Bill C-23

FIRST NATIONS FINANCE AUTHORITY

Interpretation

Establishment and Organization of Authority

(a) a representative of a borrowing member for election as Chairperson or Deputy Chairperson; and

(b) any representative for election as a director other than the Chairperson or Deputy Chairperson.

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

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

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

(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).

(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.

(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.

(a) presenting the annual report and audited financial statements of the Authority;

(b) electing the board of directors; and

(c) dealing with such other business of the Authority as may be presented by the board of directors.

(a) respecting the calling and conduct of meetings of the board, including the holding of meetings by tele-conference;

(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.

Purposes

(a) secure for its borrowing members, through the use of property tax revenues,

(i) long-term financing of capital infrastructure for the provision of local services on reserve lands,

(ii) lease financing of capital assets for the provision of local services on reserve lands, or

(iii) short-term financing to meet cash-flow requirements for operating or capital purposes under a law made under paragraph 4(1)(b), or to refinance a short-term debt incurred for capital purposes;

(b) secure for its borrowing members, through the use of other revenues prescribed by regulation, financing for any purpose prescribed by regulation;

(c) secure the best possible credit terms for its borrowing members;

(d) provide investment services to its members and first nations organizations; and

(e) provide advice regarding the development of long-term financing mechanisms for first nations.