Financing Secured by Other Revenues Regulations

Marginal note:Adaptation to subsection 78(1)

16 Subsection 78(1) of the Act is adapted as follows:

Marginal note:Priority

• 78 (1) If a first nation is insolvent, the Authority has a priority over all other creditors of the first nation for any moneys that are authorized to be paid to the Authority under a law made under paragraph 5(1)(b) or (d), or under an agreement governing a secured revenues trust account, for any debt that arises after the date on which the first nation requests from the First Nations Finance Authority financing that is to be secured by other revenues.