Marginal note:Auditor’s access to records, etc.
95. For the purpose of preparing his report under subsection 94(1), the auditor may at all reasonable times inspect the financial records, accounts, books, minutes vouchers and receipts of the band, its subsidiaries and any person or body who administers money on behalf of the band (in so far as the records or other documents relate to the money being administered on behalf of the band), and any person who
(a) obstructs the auditor in the performance of his duties, or
(b) having control or possession of any such documents, fails to give the auditor all reasonable assistance in the performance of his duties
is guilty of an offence.
Borrowing Powers of Band
Marginal note:Borrowing limitations
96. (1) A band may not borrow money on either a short-term or long-term basis otherwise than in accordance with section 97 and the regulations made under section 98.
Marginal note:Short-term and long-term borrowing
(2) For the purposes of this section and sections 97 and 98,
(a) money shall be deemed to be borrowed on a short-term basis only if
(i) it is borrowed for the purpose of meeting the normal operating expenditures of the band,
(ii) it is to be repaid within one year from the day on which it is borrowed, and
(iii) the band has, prior to borrowing the money, identified the source of revenue from which the money is to be repaid; and
(b) all borrowing that is not on a short-term basis shall be deemed to be on a long-term basis.
Marginal note:Repayment of loan
(3) Where a source of revenue has been identified pursuant to subparagraph (2)(a)(iii), moneys received by the band from that source shall be applied to the repayment of the loan in question.
Marginal note:Borrowing by-laws
97. (1) Each borrowing by a band, whether on a short-term basis or on a long-term basis, must be authorized by a by-law of the band, which by-law must specify
(a) the amount to be borrowed and the purpose of borrowing; and
(b) the manner and terms of repayment and the repayment date or dates.
Marginal note:Long-term borrowing
(2) A by-law made under subsection (1) authorizing long-term borrowing must be approved by the electors of the band at a special band meeting or referendum at which at least twenty per cent of the electors voted on the matter.
(3) A band may not borrow on a long-term basis until regulations made under section 98 are in force.
Marginal note:Regulations re long-term borrowing
98. The Governor in Council may make regulations respecting long-term borrowing by bands.
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