Naskapi and the Cree-Naskapi Commission Act
Version of section 97 from 2018-03-29 to 2023-03-06:
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.
(3) The band may not borrow on a long-term basis until regulations made under section 98 are in force.
- 1984, c. 18, s. 97
- 2018, c. 4, ss. 50, 122(E)
- Date modified: