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First Nations Fiscal Management Act

Version of section 78 from 2016-04-01 to 2018-12-12:

Marginal note:Priority

  •  (1) If a first nation is insolvent, the Authority has 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), under an agreement governing a secured revenues trust account or under the Act, but the priority is only in respect of any debt that arises on or after the date on which the first nation receives the initial disbursement of the first loan that it obtained from the Authority.

  • Marginal note:Debts to the Crown

    (2) For greater certainty, subsection (1) does not apply to Her Majesty.

  • 2005, c. 9, s. 78
  • 2015, c. 36, s. 196
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