Naskapi and the Cree-Naskapi Commission Act

Marginal note:Borrowing by-laws

• 97 (1) Each borrowing by the 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, other than for housing purposes, must be approved by the electors of the band at a special band meeting or referendum at which at least 20% of the electors voted on the matter.

• Marginal note:Idem

  (3) The band may not borrow on a long-term basis until regulations made under section 98 are in force.