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First Nations Fiscal Management Act

Version of section 82 from 2016-04-01 to 2024-05-28:

Marginal note:Sinking fund

  •  (1) The Authority shall establish a sinking fund, or any other system of repayment prescribed by regulation, to fulfil its repayment obligations to the holders of each security issued by the Authority.

  • Marginal note:Separate accounts

    (2) Where a sinking fund is established, a separate sinking fund account shall be kept for each borrowing member participating in a security issued by the Authority.

  • Marginal note:Sinking fund investments

    (3) Funds in a sinking fund may be invested only in

    • (a) securities issued or guaranteed by Canada or a province;

    • (b) securities of a local, municipal or region­al government in Canada;

    • (b.1) securities of the Authority or of a municipal finance authority established by a province, if the day on which they mature is not later than the day on which the security for which the sinking fund is established matures;

    • (c) investments guaranteed by a bank, trust company or credit union; or

    • (d) deposits in a bank or trust company in Canada or non-equity or membership shares in a credit union.

  • 2005, c. 9, s. 82
  • 2015, c. 36, s. 198

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