Naskapi and the Cree-Naskapi Commission Act
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.
- Date modified: