First Nations Fiscal Management Act

Marginal note: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).

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note:Opinion final

  (7) An opinion of the Board referred to in this section is final and conclusive and is not subject to appeal.