Cree-Naskapi Long-Term Borrowing Regulations, 1986

SOR/86-490CREE-NASKAPI (OF QUEBEC) ACT
Registration 1986-05-01
Regulations Respecting Long-Term Borrowing by the Cree Bands and the Naskapi Band
P.C. 1986-1050 1986-05-01Her Excellency the Governor General in Council, on the recommendation of the Minister of Indian Affairs and Northern Development, pursuant to section 98 and subsection 198(2) of the Cree-Naskapi (of Quebec) ActFootnote *, is pleased hereby to revoke the Cree-Naskapi Long-Term Borrowing Regulations, made by Order in Council P.C. 1985-793 of 14th March, 1985Footnote **, and to make the annexed Regulations respecting long-term borrowing by the Cree bands and the Naskapi band, in substitution therefor.
Return to footnote *S.C. 1984, c. 18
Return to footnote **SOR/85-248, 1985 Canada Gazette Part II, p. 1580Short Title

1 These Regulations may be cited as the Cree-Naskapi Long-Term Borrowing Regulations, 1986.

By-law Content

2 A by-law made under subsection 97(1) of the Cree-Naskapi (of Quebec) Act authorizing a long-term borrowing shall, in addition to the information required to be specified pursuant to that subsection, specify the following:

(a) the name and address of the lender;
(b) the interest, commissions, premiums and other similar costs related to the long-term borrowing;
(c) the source of revenue and the portion of the revenue from that source from which the long-term borrowing is to be repaid and the costs related thereto are to be paid; and
(d) the security, if any, given by the band for the repayment of the long-term borrowing and the payment of the costs related thereto.

Repayment

3 A band shall apply sufficient moneys from the revenue received from the source specified pursuant to paragraph 2(c) to repay the long-term borrowing and to pay the costs related thereto.

Prohibition

4 No council member, officer, employee or agent of a band shall knowingly apply or assist in the application of any moneys received by the band from the portion of the revenue specified pursuant to paragraph 2(c) for the repayment of a long-term borrowing and the payment of the costs related thereto to anything other than the repayment of the long-term borrowing and the payment of the costs related thereto prior to the time the long-term borrowing is repaid and the costs related thereto are paid.

Maximum Punishment

5 For the purpose of section 198 of the Cree-Naskapi (of Quebec) Act in respect of a contravention of section 4 of these Regulations, the maximum fine stipulated is two thousand dollars and the maximum term of imprisonment stipulated is six months.