referred to in subsection (1); and 
  (c) the reports referred to in subsection (2). 
  
  ###  Statutory Instruments Act 
  
  (4) The Statutory Instruments Act does not apply in respect of procedures established under subsection (3).  
  
  ### 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 Indigenous 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 paragraph (a), (b) or (c) — whose mandate is primarily to promote the well-being or advancement of Indigenous people; or 
  (e) a not-for-profit organization established to provide public services to Indigenous groups or Indigenous persons, including services with respect to social welfare, infrastructure, housing, recreational or cultural activities, health or education. 
  
  ### 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. 
  
  ### 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). 
  
  ### Procedures
  
  (4) The Board may establish procedures respecting the review referred to in subsection (1). 
  
  ###  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).  
  
  ###  First Nations Gazette 
  
  (6) All standards established by the Board under subsection (3) shall be published in the First Nations Gazette.  
  
  ### Review and monitoring
  
  50.2 (1) On the request of an entity referred to in subsection 50.1(1) or under the terms of an agreement between such an entity and any level of government, the Board may review or monitor 
  (a) the implementation of laws or by-laws made by the entity respecting financial administration; 
  (b) the compliance of those laws or by-laws with the standards established under paragraph 50.1(3)(b); and 
  (c) the entity’s compliance with the standards established under paragraph 50.1(3)(a). 
  
  ### Report
  
  (2) On completion of a review, or from time to time while carrying out monitoring, the Board shall provide to the entity a report setting out its findings and any recommendations. 
  
  ### Procedures
  
  (3) The Board may establish procedures respecting 
  (a) the requests for review and monitoring referred to in subsection (1); 
  (b) the review and monitoring referred to in subsection (1); and 
  (c) the reports referred to in subsection (2). 
  
  ###  Statutory Instruments Act 
  
  (4) The Statutory Instruments Act does not apply in respect of procedures established under subsection (3).  
  
  ### Required intervention
  
  51 On receipt of a notice from the First Nations Tax Commission under paragraph 33 (3)(b) or from the First Nations Finance Authority under subsection 86 (4), the Board shall either require the First Nation to enter into a co-management arrangement in accordance with section 52 or assume third-party management of the First Nation’s local revenues in accordance with section 53, as the Board sees fit.  
  
  ### Imposed co-management
  
  52 (1) The Board may, on giving notice to the council of a First Nation, require the First Nation to enter into a co-management arrangement in respect of the First Nation’s local revenues, including its local revenue account, 
  (a) if, in the opinion of the Board, there is a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority; or 
  (b) on receipt of a request or demand to do so under paragraph 33 (3)(b) or subsection 86 (4).  
  
  ### Powers
  
  (2) Under a co-management arrangement, the Board may 
  (a) recommend amendments to a law of the First Nation made under this Act; 
  (b) recommend changes to the First Nation’s expenditures or budgets; 
  (c) recommend improvements to the First Nation’s financial management system; 
  (d) recommend changes to the delivery of programs and services; 
  (e) order that expenditures of local revenues of the First Nation be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and 
  (f) exercise any powers delegated to the Board under a law of the First Nation or under an agreement between the First Nation and the Board or the First Nation and the First Nations Finance Authority. 
  
  ### Termination by Board
  
  (3) The Board may terminate a co-management arrangement with a First Nation on giving notice to its council that the Board is of the opinion that 
  (a) there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority; 
  (b) where the First Nation was in default of a payment obligation to the First Nations Finance Authority, the First Nation has remedied the default; 
  (c) a co-management arrangement requested or demanded under paragraph 33 (3)(b) or subsection 86 (4) is no longer required; or  
  (d) third-party management of the First Nation’s local revenues is required. 
  
  ### Opinion final
  
  (4) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. 
  
  ### Notice
  
  (5) The Board shall advise the First Nations Finance Authority and the First Nations Tax Commission of the commencement or termination of a co-management arrangement. 
  
  ### Third-party management
  
  53 (1) The Board may, on giving notice to the council of a First Nation and to the Minister, assume management of the First Nation’s local revenues, including its local revenue account, 
  (a) if, in the opinion of the Board, a co-management arrangement under section 52 has not been effective;  
  (b) if, in the opinion of the Board, there is a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority; or 
  (c) on receipt of a request or demand to do so under paragraph 33 (3)(b) or subsection 86 (4).  
  
  ### Powers
  
  (2) If the Board assumes third-party management of the local revenues of a First Nation, the Board has the exclusive right to 
  (a) subject to subsection (3), act in the place of the council of the First Nation to make laws under paragraphs 5(1)(a) to (f) and subsection 9(1); 
  (b) act in the place of the council of the First Nation to 
  (i) with respect to local revenues, exercise any powers and fulfil any obligations of the council under this Act, including under the regulations made under this Act, or under any laws made under paragraphs 5(1)(a) to (e) and 9(1)(a), 
  (ii) manage the First Nation’s local revenues, including the local revenue account, 
  (iii) undertake any necessary borrowing for the purpose of remedying the situation for which third-party management was required, and 
  (iv) provide for the delivery of programs and services that are paid for out of local revenues, manage assets related to those programs and services and enter into or terminate agreements in respect of those programs, services and assets; 
  (b.1)  [Repealed, 2018, c. 27, s. 399]  
  (c) assign interests or rights under subsection 5(7); and 
  (d) exercise any powers or fulfil any obligations delegated to the Board under a law of the First Nation or an agreement between the First Nation and the Board or between the First Nation and the First Nations Finance Authority. 
  (e)  [Repealed, 2018, c. 27, s. 399]  
  
  ### Delegation — consent of council required
  
  (3) The Board shall not make a law under paragraph 5(1)(f) or 9(1)(b) that delegates a power to a person or body to whom a power was not delegated at the time the Board assumed third-party management of the local revenues of a First Nation, unless the council of the First Nation gives its consent. 
  
  ### Prohibition
  
  (4) The council of the First Nation shall not, during the time that the board assumes third-party management of the First Nation’s local revenues, repeal any law made under paragraph 5 (1)(g).  
  
  ### Review every six months
  
  (5) Where the Board has assumed third-party management of a First Nation’s local revenues, it shall review the need for third-party management at least once every six months and advise the First Nations Finance Authority, the First Nations Tax Commission and the council of the First Nation of the results of its review. 
  
  ### Termination by Board
  
  (6) The Board may terminate third-party management of a First Nation’s local revenues, on giving notice to the council of the First Nation, if 
  (a) it is of the opinion that there is no longer a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority and the Authority consents to the termination in writing; 
  (b) where the First Nation was in default of an obligation to the First Nations Finance Authority, it is of the opinion that the First Nation has remedied the default and the Authority consents to the termination in writing; or 
  (c) it is of the opinion that the situation for which third-party management of the First Nation’s local revenues was required under paragraph 33 (3)(b) or subsection 86 (4) has been remedied.  
  
  ### Opinion final
  
  (7) An opinion given by the Board under this section is final and conclusive and is not subject to appeal. 
  
  ### Notice
  
  (8) The Board shall advise the First Nations Finance Authority and First Nations Tax Commission of the assumption or termination of third-party management of a First Nation’s local revenues. 
  
  ### Required information
  
  54 At the request of the Board, a First Nation that has made a local revenue law shall provide to the Board any information about the First Nation’s financial management system and financial performance that the Board requires for a decision regarding a co-management arrangement or third-party management of the First Nation’s local revenues. 
  
  ## Standards and Procedures 
  
  ### Standards
  
  55 (1) The Board may establish standards, not inconsistent with the regulations, respecting 
  (a) the form and content of laws made under section 9 ;  
  (b) approvals of the Board under Part 1; 
  (c) certification of First Nations under section 50 ; and  
  (d) financial reporting under subsection 14 (1).  
  
  ### Procedures
  
  (2) The Board may establish procedures respecting 
  (a) the submission for approval and approval of laws made under section 9 ;  
  (b) the issuance of a certificate under subsection 50 (3); and  
  (c) the implementation or termination of a co-management arrangement or third-party management of a First Nation’s local revenues. 
  
  ###  Statutory Instruments Act 
  
  (3) The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2).  
  
  ###  First Nations Gazette 
  
  (4) All laws made under section 9 and approved by the Board and all standards established by the Board under subsection (1) shall be published in the First Nations Gazette.  
  
  ## Data Collection, Analysis and Publication 
  
  ### Functions and powers
  
  55.1 (1) The Board may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. 
  
  ### No identifying information
  
  (2) The Board shall ensure that no First Nation, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Board makes publicly available under subsection (1). 
  
  ### Exception
  
  (3) The Board is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, entity or individual to whom it relates consents to being identified. 
  
  ### Information sharing agreements
  
  55.2 The Board may enter into agreements with a First Nation, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. 
  
  ## Regulations 
  
  ### Regulations
  
  56 The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Board, make regulations 
  (a) respecting the implementation of a co-management arrangement or third-party management of a First Nation’s local revenues, including the obligations of affected First Nations to provide access to financial records; and 
  (b) fixing fees that the Board may charge for services, including fees to First Nations for co-management and third-party management services, and the manner in which the fees may be recovered. 
  
  ### Regulations
  
  56.1 For the purpose of enabling an entity referred to in any of paragraphs 50.1(1)(a) to (e) to obtain the services of the Board, other than co-management and third-party management services, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations 
  (a) adapting any provision of this Act or of any regulation made under this Act; and 
  (b) restricting the application of any provision of this Act or of any regulation made under this Act. 
  
  # PART 4 
  
  ## First Nations Finance Authority 
  
  ## Interpretation 
  
  ### Definitions
  
  57 The following definitions apply in this Part.  
  *Authority* means the First Nations Finance Authority. (Administration)   
  *investing member* means a First Nation that has invested in a short-term investment pool managed by the Authority. (membre investisseur)   
  *long-term loan* [Repealed, 2023, c. 16, s. 34]   
  *member* means a borrowing member or investing member. (membre)   
  *property tax revenues* means moneys raised under laws made under paragraphs 5(1)(a) and (a.1) and payments made to a First Nation in lieu of a tax imposed by a law made under paragraph 5(1)(a). (recettes fiscales foncières)   
  *representative*, in respect of a First Nation that is a member, means the chief or a councillor of the First Nation who is designated as a representative by a resolution of its council. (représentant)   
  *security* means a security of the Authority issued under paragraph 75 (1)(b). (titre)   
  *short-term loan* [Repealed, 2023, c. 16, s. 34]  
  
  ## Establishment and Organization of Authority 
  
  ### Establishment
  
  58 There is hereby established a non-profit corporation without share capital, to be known as the First Nations Finance Authority. 
  
  ### Membership
  
  59 The members of the Authority shall be its borrowing members and investing members. 
  
  ### Not agent of Her Majesty
  
  60 (1) The Authority is not an agent of Her Majesty or a Crown corporation within the meaning of the Financial Administration Act, and its officers and employees are not part of the federal public administration.  
  
  ### No guarantees
  
  (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of the Authority. 
  
  ### Board of Directors
  
  61 (1) The Authority shall be managed by a board of directors, consisting of from 5 to 11 directors, including a Chairperson and Deputy Chairperson, elected from among the representatives of borrowing members. 
  
  ### Nomination of directors
  
  (2) A representative of a borrowing member may nominate a representative of a borrowing member for election as Chairperson or Deputy Chairperson or as a director other than the Chairperson or Deputy Chairperson. 
  
  ### Election of directors
  
  (3) Directors shall be elected by representatives of borrowing members. 
  
  ### Function of Deputy Chairperson
  
  62 In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Deputy Chairperson shall assume the duties and functions of the Chairperson. 
  
  ### Term of office
  
  63 (1) Directors shall hold office on a part-time basis for a term of one year. 
  
  ### Additional terms
  
  (2) A director is eligible to be re-elected for a second or subsequent term of office. 
  
  ### 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; 
  (b) the person’s designation as a representative of a borrowing 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. 
  
  ### Quorum
  
  64 Two thirds of the directors constitute a quorum at any meeting of the board of directors. 
  
  ### Majority vote
  
  65 Decisions by the board of directors shall be made by a majority vote of the directors present. 
  
  ###  Canada Not-for-profit Corporations Act 
  
  66 (1) The Canada Not-for-profit Corporations Act does not apply to the Authority.  
  
  ###  Canada Business Corporations Act 
  
  (2) The following provisions of the Canada Business Corporations Act apply, with any modifications that the circumstances require, to the Authority and its directors, members, officers and employees as if the Authority were a corporation incorporated under that Act, this Part were its articles of incorporation and its members were its shareholders:  
  (a) subsection 15(1) (capacity of a natural person); 
  (b) section 16 (by-law not required to confer powers on Authority, restriction on powers of Authority, and validity of acts of Authority); 
  (c) subsection 21(1) (access to Authority’s records by members and creditors); 
  (d) section 23 (corporate seal not needed to validate instrument); 
  (e) subsections 103(1) to (4) (powers of directors to make and amend by-laws, member approval of by-laws and effective date of by-laws); 
  (f) subsection 105(1) (qualifications of directors); 
  (g) subsection 108(2) (resignation of director); 
  (h) section 110 (right of director to attend members’ meetings and statements by retiring directors); 
  (i) subsection 114(1) (place of directors’ meetings); 
  (j) section 116 (validity of acts of directors and officers); 
  (k) section 117 (validity of directors’ resolutions not passed at meeting); 
  (l) subsections 119(1) and (4) (liability of directors); 
  (m) section 120 (conflict of interests of directors); 
  (n) section 123 (directors’ dissents); 
  (o) section 124 (directors’ indemnity); 
  (p) section 155 (financial statements); 
  (q) section 158 (approval of financial statements by directors); 
  (r) section 159 (sending financial statements to members before annual meeting); 
  (s) sections 161 and 162 (qualifications and appointment of auditor); 
  (t) section 168 (rights and duties of auditor); 
  (u) section 169 (examination by auditor); 
  (v) section 170 (auditor’s right to information); 
  (w) subsections 171(3) to (9) (duty and administration of audit committee and penalty for failure to comply); 
  (x) section 172 (qualified privilege in defamation for auditor’s statements); and 
  (y) subsections 257(1) and (2) (certificates of Authority as evidence). 
  
  ### Remuneration of directors
  
  67 Directors shall be paid a fee for attend­ance at meetings of the board of directors, as fixed by the by-laws of the Authority. 
  
  ### Duty of care
  
  68 (1) The directors and officers of the Authority in exercising their powers and performing their duties shall 
  (a) act honestly and in good faith with a view to the best interests of the Authority; and 
  (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. 
  
  ### Limit of liability
  
  (2) Directors and officers are not liable for a failure to comply with subsection (1) if they rely in good faith on 
  (a) a written report of the auditor of the Authority or financial statements represented by an officer of the Authority as fairly reflecting the financial condition of the Authority; or 
  (b) a report of a lawyer, notary, accountant, engineer, appraiser or other person whose position or profession lends credibility to a statement made by that person. 
  
  ### President
  
  69 (1) The board of directors shall appoint a President to act as the chief executive officer of the Authority. 
  
  ### Other staff
  
  (2) The President may employ any other officers and employees that are necessary to conduct the work of the Authority. 
  
  ### Annual general meeting
  
  70 The Authority shall hold an annual general meeting of representatives for the purpose of 
  (a) presenting the annual report and audited financial statements of the Authority; 
  (b) electing the board of directors; and 
  (c) dealing with any other business of the Authority that may be presented by the board of directors. 
  
  ### By-laws
  
  71 The board of directors may make by-laws 
  (a) respecting the calling and conduct of meetings of the board, including the holding of meetings by teleconference; 
  (b) fixing the fees to be paid to directors for attendance at meetings of the board and the reimbursement of reasonable travel and living expenses to directors; 
  (c) respecting the duties and conduct of the directors, officers and employees of the Authority and the terms and conditions of employment and of the termination of employment of officers and employees of the Authority; 
  (d) respecting the signing and sealing of securities and interest coupons issued by the Authority; and 
  (e) generally for the conduct and management of the affairs of the Authority. 
  
  ### Head office
  
  72 The head office of the Authority shall be on reserve lands at a location determined by the board of directors. 
  
  ### Annual budget
  
  73 At the beginning of every year, the President shall prepare an annual budget of the Authority and present it to the board of directors for approval. 
  
  ## Purposes 
  
  ### Mandate
  
  74 The purposes of the Authority are to 
  (a) secure for its borrowing members, through the use of property tax revenues, 
  (i) loans that have terms of one year or longer to finance or refinance capital assets for the provision of local services on reserve lands, or 
  (ii) loans that have terms of less than one year to meet cash-flow requirements for operating or capital purposes or to refinance a short-term debt incurred for capital purposes; 
  (iii)  [Repealed, 2023, c. 16, s. 35]  
  (b) secure for its borrowing members, through the use of other revenues prescribed by regulation, loans for any purpose prescribed by regulation; 
  (c) secure the best possible credit terms for its borrowing members; 
  (d) provide investment services to First Nations and entities referred to in any of paragraphs 50.1(1)(a) to (e); and 
  (e) provide advice regarding the development of financing mechanisms for First Nations. 
  
  ## Functions and Powers 
  
  ### Powers of board of directors
  
  75 (1) For the purposes of this Part, the board of directors may by resolution 
  (a) borrow money in an amount authorized by the resolution; 
  (b) issue securities of the Authority; 
  (c) lend securities to generate income, if the loan is fully secured; 
  (d) enter into agreements for risk management purposes, including swaps; and 
  (e) provide for 
  (i) payments related to the issuance of securities, 
  (ii) the registration, transfer, management and redemption of securities, 
  (iii) the re-issuance, reinstatement or other disposition of lost, stolen, destroyed or damaged securities or interest coupons, 
  (iv) the examination, cancellation or destruction of securities and of materials used in their production, or 
  (v) the timing of the issuance of securities. 
  
  ### Security issuance requirements
  
  (2) A resolution respecting the issuance of securities shall set out 
  (a) the rate of interest; 
  (b) the time and place of repayment of principal and interest; and 
  (c) the currency in which repayment of principal and interest will be made. 
  
  ### Security issuance resolutions
  
  (3) A resolution respecting the issuance of securities may provide that 
  (a) the securities are to be redeemable in advance of maturity at a time and price set out in the resolution; 
  (b) all or any part of the securities may be paid, refunded or renewed; 
  (c) the securities are to be issued in an amount sufficient to realize the amount of any securities called in and paid before maturity, for a term not longer than the remainder of the term of the securities called in and paid; or 
  (d) the securities and any interest coupons attached to them are to be in the form set out in the resolution, and are to be exchangeable for other securities of the same issue on any terms and conditions set out in the resolution. 
  
  ### Amount of issue
  
  (4) The Authority may issue securities the principal amounts of which, after payment of any discount and the costs of issue and sale, will realize the net amount authorized by the board of directors in a resolution made under paragraph (1)(a). 
  
  ### Declaration conclusive
  
  (5) A declaration in a resolution authorizing the issuance of securities that it is necessary to issue securities in the principal amount authorized in order to realize the net amount authorized is conclusive evidence of that fact. 
  
  ### Sale price
  
  (6) The board of directors may sell securities at their par value or at other than par value. 
  
  ### Delegation
  
  (7) The board of directors may delegate its powers under this section to a committee of directors and officers of the Authority, subject to any limitations that the board of directors may impose. 
  
  ### Application to become borrowing member
  
  76 (1) A First Nation may apply to the Authority to become a borrowing member. 
  
  ### Criteria
  
  (2) The Authority shall accept a First Nation as a borrowing member only if the First Nations Financial Management Board has issued to the First Nation a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. 
  
  ### Ceasing to be borrowing member
  
  77 (1) A First Nation that has obtained financing secured by property tax revenues may cease to be a borrowing member only with the consent of all other borrowing members that have obtained financing secured by such revenues. 
  
  ### Ceasing to be borrowing member
  
  (2) A First Nation that has obtained financing secured by other revenues may cease to be a borrowing member only with the consent of all other borrowing members that have obtained financing secured by such other revenues. 
  
  ### 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. 
  
  ### Debts to the Crown
  
  (2) For greater certainty, subsection (1) does not apply to Her Majesty. 
  
  ### Limitations — loans
  
  79 The Authority shall not make a loan to a borrowing member unless the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d) in respect of that loan. 
  
  ### Restriction
  
  80 A borrowing member that has obtained a loan from the Authority that is secured by property tax revenues and has a term of one year or longer shall not subsequently obtain such a loan from any other person as long as the loan from the Authority remains unpaid. 
  
  ### Limitations — short-term loans
  
  81 The Authority shall not make a loan that has a term of less than one year to a borrowing member for a purpose described in subparagraph 74(a)(ii) unless the loan is made in anticipation of local revenues set out in a law made by the borrowing member under paragraph 5(1)(b). 
  
  ### Sinking fund
  
  82 (1) The Authority shall establish a sinking fund, or any other system of repayment prescribed by regulation, to fulfil its repayment obligations to the holders of each security issued by the Authority. 
  
  ### Separate accounts
  
  (2) Where a sinking fund is established, a separate sinking fund account shall be kept for each borrowing member participating in a security issued by the Authority. 
  
  ### Sinking fund investments
  
  (3) Funds in a sinking fund may be invested only in 
  (a) securities issued or guaranteed by Canada or a province; 
  (b) securities of a local, municipal or region­al government in Canada; 
  (b.1) securities of the Authority or of a municipal finance authority established by a province, if the day on which they mature is not later than the day on which the security for which the sinking fund is established matures; 
  (c) investments guaranteed by a bank, trust company or credit union; or 
  (d) deposits in a bank or trust company in Canada or non-equity or membership shares in a credit union. 
  
  ### Surpluses
  
  83 (1) The Authority may declare a surplus in a sinking fund and use the surplus, in order of priority, to 
  (a) replenish any amounts paid out of the debt reserve fund; and 
  (b) make a distribution to borrowing members who are participating in that fund. 
  
  ### Recovery from sinking fund
  
  (2) The Authority may recover fees payable by a borrowing member from any surplus to be distributed to that member under paragraph (1)(b). 
  
  ### Debt reserve fund
  
  84 (1) The Authority shall establish, to make payments or sinking fund contributions for which insufficient moneys are available from borrowing members, 
  (a) a debt reserve fund solely for financing secured by property tax revenues; and 
  (b) a debt reserve fund solely for financing secured by other revenues. 
  
  ### Provisioning of fund
  
  (2) Subject to a regulation that fixes different percentages for the purposes of this subsection, the Authority shall withhold — and deposit in the corresponding debt reserve fund — 5% of the amount of any loan to a borrowing member that is secured by property tax revenues and of any loan to a borrowing member that is secured by other revenues. 
  
  ### Percentage withheld may be reduced by board
  
  (2.1) However, the board of directors may, by resolution, reduce the percentage to be withheld from a loan under subsection (2) to a percentage that is not less than 1%, if the board of directors is satisfied that doing so would not have a negative impact on the Authority’s credit rating and the regulations do not fix a different percentage. 
  
  ### Separate account
  
  (3) A separate account shall be kept for each security issued and for each borrowing member contributing to a debt reserve fund. 
  
  ### Investments
  
  (4) The funds of a debt reserve fund may be invested only in securities, investments or deposits referred to in paragraph 82(3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days. 
  
  ### Liability for shortfall
  
  (5) If payments from a debt reserve fund reduce its balance 
  (a) by less than 50% of the total amount contributed by borrowing members who have obtained financing for which that debt reserve fund was established, the Authority may, in accordance with the regulations, require those borrowing members to pay without delay amounts sufficient to replenish the debt reserve fund; and 
  (b) by 50% or more of the total amount contributed by borrowing members who have obtained financing for which that debt reserve fund was established, the Authority shall, in accordance with the regulations, require those borrowing members to pay without delay amounts sufficient to replenish the debt reserve fund. 
  
  ### Repayment
  
  (6) Money contributed by a borrowing member to a debt reserve fund, and any investment income received on it, that has not already been repaid to the borrowing member by the Authority shall be repaid when all obligations in respect of the security in respect of which the money was contributed have been satisfied. 
  
  ### Credit enhancement fund
  
  85 (1) The Authority shall establish a fund for the enhancement of the Authority’s credit rating. 
  
  ### Investments
  
  (2) The funds of the credit enhancement fund may be invested only in securities, investments or deposits referred to in paragraph 82 (3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days.  
  
  ### Investment income
  
  (3) Investment income from the credit enhancement fund may be used 
  (a) to temporarily offset any shortfalls in the debt reserve fund; 
  (b) to defray the Authority’s costs of operation; and 
  (c) for any other purpose prescribed by regulation. 
  
  ### Capital
  
  (4) The capital of the credit enhancement fund may be used 
  (a) to temporarily offset any shortfalls in the debt reserve fund; and 
  (b) for any other purpose prescribed by regulation. 
  
  ### Repayment to credit enhancement fund
  
  (5) Any funds that are paid from the credit enhancement fund to offset a shortfall in the debt reserve fund shall be repaid by that debt reserve fund within 18 months after the day on which the funds are paid or, if more than one payment of funds is made, within 18 months after the day on which the first payment is made. After the expiry of that 18-month period, no further funds shall be paid from the credit enhancement fund to that debt reserve fund unless it has been fully replenished under section 84. 
  
  ### Default by first nation
  
  86 (1) If a borrowing member fails to make a payment to the Authority, to fulfil any other obligation under a borrowing agreement with the Authority or to pay a charge imposed by the Authority under this Part, the Authority shall 
  (a) notify the borrowing member of the failure; and 
  (b) send a notice of the failure to the First Nations Financial Management Board and the First Nations Tax Commission, together with evidence of the failure and a copy of any relevant documents and records. 
  
  ### Requirement for report
  
  (2) If a failure referred to in subsection (1) relates to an obligation other than payment, the Authority may require that the First Nations Financial Management Board review and report on the reasons for the failure. 
  
  ### Report
  
  (3) On receipt of a notice referred to in paragraph (1)(b) in respect of a failure related to an obligation other than payment, the First Nations Financial Management Board shall advise the Authority in writing of its opinion on the reasons for the failure and recommend any intervention under section 52 or 53 that it considers appropriate.  
  
  ### Required intervention
  
  (4) The Authority may, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on a borrowing member or assume third-party management of the First Nation’s local revenues 
  (a) where the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or 
  (b) on receipt of a report of the Board under subsection (3) in respect of the borrowing member. 
  
  ### Short-term pooled investment funds
  
  87 (1) The Authority may establish short-term pooled investment funds. 
  
  ### Investments
  
  (2) Funds in a short-term pooled investment fund may be invested only in 
  (a) securities issued or guaranteed by Canada, a province or the United States; 
  (b) fixed-term deposits, notes, certificates or other short-term paper of, or guaranteed by, a bank, trust company or credit union, including swaps in United States currency; 
  (c) securities issued by the Authority or by a local, municipal or regional government in Canada; 
  (d) commercial paper issued by a Canadian company that is rated in the highest category by at least two recognized security-rating institutions; 
  (e) any class of investments permitted under an Act of a province relating to trustees; or 
  (f) any other investments or class of investments prescribed by regulation. 
  
  ## General 
  
  ### Annual report
  
  88 (1) The Chairperson shall, within four months after the end of each fiscal year, submit to the Authority’s members and the Minister a report of the operations of the Authority for that fiscal year. 
  
  ### Contents
  
  (2) The annual report shall include the financial statements of the Authority and its auditor’s opinion on them. 
  
  ### Assignment — revenues payable by Her Majesty
  
  88.1 (1) Despite section 67 of the Financial Administration Act and anything else in federal or provincial law, a borrowing member may, for the purposes of paragraph 74(b), assign the rights to any of the other revenues referred to in that paragraph that are payable to the borrowing member by Her Majesty in right of Canada.  
  
  ### Assignment not binding
  
  (2) An assignment referred to in subsection (1) is not binding on Her Majesty in right of Canada and, without limiting the generality of the foregoing, 
  (a) a minister of, or other person acting on behalf of, Her Majesty in right of Canada is not required to pay to the assignee the assigned revenues; 
  (b) the assignment does not create any liability of Her Majesty in right of Canada to the assignee; and 
  (c) the rights of the assignee are subject to all rights of set-off or compensation in favour of Her Majesty in right of Canada. 
  
  ## Regulations 
  
  ### Regulations
  
  89 The Governor in Council may, on the recommendation of the Minister after consultation by the Minister with the Authority, make regulations 
  (a) prescribing anything that is to be prescribed under subsection 82 (1) and paragraphs 85 (3)(c) and (4)(b) and 87 (2)(f);  
  (b) fixing a percentage in respect of an amount to be withheld from a loan under subsection 84(2), which may be a higher or lower percentage than the percentage set out in that subsection and may vary according to whether the loan is secured by property tax revenues or by other revenues; and 
  (c) respecting the imposition of charges under subsection 84 (5), including the manner of calculating those charges and the share of those charges to be paid by each borrowing member.  
  (d)  [Repealed, 2018, c. 27, s. 407]  
  
  # PART 5 
  
  ## Payment of Moneys 
  
  ### Council resolution
  
  90 (1) The council of a First Nation may submit to the Minister a resolution of the council requesting the payment to the First Nation of 
  (a) moneys held by Her Majesty for the use and benefit of the First Nation; and 
  (b) moneys to be collected or received in future by Her Majesty for the use and benefit of the First Nation. 
  
  ### Information to accompany resolution
  
  (2) The resolution shall be accompanied by proof 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. 
  
  ### Approval by members
  
  91 (1) If the council of a First Nation intends to request the payment of moneys under subsection 90(1), the council shall conduct a vote among the First Nation’s eligible voters on the approval of the payment of the moneys. 
  
  ### Eligible voters
  
  (2) Every First Nation member, whether resident on a reserve of the First Nation or not, is an eligible voter if the member is at least 18 years old on the date of the vote. 
  
  ### Independent legal and financial advice
  
  (3) Before conducting the vote under subsection (1), the council shall obtain independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation. 
  
  ### Information to be provided
  
  (4) Before conducting the vote under subsection (1), the council shall also take reasonable measures that are in accordance with the First Nation’s practices to inform eligible voters of 
  (a) their right to vote and the means of exercising that right; 
  (b) the fact that council has obtained the legal and financial advice referred to in subsection (3); 
  (c) the implications of the payment of the moneys and the reasons why the payment is for the benefit of the First Nation; and 
  (d) the fact that the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a). 
  
  ### Majority approval
  
  (5) The payment of the moneys to the First Nation is approved if a majority of eligible voters who participated voted to approve the payment. 
  
  ### Minimum participation
  
  (6) Despite subsection (5), the payment is not approved unless at least 25% of all eligible voters participated in the vote. 
  
  ### Increased percentage
  
  (7) The council may, by resolution adopted before the vote, increase the percentage of eligible voters required under subsection (6). 
  
  ### 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. 
  
  ### 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. 
  
  ### 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. 
  
  ### Liability for future management
  
  93 Following the payment of moneys under section 92, Her Majesty is not liable for the management of those moneys. 
  
  ### Past liability
  
  94 This Act does not affect the liability of Her Majesty or a First Nation for any act or omission in respect of moneys occurring before a payment referred to in section 93. 
  
  ###  Indian Act 
  
  95 Sections 61 to 69 of the Indian Act do not apply in respect of moneys paid to a First Nation under section 92 of this Act.  
  
  # PART 5.1 
  
  ## First Nations Powers Respecting Services 
  
  ### Definition of service 
  
  96 In this Part, 
  *service* means a service provided on reserve lands by or on behalf of a First Nation, including in relation to the provision of water, wastewater management, drainage, waste management, animal control, recreation, transportation, telecommunications and energy.  
  
  ### Laws respecting the provision of services
  
  97 (1) The council of a First Nation may make laws respecting the provision of services and respecting infrastructure located on the First Nation’s reserve lands that is used in the provision of those services, including laws 
  (a) regulating or prohibiting the provision of services; 
  (b) imposing requirements and prohibitions with respect to infrastructure; and 
  (c) respecting, subject to any conditions and procedures prescribed by regulation, the enforcement of laws made under this subsection, including by providing for measures to 
  (i) require any person or entity to refrain from doing anything that constitutes or is directed toward the contravention of those laws, 
  (ii) require any person or entity to do anything that may prevent or remedy the contravention of those laws, 
  (iii) recover costs incurred by the First Nation in enforcing those laws and impose and recover interest and penalties with respect to those costs, 
  (iv) create liens or, in Quebec, prior claims or legal hypothecs on reserve lands and on interests or rights in reserve lands, and 
  (v) discontinue services. 
  
  ### For greater certainty
  
  (2) For greater certainty, laws made under subsection (1) apply only on the reserve lands of the First Nation that made the laws. 
  
  ### Non-compliance with measure
  
  (3) If a person or entity is not complying with a measure referred to in subparagraph (1)(c)(i) or (ii), the First Nation may take appropriate corrective measures at the expense of the person or entity. 
  
  ### Application to competent court
  
  (4) The First Nation may apply to a court of competent jurisdiction for an order directing a person or entity named in the application to comply with a law made under subsection (1), such as by 
  (a) refraining from doing anything that, in the opinion of the court, constitutes or is directed toward the contravention of that law; or 
  (b) doing anything that, in the opinion of the court, may prevent the contravention of that law. 
  
  ### Enforcement — Framework Agreement on First Nation Land Management Act 
  
  (5) If a First Nation has adopted a land code as defined in subsection 2(2) of the Framework Agreement on First Nation Land Management Act or the council of a First Nation has enacted a First Nation law as defined in subsection 2(1) of that Act, the First Nation may use any enforcement measure — other than a measure for the investigation or prosecution of an offence punishable on summary conviction referred to in paragraph 19.1(a) of the Framework Agreement, as defined in subsection 2(1) of that Act — that is provided for in that land code or First Nation law to enforce a law made under subsection (1).  
  
  ### Regulations
  
  (6) The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the First Nations Infrastructure Institute, make regulations prescribing anything that is to be prescribed under paragraph (1)(c). 
  
  ### Publication
  
  (7) The First Nation shall publish all laws made under subsection (1) in the First Nations Gazette and provide a copy of a law made under that subsection on request.  
  
  ### Coming into force
  
  98 A law made under subsection 97 (1) comes into force on the later of  
  (a) the day of coming into force set out in the law, and 
  (b) the day on which it is published in the First Nations Gazette.  
  
  ### Judicial notice
  
  99 In any proceedings, judicial notice may be taken of a law made under subsection 97 (1).  
  
  ###  Statutory Instruments Act 
  
  100 The Statutory Instruments Act does not apply in respect of a law made under subsection 97 (1).  
  
  # PART 5.2 
  
  ## First Nations Infrastructure Institute 
  
  ## Definition 
  
  ### Definition of Institute 
  
  101 In this Part, 
  *Institute* means the First Nations Infrastructure Institute.  
  
  ## Establishment and Organization of Institute 
  
  ### Establishment
  
  102 (1) There is established an institute, to be known as the First Nations Infrastructure Institute, to be managed by a board of directors consisting of ten directors, including a Chairperson and Vice-Chairperson. 
  
  ### Capacity, rights, powers and privileges
  
  (2) The Institute has the capacity, rights, powers and privileges of a natural person, including the capacity to 
  (a) enter into contracts; 
  (b) acquire, hold and dispose of property or an interest or right in property, or lease property; 
  (c) raise, invest or borrow money; and 
  (d) sue and be sued. 
  
  ### Not agent of His Majesty
  
  103 The Institute is not an agent of His Majesty in right of Canada. 
  
  ### Appointment of first directors
  
  104 On the recommendation of the Minister, the Governor in Council shall appoint the first ten directors of the board of directors, including a Chairperson, who are to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Appointment of subsequent directors — Governor in Council
  
  105 (1) On the recommendation of the Minister, the Governor in Council shall appoint three directors, including a Chairperson, to hold office during good behaviour for a term not exceeding five years, subject to removal by the Governor in Council at any time for cause. 
  
  ### Committee to advise Minister
  
  (2) The Minister may establish a committee to advise the Minister on the appointment of directors, other than the Chairperson, under subsection (1). This committee is to include representation from the board of directors. 
  
  ### Appointment of subsequent directors — prescribed bodies
  
  (3) One or more bodies prescribed by regulation shall, in accordance with any rules and procedures established by the board of directors and subject to subparagraph 113(b)(ii), appoint seven additional directors to hold office during good behaviour for a term not exceeding five years, subject to removal by the board under section 108. 
  
  ### Qualifications
  
  106 The board of directors shall be composed of individuals from across Canada, including members of First Nations, who are committed to improving infrastructure outcomes for First Nations and entities referred to in subsection 50.1(1) and who have the experience or capacity to enable the Institute to fulfil its mandate. 
  
  ### Election of Vice-Chairperson
  
  107 The board of directors shall elect a Vice-Chairperson from among the directors. 
  
  ### Removal of directors
  
  108 The board of directors may remove a director appointed under subsection 105(3) for cause at any time in accordance with the rules and procedures established under subparagraph 113(b)(i). 
  
  ### Reappointment
  
  109 (1) Directors may be reappointed for a second or subsequent term of office. 
  
  ### Continuation in office
  
  (2) Despite subsections 105(1) and (3), an appointed director continues to hold office until they are reappointed or their successor is appointed. 
  
  ### Status
  
  110 The Chairperson shall hold office on a full-time basis and the other directors shall hold office on a part-time basis. 
  
  ### Remuneration
  
  111 (1) Directors shall be paid the remuneration determined by the Governor in Council. 
  
  ### Expenses
  
  (2) The Chairperson shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of work. Other directors shall be reimbursed for such expenses incurred in performing duties while absent from their ordinary place of residence. 
  
  ### Chairperson — functions
  
  112 (1) The Chairperson is the chief executive officer of the Institute and has supervision over, and direction of, the work and staff of the Institute. 
  
  ### Interim Chairperson
  
  (2) In the event of the absence or incapacity of the Chairperson, the Vice-Chairperson shall assume the duties and functions of the Chairperson. 
  
  ### Powers of the board
  
  113 The board of directors may 
  (a) make any rules and procedures that it considers necessary for the conduct of its meetings; and 
  (b) in respect of a director referred to in subsection 105(3), 
  (i) make any rules and procedures that it considers necessary for their appointment or removal, 
  (ii) determine additional qualifications necessary for their particular appointment, and 
  (iii) establish the length of their term, which shall not exceed five years. 
  
  ### Head office
  
  113.1 The head office of the Institute shall be on reserve lands at a location determined by the board of directors. 
  
  ### Staff
  
  113.2 (1) The board of directors may 
  (a) hire any staff that is necessary to conduct the work of the Institute; and 
  (b) determine the duties of those persons and the conditions of their employment. 
  
  ### Salaries and benefits
  
  (2) Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors. 
  
  ## Purposes 
  
  ### Mandate
  
  113.3 The purposes of the Institute are to 
  (a) assist First Nations and entities referred to in subsection 50.1(1) in planning, developing, procuring, owning, managing, operating and maintaining infrastructure, including by providing review, analysis, assessment, certification and monitoring services; 
  (b) assist First Nations in the exercise of their jurisdiction over the provision of services, as defined in section 96, and over infrastructure;  
  (c) provide services or support the provision of services respecting asset management; 
  (d) develop and deliver, and provide support for the development and delivery of, training and education services — and conduct research — respecting infrastructure and social, cultural, environmental, economic and fiscal sustainability; 
  (e) support capacity development for infrastructure planning, development, procurement, management, operation, maintenance, funding and financing by First Nations and entities referred to in subsection 50.1(1); 
  (f) advance options to assist First Nations and entities referred to in subsection 50.1(1) in developing and implementing approaches to support the stable, effective and long-term funding and financing of infrastructure; 
  (g) collaborate with First Nations, Indigenous institutions and organizations and all levels of government to support the development of legal and administrative frameworks to improve the planning, development, procurement, management, operation and maintenance of infrastructure; 
  (h) provide policy research services, review and evaluative services and advice to support First Nations and entities referred to in subsection 50.1(1) in developing fiscal frameworks and revenue streams to support the development, management, operation and maintenance of infrastructure; 
  (i) conduct research and provide advice and information to the Government of Canada, including the Minister, on the development and implementation of frameworks to support the development of infrastructure that is socially, culturally, environmentally, economically and fiscally sustainable; and 
  (j) collect data, publish statistical information and conduct research and analysis on matters related to the purposes set out in the other paragraphs of this section. 
  
  ## Functions and Powers 
  
  ### Powers
  
  113.4 (1) In furtherance of its purposes, the Institute may enter into partnerships, agreements and other arrangements with local, regional, national and international organizations to provide services to First Nations and entities referred to in subsection 50.1(1). 
  
  ### Provision of services
  
  (2) On the request of a First Nation or an entity referred to in subsection 50.1(1), the Institute may provide services relating to its purposes to that First Nation or entity, including 
  (a) assistance in planning, developing, procuring, owning, operating and maintaining infrastructure; 
  (b) project management support with respect to infrastructure; 
  (c) the review of funding and financing options for infrastructure projects; and 
  (d) support in asset management. 
  
  ### Review of infrastructure project
  
  113.5 (1) On the request of a First Nation or an entity referred to in subsection 50.1(1), the Institute may review an infrastructure project, or any aspect of an infrastructure project, involving that First Nation or entity for compliance with the standards established under subsection 113.8(1). 
  
  ### Report
  
  (2) On completion of the review, the Institute shall provide to the First Nation or entity a report setting out 
  (a) the scope of the review undertaken; and 
  (b) an opinion as to whether the infrastructure project, or aspect of the infrastructure project, was in compliance with the standards or as to which aspects of the standards were not complied with. 
  
  ### Issuance of certificate
  
  (3) If after completing the review the Institute is of the opinion that the infrastructure project, or the reviewed aspect, was in compliance, in all material respects, with the standards, it shall issue to the First Nation or entity a certificate to that effect. 
  
  ### Revocation of certificate
  
  (4) The Institute may, on giving notice to the First Nation or entity, revoke the First Nation’s or the entity’s certificate if, on the basis of information available to the Institute, it is of the opinion that the certificate was issued on the basis of incomplete or incorrect information. 
  
  ### Form and content
  
  (5) The Institute may determine the form and content of certificates issued under subsection (3), including any restrictions as to the purposes for which, and the persons by whom, they are intended to be used. 
  
  ### Opinion final
  
  (6) An opinion of the Institute referred to in this section is final and conclusive and is not subject to appeal. 
  
  ### Review for continued compliance
  
  113.6 (1) On the request of a First Nation or an entity referred to in subsection 50.1(1), or under the terms of an agreement between any level of government and the First Nation or entity, the Institute may review an infrastructure project, or any aspect of an infrastructure project, for which it has issued a certificate under subsection 113.5(3) for continued compliance with the standards established under subsection 113.8(1). 
  
  ### Report
  
  (2) On completion of the review, the Institute shall provide to the First Nation or entity a report setting out the scope of its review and its findings and any recommendations. 
  
  ### Report final
  
  (3) The content of the report is final and conclusive and is not subject to appeal. 
  
  ### Review of First Nation laws
  
  113.7 (1) On the request of a First Nation, the Institute may review any law made by the council under subsection 97(1) for compliance with the standards established under subsection 113.8(1). 
  
  ### Notification of compliance
  
  (2) If after completing the review the Institute is of the opinion that the law is in compliance, in all material respects, with the standards, it shall notify the First Nation of its opinion in writing. 
  
  ## Standards and Procedures 
  
  ### Standards
  
  113.8 (1) The Institute may establish standards, not inconsistent with the regulations, respecting 
  (a) the form and content of laws made under subsection 97(1); 
  (b) the planning, developing, procuring, owning, managing, operating and maintaining infrastructure; 
  (c) asset management; and 
  (d) the certification and review of infrastructure projects. 
  
  ### Procedures
  
  (2) The Institute may establish procedures respecting 
  (a) reviews of laws made under subsection 97(1) and requests for such reviews; 
  (b) the provision of services under subsection 113.4(2) and requests for such services; 
  (c) reviews of infrastructure projects, requests for such reviews, and the issuance of certificates under section 113.5; and 
  (d) reviews for continued compliance under section 113.6 and requests for such reviews. 
  
  ###  Statutory Instruments Act 
  
  (3) The Statutory Instruments Act does not apply to a standard established under subsection (1) or a procedure established under subsection (2).  
  
  ###  First Nations Gazette 
  
  (4) The Institute shall publish all standards established under subsection (1) and procedures established under subsection (2) in the First Nations Gazette.  
  
  ## Data Collection, Analysis and Publication 
  
  ### Functions and powers
  
  113.9 (1) The Institute may, on matters within the scope of its purposes, collect, analyze, abstract and publish data for statistical purposes. 
  
  ### No identifying information
  
  (2) The Institute shall ensure that no First Nation, entity, including an entity referred to in subsection 50.1(1), or individual can reasonably be identified, whether directly or indirectly, by any means, from any information that the Institute makes publicly available under subsection (1). 
  
  ### Exception
  
  (3) The Institute is not required to comply with subsection (2) if the information is already in the public domain or the First Nation, entity or individual to whom it relates consents to being identified. 
  
  ### Information sharing agreements
  
  113.91 The Institute may enter into agreements with a First Nation, entity, including an entity referred to in subsection 50.1(1), or individual or any level of government concerning the sharing of information for research, analysis and publication purposes. 
  
  ## Regulations 
  
  ### Regulations
  
  113.92 The Governor in Council may, on the recommendation of the Minister made having regard to any representations by the Institute, make regulations prescribing fees that the Institute may charge for services and the manner in which the fees may be recovered. 
  
  # PART 6 
  
  ## Financial Management and Control 
  
  ### Definitions
  
  114 The following definitions apply in this Part.  
  *board of directors* includes  
  (a) in respect of the First Nations Tax Commission, the commissioners referred to in section 17 ;  
  (b) in respect of the First Nations Financial Management Board, the directors referred to in section 38 ; and  
  (c) in respect of the First Nations Infrastructure Institute, the directors referred to in subsection 102(1). ( conseil d’administration)   
  *institution* means the First Nations Tax Commission, the First Nations Financial Management Board or the First Nations Infrastructure Institute. (institution)  
  
  ### Exclusion from federal public administration
  
  115 (1) The officers and employees of an institution are not part of the federal public administration. 
  
  ### No guarantees
  
  (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of an institution. 
  
  ### Financial year
  
  116 The financial year of each institution is the period from April 1 to March 31, unless otherwise prescribed by regulation. 
  
  ### Expenditure of revenues
  
  117 Subject to any terms and conditions that the Treasury Board may direct, for the purposes of the institution, an institution may expend, during a financial year or the following year, any revenues that it receives in that financial year through the conduct of its operations. 
  
  ### Corporate plans
  
  118 (1) Each institution shall, in accordance with any directions given by the Minister, establish a five-year corporate plan and a budget for each financial year and submit them to the Minister for approval. 
  
  ### Scope and contents of corporate plan
  
  (2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of 
  (a) the objects or purposes of the institution; 
  (b) the institution’s objectives for the five-year period to which the plan relates and the strategy it intends to employ to achieve those objectives; and 
  (c) the institution’s expected performance for that five-year period as compared to its objectives set out in the last corporate plan. 
  
  ### Contents of budget
  
  (3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations. 
  
  ### Form of corporate plan
  
  (4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. 
  
  ### Restriction on business or activity
  
  (5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year. 
  
  ### Amendment
  
  (6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval. 
  
  ### Books and systems
  
  119 (1) Each institution shall 
  (a) keep books of account and records in relation to them; and 
  (b) maintain financial and management control and information systems. 
  
  ### Books and systems
  
  (2) The books, records and systems referred to in subsection (1) shall be kept and maintained in such a manner as will provide reasonable assurance that 
  (a) the institution’s assets are safeguarded and controlled; 
  (b) its transactions are in accordance with this Act; 
  (c) its financial, human and physical resources are managed economically and efficiently; and 
  (d) its operations are carried out effectively. 
  
  ### Internal audit
  
  (3) An institution may cause internal audits to be conducted to assess compliance with subsections (1) and (2). 
  
  ### Financial statements
  
  (4) Each institution shall annually prepare financial statements, in accordance with generally accepted accounting principles, as supplemented by any directions given by the Minister under subsection (6). 
  
  ### Form of financial statements
  
  (5) The financial statements of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. 
  
  ### Directions
  
  (6) The Minister may give directions respecting the preparation of financial statements, to supplement generally accepted accounting principles. 
  
  ### Annual auditor’s report
  
  120 (1) Each institution shall cause an annual auditor’s report to be prepared in accordance with any directions of the Minister, on 
  (a) its financial statements; and 
  (b) any quantitative information required to be audited under subsection (3). 
  
  ### Contents
  
  (2) A report under subsection (1) shall 
  (a) include separate statements as to whether in the auditor’s opinion 
  (i) the financial statements are presented fairly, in accordance with generally accepted accounting principles, applied on a basis consistent with that of the preceding year, 
  (ii) the quantitative information is accurate in all material respects and, if applicable, was prepared on a basis consistent with that of the preceding year, and 
  (iii) the transactions of the institution that have come to the auditor’s notice in the course of their examination for the report were carried out in accordance with this Act; and 
  (b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in their opinion, should be brought to the attention of the institution or the Minister. 
  
  ### Audit of quantitative information
  
  (3) The Minister may require that any quantitative information required to be included in an institution’s annual report pursuant to paragraph (2)(a) be audited. 
  
  ### Presentation to Minister
  
  (4) Each institution shall submit its audited financial statements to the Minister at least 30 days before the day of its annual meeting. 
  
  ### Special examination
  
  121 (1) Each institution shall, at least once every five years and at any other time required by its board of directors or by the Minister, cause a special examination to be carried out in respect of its operations to determine if the books, records, systems and practices referred to in section 119 were, in the period under examination, maintained in a manner that met the requirements of that section.  
  
  ### Plan
  
  (2) Before commencing a special examination, an examiner shall survey the systems and practices of the institution to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the institution. 
  
  ### Resolution of disagreements
  
  (3) Any disagreement between the examiner and the audit committee or board of directors of an institution with respect to a plan referred to in subsection (2) shall be resolved by the Minister. 
  
  ### Reliance on internal audit
  
  (4) An examiner shall, as far as is practica­ble, rely on any internal audit conducted pursuant to subsection 119 (3) in respect of the institution being examined.  
  
  ### Report
  
  122 (1) An examiner shall, on completion of a special examination in respect of an institution, submit a report on their findings, and a summary of that report, to the Minister and to the board of directors of the institution. 
  
  ### Contents
  
  (2) The report of an examiner shall include 
  (a) a statement whether in the examiner’s opinion, having regard to the criteria referred to in subsection 119 (2), there is a reasonable assurance that there are no significant deficiencies in the systems and practices examined; and  
  (b) a statement of the extent to which the examiner relied on internal audits. 
  
  ### Posting of report
  
  (3) An institution shall, as soon as possible after receipt of an examiner’s report, post a summary of the report on an Internet website maintained by the institution. 
  
  ### Examiner
  
  123 (1) Subject to subsection (2), a special examination shall be carried out by the auditor of the institution. 
  
  ### Other auditor
  
  (2) If, in the opinion of the Minister, a person other than the auditor of an institution should carry out a special examination in respect of the institution, the Minister may, after consulting with the board of directors of the institution, direct that the examination be carried out by another auditor who is qualified for the purpose. 
  
  ### Consultation with Auditor General
  
  124 The auditor or examiner of an institution may at any time consult the Auditor General of Canada on any matter relating to an audit or special examination. 
  
  ### Right to information
  
  125 (1) At the request of the auditor or examiner of an institution, the present or former commissioners, directors, officers, employees or agents or mandataries of the institution shall provide any information and explanations, and give access to any records, documents, books, accounts and vouchers of the institution that are under their control, that the auditor or examiner considers necessary to prepare a report required under this Act. 
  
  ### Obligation to inform
  
  (2) If a commissioner or director of an institution does not have information or an explanation requested by an auditor or examiner under subsection (1), the commissioner or director shall obtain the information or explanation and provide it to the auditor or examiner. 
  
  ### Restriction
  
  126 Nothing in this Part or in any directions of the Minister shall be construed as authorizing the auditor or examiner of an institution to express any opinion on the merits of matters of policy, including the merits of 
  (a) the objects or purposes for which the institution was established or the restrictions on the businesses or activities that it may carry on, as set out in this Act; or 
  (b) any business or policy decision of the institution. 
  
  ### Qualified privilege
  
  127 An oral or written statement or report made under this Part by an auditor or examiner has qualified privilege. 
  
  ### Audit committee
  
  128 (1) Each institution shall establish an audit committee composed of not less than three commissioners or directors who are not officers of the institution and who are competent to perform the duties set out in subsection (2). 
  
  ### Duties
  
  (2) An audit committee shall 
  (a) review, and advise the board of directors in respect of, the financial statements that are to be included in the annual report of the institution; 
  (b) oversee any internal audit of the institution; 
  (c) review, and advise the board of directors in respect of, the annual auditor’s report in respect of the institution; 
  (d) review, and advise the board of directors in respect of, any plan and report of a special examiner; and 
  (e) perform any other functions that are assigned to it by the board of directors of the institution. 
  
  ### Auditor’s or examiner’s attendance
  
  (3) An auditor and any examiner of an institution are entitled to receive notice of every meeting of the audit committee and, at the expense of the institution, to attend and be heard at each meeting. 
  
  ### Required attendance
  
  (4) The auditor or examiner of an institution shall attend any meeting of the institution’s audit committee at which he or she is requested to attend by a member of that committee. 
  
  ### Calling meeting
  
  (5) The auditor or examiner of an institution or a member of the institution’s audit committee may call a meeting of that committee. 
  
  ### Disclosure of material developments
  
  129 The chief executive officer of an institution shall, as soon as reasonably practica­ble, notify the Minister and any commissioner or director of the institution not already aware of them of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the perform­ance of the institution, relative to its objectives or requirements for funding. 
  
  ### Annual report
  
  130 (1) Each institution shall, within four months after the end of each financial year, submit to the Minister an annual report on the operations of the institution in that year. 
  
  ### Form and contents
  
  (2) The annual report of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution and shall include 
  (a) the financial statements of the institution; 
  (b) the annual auditor’s report; 
  (c) a statement on the extent to which the institution has met its objectives for the financial year; 
  (d) any quantitative information respecting the performance of the institution that the Minister may require to be included; and 
  (e) any other information that is required under this Act or any other Act of Parliament. 
  
  ### Annual meeting
  
  131 (1) The board of directors of an institution shall call an annual meeting not later than 18 months after the institution is established and subsequently not later than 15 months after the preceding annual meeting. 
  
  ### Manner in which meeting held
  
  (1.1) The board of directors shall determine the manner in which the annual meeting shall be held, which may be entirely by means of electronic communication or in a way that allows participation by such means. 
  
  ### Notice of meeting
  
  (2) An institution shall, at least 30 days before the annual meeting, publish a notice on an Internet website to be maintained by the institution 
  (a) setting out the time and location, if any, of the meeting; 
  (b) indicating the means of participating in the meeting, such as by providing instructions on how to participate electronically; and 
  (c) specifying that the institution’s annual report may be accessed on that website. 
  
  ### Availability to public
  
  (3) At the annual meeting, the board of directors shall ensure that 
  (a) the institution’s most recent annual report is made available to those participating in the meeting; and 
  (b) the chief executive officer and the commissioners or directors of the institution who are attending the meeting are available to those participating in the meeting to answer any questions about the institution’s operations. 
  
  # PART 7 
  
  ## Provisions of General Application 
  
  ## General 
  
  ### Conflict of interest
  
  132 (1) No person who is appointed to, or employed by, the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute shall be appointed to, or employed by, any other one of those bodies. 
  
  ### Conflict of interest
  
  (2) No person referred to in subsection (1) shall accept or hold any office or employment that is inconsistent with their duties or take part in any matter involving a body referred to in subsection (1) in which they have an interest. 
  
  ### Conflict of interest
  
  (3) All persons appointed to the First Nations Tax Commission, First Nations Financial Management Board or First Nations Infrastructure Institute shall comply with the Conflict of Interest Act as though they were public office holders as defined in that Act.  
  
  ### Liability of His Majesty
  
  133 (1) No person has a right to receive any compensation, damages, indemnity or other relief from His Majesty in right of Canada in respect of any claim against the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute arising from its exercise of, or its failure to exercise, any of its powers or functions, including any claim against the First Nations Tax Commission as an agent of His Majesty in right of Canada. 
  
  ### Insurance required
  
  (2) The First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute shall maintain in good standing at all times the insurance coverage required by any regulations made under paragraph 140(b). 
  
  ### No appropriation
  
  134 No payment to the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority or First Nations Infrastructure Institute may be made under an appropriation by Parliament authorized under an Act of Parliament to enable the Commission, Board, Authority or Institute to satisfy any claim referred to in subsection 133(1). 
  
  ### No compensation
  
  135 No person has a right to receive any compensation, damages, indemnity or other relief from Her Majesty in right of Canada, or from the First Nations Tax Commission, for any acquired, vested or future right, or for any prospect of such a right, that is affected by a law approved by the First Nations Tax Commission under subsection 31 (3), or for any duty or liability imposed on that person as a result of such a law.  
  
  ### Limit of liability — commissioner, director, employee, etc.
  
  136 No civil proceedings lie against any of the following persons for anything done or omitted to be done in the exercise or performance, or purported exercise or performance, in good faith of any power or duty under this Act or regulations made under this Act: 
  (a) a commissioner or employee of the First Nations Tax Commission or a person acting on its behalf; 
  (b) a director or employee of the First Nations Financial Management Board or a person acting on its behalf; and 
  (c) a director or employee of the First Nations Infrastructure Institute or a person acting on its behalf. 
  
  ### Limit of liability — co-management or third-party management
  
  136.1 Despite anything in federal or provincial law, if the First Nations Financial Management Board has required a First Nation to enter into a co-management arrangement in respect of the First Nation’s local revenues in accordance with section 52 or has assumed management of a First Nation’s local revenues in accordance with section 53, neither the Board nor any director or employee of the Board or person acting on behalf of the Board is by reason of that fact liable for any liability of the First Nation. 
  
  ### Personal liability for costs
  
  136.2 No director or employee of the First Nations Financial Management Board or person acting on behalf of the Board is personally liable for costs 
  (a) awarded in any civil proceedings brought against any of them in relation to anything done, or omitted to be done, in the exercise or purported exercise of any power, or in the performance or purported performance of any duty, of that person or the Board in accordance with this Act or the regulations made under this Act, unless a court otherwise directs; or 
  (b) awarded against the Board in any civil proceedings. 
  
  ### Limit of liability
  
  137 No civil proceedings lie against a member of a council or an employee of a First Nation for anything done, or omitted to be done, during the course of the exercise or purported exercise in good faith of any power, or the performance or purported performance in good faith of any duty, of that member or employee in accordance with this Act, regulations made under this Act or a law made by the council of a First Nation under this Act. 
  
  ### Conflict with other laws
  
  138 (1) In the event of a conflict between a local revenue law or a law made under subsection 97(1) and an Act of Parliament or any regulations made under an Act of Parliament or a code made by a First Nation under another Act of Parliament, the Act, regulations or code prevails to the extent of the conflict. 
  
  ### Conflict with other First Nation laws
  
  (2) In the event of a conflict between a law made by a First Nation under this Act and a law, other than a code, made by the First Nation under another Act of Parliament, the law made by the First Nation under this Act prevails to the extent of the conflict. 
  
  ### Official languages
  
  139 (1) For greater certainty, the provisions of the Official Languages Act applicable to federal institutions apply to the First Nations Tax Commission.  
  
  ### Official languages
  
  (2) If there is a demand for services in a particular official language, the First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute shall offer services in that language. 
  
  ## Regulations 
  
  ### Regulations
  
  140 The Governor in Council may make regulations 
  (a) prescribing anything that is to be prescribed under subsection 20(3), 41(2) or 105(3) or section 116; and 
  (b) respecting the insurance coverage required to be maintained by the First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute in respect of liabilities referred to in subsection 133(1), including the circumstances in which the Commission, Board, Authority or Institute would be exempt from that requirement. 
  
  ### Regulations
  
  141 (1) For the purpose of enabling an Indigenous group that is a party to a treaty, land claims agreement or self-government agreement with Canada to benefit from the provisions of this Act or obtain the services of any body established under this Act, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations 
  (a) adapting any provision of this Act or of any regulation made under this Act; and 
  (b) restricting the application of any provision of this Act or of any regulation made under this Act. 
  
  ### Amendments to schedule in regulations
  
  (2) The Minister may, by order, at the request of the governing body of an Indigenous group referred to in subsection (1), amend any schedule included in regulations made under that subsection and listing the Indigenous groups that are subject to those regulations in order to 
  (a) add or change the name of the Indigenous group; or 
  (b) delete the name of the Indigenous group, as long as there are no amounts owing by the Indigenous group to the First Nations Finance Authority that remain unpaid. 
  
  ### Regulations — organizations referred to in paragraph 50.1(1)(e)
  
  141.1 (1) For the purpose of enabling an organization referred to in paragraph 50.1(1)(e) to benefit from the provisions of this Act, other than Parts 1, 2 and 5, or obtain the services of the First Nations Financial Management Board or the First Nations Finance Authority, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations 
  (a) adapting any provision of this Act or of any regulation made under this Act; and 
  (b) restricting the application of any provision of this Act or of any regulation made under this Act. 
  
  ### Amendments to schedule in regulations
  
  (2) The Minister may, by order, at the request of an organization referred to in paragraph 50.1(1)(e), amend any schedule included in regulations made under subsection (1) and listing the organizations that are subject to those regulations in order to 
  (a) add or change the name of the organization; or 
  (b) delete the name of the organization, as long as there are no amounts owing by the organization to the First Nations Finance Authority that remain unpaid. 
  
  ### Regulations — joint reserve lands
  
  141.2 For the purpose of enabling a First Nation to benefit from the provisions of this Act, or obtain the services of any body established under this Act, in respect of reserve lands that have been set apart for the use and benefit of that First Nation and one or more other First Nations, the Governor in Council may make any regulations that the Governor in Council considers necessary, including regulations 
  (a) adapting any provision of this Act or of any regulation made under this Act; and 
  (b) restricting the application of any provision of this Act or of any regulation made under this Act. 
  
  ### Regulations
  
  142 The Governor in Council may make regulations 
  (a) prescribing anything that is to be prescribed for the purposes of paragraph 74 (b); and  
  (b) adapting or restricting any provision of this Act or of any regulation made under this Act for the purposes of paragraph 74 (b).  
  
  # PART 8 
  
  ## Transitional Provisions, Consequential Amendments, Coordinating Amendments and Coming into Force 
  
  ## Transitional Provisions 
  
  ### ITAB employees
  
  143 (1) Persons who are employed by the Indian Taxation Advisory Board at the time that the First Nations Tax Commission is established shall be offered employment with the Commission, at the same salary and with equivalent terms and conditions of employment. 
  
  ### Interim rules of procedure
  
  (2) Until new rules are established by the First Nations Tax Commission, the Commission shall conduct itself in accordance with the rules of procedure established by the Indian Taxation Advisory Board. 
  
  ### Continuation of directors
  
  144 Persons who are directors of the First Nations Finance Authority Inc., a corporation incorporated under the Canada Business Corporations Act, on the day on which section 58 comes into force shall continue as directors of the First Nations Finance Authority until new directors are elected.  
  
  ### Continuation of existing by-laws
  
  145 (1) By-laws made by a First Nation under paragraph 83(1)(a), or any of paragraphs 83(1)(d) to (g), of the Indian Act that are in force on the day on which the name of the First Nation is added to the schedule are deemed to be laws made under section 5 or 9, as the case may be, to the extent that they are not inconsistent with section 5 or 9, and remain in force until they are repealed or replaced.  
  
  ### Amendment of existing by-laws
  
  (2) For greater certainty, subsections 5 (2) to (7) apply to amendments of by-laws referred to in subsection (1).  
  
  ### Non-application of section
  
  (3) This section does not apply if the name of the First Nation is added to the schedule on or after the day on which section 145.1 comes into force. 
  
  ### Continuation of existing by-laws
  
  145.1 (1) By-laws made by a First Nation under any of paragraphs 83(1)(a) and (b) to (g) of the Indian Act that are in force on the day on which the name of the First Nation is added to the schedule, except those described in subsection (2), are deemed to be laws made under section 5 to the extent that they are not inconsistent with section 5, and they remain in force until they are replaced by a law made by the First Nation under section 5 or are repealed.  
  
  ### Continuation of existing by-laws
  
  (2) By-laws in respect of financial administration made by a First Nation under any of paragraphs 83(1)(a) and (b) to (g) of the Indian Act that are in force on the day on which the name of the First Nation is added to the schedule remain in force until they are repealed or until the First Nation makes a law that is approved under subsection 9(2).  
  
  ### Continuation of existing by-laws
  
  (3) By-laws made by a First Nation under paragraph 83(1)(b) or (c) of the Indian Act that are in force on the day on which this section comes into force, except those described in subsection (4), are deemed to be laws made under section 5 to the extent that they are not inconsistent with section 5, and they remain in force until they are replaced by a law made by the First Nation under section 5 or are repealed.  
  
  ### Continuation of existing by-laws
  
  (4) By-laws in respect of financial administration made by a First Nation under paragraph 83(1)(b) or (c) of the Indian Act that are in force on the day on which this section comes into force remain in force until they are repealed or until the First Nation makes a law that is approved under subsection 9(2).  
  
  ### Review and evaluation
  
  146 Within seven years after the day on which this Act receives royal assent, the Minister, after consultation with the First Nations Tax Commission, First Nations Financial Management Board and First Nations Finance Authority, shall review the provisions and operation of this Act and the operations of those institutions, and submit a report to each House of Parliament on that review, including any changes that the Minister recommends relating to the evolution of the mandate and the operation of those institutions. 
  
  ## Consequential Amendments 
  
  ##  Access to Information Act  
  147 [Amendment] 
  148 [Amendment] 
  
  ##  Financial Administration Act  
  149 [Amendment] 
  
  ##  Indian Act  
  150 [Amendment] 
  151 [Amendment] 
  
  ##  Privacy Act  
  152 [Amendment] 
  
  ##  Westbank First Nation Self-Government Act  
  153 [Amendment] 
  
  ## Coordinating Amendments 
  154 [Amendments] 
  
  ## Coming into Force 
  
  ### Order in council
  
   * 155  The provisions of this Act, other than section 154, come into force on a day or days to be fixed by order of the Governor in Council.  
  * [Note: Section 154 in force on assent March 23, 2005; Act, other than section 154, in force April 1, 2006, see SI/2006-59.]  
  
  