Policy on the Transfer of Capital Moneys Through Paragraph 64(1)(k) of the Indian Act

Table of contents

1. Effective Date

This policy comes into effect on April 19, 2016.

2. Policy Statement

2.1. This policy aims to provide a mechanism, within the current legislative framework of the Indian Act, for providing First Nations with greater involvement in and control over the administration of all their current and future Capital Moneys once transferred through paragraph 64(1)(k) of the Indian Act.

2.2. Under paragraph 64(1)(k) of the Indian Act, the Minister may authorize and direct the expenditure of Capital Moneys of a band"…for any other purpose that in the opinion of the Minister is for the benefit of the band." This policy outlines some of the criteria that will be considered in the exercise of the Minister's discretion in regard to the transfer of all current and future Capital Moneys of a First Nation from the Consolidated Revenue Fund to a trust for the use and benefit of a First Nation. This policy is not intended to fetter the Minister's discretion.

2.3. This policy applies only to transfers of Capital Moneys pursuant to paragraph 64(1)(k) of the Indian Act. It does not apply to revenue moneys, individual moneys, or moneys held in other accounts within the Consolidated Revenue Fund.

3. Definitions

"Band Council Resolution (BCR)"
means a written resolution signed by a quorum of the Band Council at a duly convened meeting of the Council.
"Capital Account"
means the separate account within the Consolidated Revenue Fund in which a First Nation's Capital Moneys are held.
"Capital Moneys"
means "All Indian moneys derived from the sale of surrendered lands or the sale of capital assets of a band" as defined in section 62 of the Indian Act.
"Consolidated Revenue Fund"
means the aggregate of all public moneys that are on deposit at the credit of the Receiver General.
"Council"
in relation to a First Nation, has the same meaning as the expression "council of the band" in subsection 2(1) of the Indian Act.
"Department"
means Indigenous and Northern Affairs Canada.
"Eligible voters"
means every member of the applicant First Nation who is eighteen years of age or over.
"First Nation"
means a band as defined in subsection 2(1) of the Indian Act.
"Indian Moneys"
means all moneys collected, received or held by Her Majesty for the use and benefit of Indians or bands" as defined in section 2 of the Indian Act.
"Minister"
means the Minister of Indigenous and Northern Affairs.
"Statement of Investment Policies and Procedures (SIPP)"
means a document which defines how investments of trust property are to be made by the Trustees of a trust and their investment managers, and which addresses such matters as the performance objectives of the investment managers, risk tolerance, asset allocation limits, permitted categories of investments, and restrictions on the quantity and quality of investments.
"Transfer"
means an expenditure from the Consolidated Revenue Fund of the Capital Moneys of a First Nation, in accordance with paragraph 64(1)(k) of the Indian Act, to a trust established by a First Nation.
"Trust Deed"
means an agreement between a Trustee or Trustees and a First Nation as settlor, which contains the terms and conditions upon which the funds transferred from the First Nation's capital account will be managed as trust property.
"Trustee"
means the initial trustees and any other person or persons appointed and serving as a Trustee pursuant to an appointment as Trustee under a Trust Deed.

4. Policy Considerations

The Minister is responsible for determining whether a Transfer is in the best interests of a First Nation.  In making a determination as to whether a transfer is in the best interests of a First Nation, the Minister may consider the following matters:

4.1 Financial Considerations

In making a decision regarding a Transfer, the Minister will consider a First Nation's past and current performance in managing Indian Moneys and Departmental funding (please refer to Annex A, Part C).

4.2 Trust Management Principles

A First Nation seeking a Transfer must demonstrate it has put in place a structure which will ensure the sound financial management of Capital Moneys that are purposed to be transferred out of the Consolidated Revenue Fund. In determining whether an adequate structure exists, the Minister will consider the following: 

4.2.1. Expected Benefits Lette

An applicant First Nation must submit a letter to the Minister which

  • Outlines the expected benefits resulting from the proposed transfer of its Capital Moneys pursuant to paragraph 64(1)(k) of the Indian Act; and
  • Indicates how the transfer is in the best interests of the First Nation and its members.

4.2.2 Trust Deed

A trust must be established via a Trust Deed that includes the following:

  • A description of long term financial goals and reasonable investment guidance principles;
  • Provisions for the process of expending moneys held in the trust and guidelines regarding capital encroachment;
  • Provisions regarding accountability and reporting to the membership of the First Nation for moneys expended from the trust;
  • Safeguards against fraud; and
  • An amending formula which provides the same protections as the original trust deed regarding sound trust management principles, informed decisions, and community consent.

4.2.3. Statement of Investment Policies and Procedures (SIPP)

A SIPP must be developed that includes the following :

  • Identification of the custodian and investment managers;
  • Investment objectives;
  • Permitted types of investments;
  • Risk tolerance,
  • Asset allocation limits,
  • Restrictions on the quantity and quality of investments.
  • Provision for review of investment results periodically;
  • Provision for a review of the document on a periodic basis by the Trustees; and
  • An amending formula that indicates how the SIPP may be amended to account for changing circumstances.

4.2.4. Trustee Selection

The selection of the initial and future Trustees must meet the standards established by the applicable laws regarding the establishment of trusts in the province where the First Nation is located. In addition, the selection process must:

  • Be conducted in a manner that is open and transparent to members of the First Nation;
  • Guarantee the independence of the Trustees from the current and future First Nation Councils;
  • Provide safeguards regarding potential conflicts of interests; and,
  • Ensure sufficient competency in trust management.

4.3. Informed Decision

The applicant First Nation Council must take measures to ensure that it and the First Nation membership have sufficient information to make an informed decision on the implications of the transfer. These measures include, but are not limited to:

4.3.1. Certificates of legal and financial advice

The applicant First Nation Council must provide evidence, in the form of certificates, that independent legal and financial advice regarding the risks of the proposed transfer of Capital Moneys and the trust arrangement were communicated to and received by its membership.

4.3.2. Information package

A comprehensive information package must be provided to the First Nation's eligible voters and must include:

  • information on the transfer, including regarding the release of the Crown's liability;
  • the proposed Trust Deed;
  • the proposed Statement of Investment Policies and Procedures;
  • legal and financial advice, and
  • information on the community approval process.

4.3.3. Distribution of the information package

The First Nation Council shall take all reasonable steps to ensure that the information package is provided to all eligible voters. These measures can include mail-outs, and information provided via the internet, email, and other media. 

4.4. Community Consent

Before exercising his or her discretion, the Minister wish to be assured that the membership of the First Nation is supportive of the proposed Transfer. The following describes how evidence of community consent is to be provided.

4.4.1. Band Council Resolution

The Transfer process must be initiated through a Band Council Resolution adopted at a duly convened meeting of the applicant First Nation Council.

4.4.2. Community Approval Process

The question as to whether the members of a First Nation approve a Transfer, along a copy of the trust deed and a copy of the release of the Crown's liability related to the Transfer, must be submitted to the First Nation's eligible voters for their approval. The applicable provisions of Indian Referendum Regulations should guide the conduct of the vote. The use of First Nations alternative voting regulations and arrangements must be approved by the Department prior to the conduct of the vote.

In relation to a Transfer, the following levels of support are considered evidence of acceptable levels of community support:

a. a majority of eligible voters participate in the vote and a majority of those voters vote to approve the transfer;

OR

b. A majority of those voting vote to approve the transfer,

AND

A proposed transfer is not approved unless more than twenty-five per cent of the eligible voters vote to approve it.

OR

In exceptional circumstances, the First Nation Council may make a request to the Minister that it be permitted to demonstrate an alternative level of community support. In order for an alternative level of support to be considered by the Minister, a First Nation must be able to provide supporting evidence that the community as a whole supports the Transfer and that the Transfer will not subsequently be challenged by an element of the community. The level of support in exceptional circumstances could include a simple majority along with other supporting evidence.

4.5 Independent Third Party

The process to obtain an informed decision and community consent must be overseen by an independent third party, contracted by the First Nation Council. The third party shall provide a report to the First Nation and the Department.

4.6 Release of the Crown's liability

The Minister will transfer Capital Moneys to a trust created by a First Nation, only if the First Nation agrees to release Her Majesty the Queen in Right of Canada from:

  1. any liability in relation to the First Nation's current Capital Moneys and any Capital Moneys that are transferred in the future, including (without restricting the generality of the foregoing) the safe custody, investment, management, preservation, and capital growth, of any Capital Moneys, once transferred, or for the loss of the Capital Moneys, in whole or in part, once transferred, whether through investment or otherwise.
  2. any liability for the transfer of the First Nation's Capital Moneys and for any future transfer of the First Nation's Capital Moneys to its Trust, other than losses caused by the negligence or willful misconduct of Canada or its employees or agents in transferring the First Nation's Capital Moneys to the Trust
  3. any liability for the conduct of the trustees responsible for administering the Trust, including (without restricting the generality of the foregoing) any misfeasance of the trustees, any withdrawal or distributions from the Trust, and any and all liability arising out of a termination of the Trust.

A draft form of release is included in Annex "B".

5. Process

Step 1 – Band Council Resolution

The Transfer process must be initiated through a Band Council Resolution which requests that the Minister make a Transfer.

Step 2 – Departmental Review

Departmental officials will review the request for a Transfer against the criteria identified in this policy and against the criteria indicated attached Assessment Grid (Annex A). At this stage, discussions between the First Nation and the Department may occur to obtain clarifications and to ensure that the First Nation's application for Transfer is complete.

The application for Transfer must include:

  • Identification of the proposed Trustees or the financial institution which will act as a corporate Trustee;
  • Proposed Trust Deed;
  • Proposed Statement of Investment Policies and Procedures;
  • Certificates of independent legal and financial advice;
  • Planned strategy to ensure an informed decision, including a copy of the information package and how it will be distributed;
  • Proposed approach to obtain community consent, including proposed First Nations voting regulations if the Minister permits their use;
  • Identification of the independent third party who will oversee the process to obtain an informed decision and community consent; and,
  • Acknowledgement that the First Nation is prepared to release the Crown from liability.

Step 3 – Ministerial Approval-of-process

Once the Department has determined that the applicant First Nation's submission is complete, the application will be submitted to the Minister for approval-of-process. The approval-of-process will stipulate the conditions that the First Nation will need to meet in order to obtain approval for the Transfer. Those conditions include, but are not limited to, the implementation of the informed decision and community consent processes, as well as the signing of the release of the Crown's liability.

Step 4 – Community Ratification

If the Minister's approval-of-process is obtained, the ratification process must be conducted in accordance with the agreed-upon process stipulated in the application.

The independent third party must provide a report to the First Nation and the Department on the process and outcome to ensure that an informed decision was provided and community consent was obtained.

Step 5 – Ministerial Decision

The complete application, including the report of the independent third party and the results of the community ratification, as well as the First Nation's final Band Council Resolution, will be presented to the Minister for his or her decision. If the Minister approves of the Transfer, he or she will sign a Ministerial Standing Order which is evidence of the Minister's approval of the Transfer and which provides written direction to officials of the Department to carry out the Transfer represents the formal approval. 

Step 6 – Transfer

Current and future Capital Moneys will be transferred out of the Consolidated Revenue Fund to an account held by the trust in a Canadian bank or trust company.

6. Enquiries

Enquiries related to this policy should be addressed to the Director, Indian Moneys, Estates and Treaty Annuities Directorate, Individual Affairs Branch, Indigenous and Northern Affairs Canada.

7. Annexes

Annex A:   Assessment Grid

Annex B:   Templates:

  1. Release
  2. Certificate of legal advice
  3. Certificate of financial advice

Annex A: Assessment Grid

This Assessment Grid provides guidance to Departmental officials in reviewing a request for transfer of Capital Moneys. Although a negative response to one question will not necessarily mean that the Minister will not approve the transfer, all criteria and questions must be considered and assessed.

PART A – Departmental Information

Region:
Fiscal Year:
Prepared by:
CIDM #

PART B – First Nation Profile

Overview
Name:
Population:

  • On-reserve
  • Off-reserve

Governance
Chief:
Councillors:
Term of Office:
Membership Authority: (section 10 or 11)
Method of Election: Custom or Indian Act

Voting information

Based on the information to which you have access, include information on votes conducted in the community in the past five years (e.g. participation rates).

PART C – Financial Considerations

First Nations Capital Moneys account balance:
First Nations revenue moneys account balance:

Financial Assessment

General Assessment:

What are the past and current ratings of the First Nation under the Department's General Assessment under the Transfer Payment policy?

Defaults :

Has the Department identified defaults in management funding in accordance to the Default Prevention and Management Policy? If so, what is the level of intervention (i.e. Recipient Managed, Co-Managed, or Third-Party Managed)?

Revenue Moneys:

Is the First Nation currently exercising full or partial section 69 authority to control, manage and expend revenue moneys? How long has the First Nation been exercising this authority?

First Nations Land Management Act (FNLMA):

Is the First Nation currently exercising full authority over its revenue moneys through the FNLMA. How long has the First Nation been exercising this authority?

Audits :

Prepare a summary from a review of the First Nation's audited financial statements from the past three fiscal years to determine if a qualified independent auditor has expressed a qualified, unqualified or disclaimer of opinion on the fair presentation of the First Nation's financial statements. If the auditor has expressed a qualified opinion or disclaimer of opinion on the First Nation's financial statements for any of the past three fiscal years, prepare an analysis to determine the particular circumstances or cause of the qualification or the disclaimer, and the measures (if any) taken by the First Nation to resolve those issues. If the qualified opinion or disclaimer of opinion on the First Nation's audited financial statements was not associated with the First Nation's financial management, provide details. In addition, regardless of the opinion expressed by the auditor on the First Nation's financial statements, review any Management Letters provided by the qualified independent auditor to the First Nation within the past three fiscal years to determine if there are any underlying financial management issues noted by the auditor.

PART D – Policy Justification

Criteria: Trust Management Principles

Expected Benefits Letter (Section 4.2.1 of the Policy)

Expected benefits to the First Nation and its members

Does the letter from the applicant First Nation outline the expected benefits resulting from the proposed transfer of their Capital Moneys pursuant to paragraph 64(1)(k) of the Indian Act; and

Does the letter from the applicant First Nation indicate how the transfer is in the best interests of the First Nation and its members?

Trust Deed (Section 4.2.2 of the Policy)

Long term financial goals and reasonable investment guiding principles

Does the Trust Deed incorporate financial goals, objectives and priorities set out by the Council and the membership of the First Nation?

Does the Trust Deed require the trustees to consider the following:

  • the long term duration of the Trust;
  • the total value of the Trust property;
  • the needs and circumstances of the First Nation;
  • the special relationship or value of an asset to the purpose of the Trust or to the First Nation; and
  • guidelines regarding capital encroachment?

Does the Trust Deed recognize the need to maintain an appropriate balance between risk, expected total return from income and the appreciation of capital, liquidity, and regularity of income?

Does the Trust Deed recognize the importance of diversifying the investments to an extent that is appropriate in light of the circumstances of the Trust and the continuing requirements of the First Nation?

Does the Trust Deed require the Trustees consider costs, such as commissions and fees, of investment decisions or strategies, as well as the expected tax consequences?

Provisions for the process of expending moneys held in the trust and guidelines regarding capital encroachment

On what principles will the transfers of funds from the trust to the First Nation be based? For instance, what share of the trust property will be distributed to the beneficiary annually?

Will the chosen process for expending moneys guarantee the long term duration of the trust (e.g. are the annual maximum, transfers reasonable in light of the total value of the trust)?

Provisions regarding accountability and reporting to the membership for moneys expended out of the trust;

How will the Trustees report to the First Nation Council and members? How often will reports be provided? (Annual reports are a generally accepted standard).

Safeguards against fraud

Does the Trust Deed include requirements for an auditor to be engaged for the purpose of auditing the Trust?

Do the other components of the Trust Deed provide safeguards against fraud? (Please refer to relevant sections, such as selection of trustees, provisions regarding conflict of interest.)

Amendment formula providing the same protections as the original agreement regarding sound trust management principles, informed decision, and community consent.

Does the proposed Trust Deed include provisions that will include similar protections with respect to informed consent and community support?

How does the required voting threshold to amend the Trust deed compare to what was required for entering into the trust?

Statement of Investment Policies and Procedures (SIPP) (Section 4.2.3 of the Policy)

Does the SIPP:

  • identify the custodian and investment managers;
  • identify Investment objectives;
  • indicate permitted types of investments;
  • identify Risk tolerance,
  • identify Asset allocation limits,
  • indicate Restrictions on the quantity and quality of investments.
  • include provision for review of investment results periodically;
  • include Provision for a review of the document on a periodic basis by the Trustees; and
  • contain an amending formula that indicates how the SIPP may be amended to account for changing circumstances.

Trustee Selection (Section 4.2.4 of the Policy)

Has the First Nation identified the proposed Trustees and financial institution?

            What processes are in place for appointment, resignation and removal of trustees?

Transparency

How will the initial trustees be selected? How long will be the term of a trustee? How will subsequent trustees be appointed?

Does the Trust Deed include provisions regarding the removal of trustees, as well as vacancies?

Independence of the trustees from the First Nation Council

Will the trustees be able to act independently from the First Nation Council?

Does the Trust Deed exclude the Chief, councillors and employees of the First Nation to be appointed as a trustee?

Can First Nation members be appointed as a Trustee? If so, has a maximum been established (for instance, more than 20 percent of trustees being from the First Nation could risk limiting the independence of the trustees)?

Safeguards regarding potential conflicts of interests

How will actual or potential conflict of interest be handled?

Criteria: Informed Decision

Certificates of legal and financial advice (Section 4.3.1 of the Policy)

Has the First Nation Council received independent legal advice? Has a certificate been provided?

Has the First Nation Council received independent financial advice? Has a certificate been provided?

Information package (Section 4.3.2 of the Policy)

Information on the process, including regarding the release of the Crown's liability

Does the information package include, in plain language, information about the proposed transfer of Capital Moneys?

Does the information package contain information regarding the justification for seeking this transfer of Capital Moneys (e.g. how is it in the benefit of the First Nation)?

Is it clearly indicated that the Crown will be released from liability once the Capital Moneys are transferred?

Proposed trust deed

            Is the proposed Trust Deed included in the information package?

Legal and financial advice

            Is the legal and financial advice included in the information package?

Information on the community approval process

Does the information package contain information regarding the referendum? The level of support required? Voting regulations

Distribution of the information package (Section 4.3.3 of the Policy)

How will the First Nation Council distribute the information to its membership?

Will an information meeting be held?

Does the approach chosen by the First Nation Council appear reasonable to ensure that eligible voters will be adequately informed of the transfer of Capital Moneys and its implication?

Criteria: Community Consent

Band Council Resolution (BCR) (Section 4.4.1 of the Policy)

Has the applicant First Nation provided a BCR requesting the transfer of all its current and future Capital Moneys to a trust pursuant to Paragraph 64(1)(k) ?

Was the BCR authorized at a duly convened meeting of the First Nation Council?

Was the quorum obtained and noted on the BCR?

Is the BCR duly signed, dated, and numbered?

Community Approval Process (Section 4.4.2 of the Policy)

Threshold

Which voting threshold will the First Nation attempt to achieve to demonstrate that the transfer of Capital Moneys is supported by the community?

Does the proposed approach guarantee the participation of eligible voters both on and off reserve?

If the applicant First Nation opts for: "(c) the First Nation Council can demonstrate a sufficient level of community support in a manner agreed to by the Department."

Are there some exceptional circumstances within that community that justify an approach different than (a) majority of the majority or (b) simple majority with a minimum of 25 percent support of eligible voters?

Is the proposed approach reasonable to demonstrate community support, given how decisions are made within the community?

Voting Regulations

Has the First Nation submitted its proposed voting regulations for departmental approval?

Criteria: Independent Third Party (Section 4.5 of the Policy)

Who has the First Nation identified as the independent third party?

Criteria: Release of the Crown's liability (Section 4.6 of the Policy)

Did the First Nation Council acknowledge that, dependent on community ratification, the First Nation is prepared to release the Crown from liability?

Annex B: Templates

The templates below are provided as examples. They should be adapted to the specific circumstances of the proposed transfer.

  1. Release
  2. Certificate of legal advice
  3. Certificate of financial advice

I. RELEASE

This is a release of Her Majesty the Queen in Right of Canada and all of her Ministers, officers, servants, employees and agents (hereinafter referred to collectively as "Canada") given and executed by the [Insert the full name of First Nation], as represented by its Chief and Council (the "First Nation")

WHEREAS the First Nation has requested that the Minister of Indigenous and Northern Affairs transfer to an independent trust established by the First Nation ([Insert the name of the trust] or the "Trust") the following:

  1. all capital moneys currently held by Canada for the use and benefit of the First Nation;
  2. all capital moneys to be collected or received in the future by Canada for the use and benefit of the First Nation;

AND WHEREAS Canada agrees to make the aforementioned transfer of capital moneys subject to the fulfillment of conditions set by Canada, including a condition that the First Nation release Canada from any liability in respect of the First Nation's capital moneys and the safe custody, management, preservation, and capital growth of those capital moneys, once the capital moneys are transferred to the Trust;

NOW THEREFORE:

  1. The First Nation is of the opinion, based on the receipt of independent legal and financial advice and based on the approval of its members in a referendum held on [Insert Date], that the transfer of the First Nation's current and future capital moneys from Canada's Consolidated Revenue Fund to the Trust would be for the benefit of the First Nation and has so advised the Minister of Indigenous and Northern Affairs.  
  2. Upon the transfer of the First Nation's capital moneys, the First Nation releases Canada from any and all liability whatsoever in relation to its current capital moneys and any capital moneys that are transferred in the future, including (without restricting the generality of the foregoing) the safe custody, investment, management, preservation, and capital growth, of any capital moneys, once transferred, or for the loss of the capital moneys, in whole or in part, once transferred, whether through investment or otherwise.
  3. The First Nation hereby releases Canada from any and all liability for the above transfer of the First Nation's capital moneys and for any future transfer of the First Nation's capital moneys to the Trust, other than losses caused by the negligence or wilful misconduct of Canada or its employees or agents in transferring the First Nation's capital moneys to the Trust
  4. The First Nation hereby releases Canada from any and all liability for the conduct of the trustees responsible for administering the Trust, including (without restricting the generality of the foregoing) any misfeasance of the trustees, any withdrawal or distributions from the Trust, and any and all liability arising out of a termination of the Trust.
  5. This release is applicable and remains valid whether or not any sections of the Indian Act are subsequently declared invalid or unconstitutional.
  6. The First Nation acknowledges and agrees that the transfers described in this release do not derogate from or negatively affect any Aboriginal or treaty rights of the First Nation and its citizens.
  7. This release does not release Canada from any liability in relation to the First Nation's capital moneys while in the possession or control of Canada prior to any immediate or future transfer occurring.  
  8. This release is conditional on Canada executing a Ministerial Standing Order authorizing the transfer of the First Nation's capital moneys from the Consolidated Revenue Fund to the trust established by the First Nation. 
  9. If Canada executes a Ministerial Standing Order authorizing the transfer of the First Nation's capital moneys from the Consolidated Revenue Fund to the Trust, then this release shall be effective as of the date that the Ministerial Standing Order is signed and shall remain in effect.
  10. If Canada does not execute a Ministerial Standing Order authorizing the transfer of the First Nation's capital moneys from the Consolidated Revenue Fund to the trust established by the First Nation, then this release shall be of no force or effect.

DATED at [X] in the Province [Insert province] on the [X] day of [X] 20__.

GIVEN AND EXECUTED BYTHE [INSERT NAME] FIRST NATION AS REPRESENTED BY THE CHIEF AND COUNCIL OF THE [INSERT NAME] FIRST NATION

Chief [Name]
__________________________

Councillor
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CERTIFICATION

The Chief and Council of the [Insert name of First Nation] hereby certify that as part of the referendum approving the trust agreement of the [Insert name of Trust] and the related transfer of the Nation's capital moneys from the Consolidated Revenue Fund to the [Insert name of trust] the members of the First Nation approved the granting of this release in favour of Canada by the Chief and Council on behalf of First Nation.

DATED at [X] in the Province of [Insert province] on the [X] day of [X] 20__.

CHIEF AND COUNCIL OF THE [INSERT NAME] FIRST NATION

Chief [Name]
_____________

Councillor
_____________
Councillor
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II. Certificate of Independent Legal Advice

I, [name of counsel], of the City of [city], in the Province of [province], [job title],

DO HEREBY CERTIFY THAT:

  1. I am a member in good standing in the [Law Society] and am entitled to practice as [title] in the Province of [province] and have so practiced since [year].
  2. Since [month/year], I have been retained in my professional capacity by the[First Nation] (the "First Nation"), as represented by the Council of the Band ("the Band Council"), to provide legal advice to representatives of the Band Council during the negotiations with Canada (as represented by the Department of Indian Affairs and Northern Development) leading to the transfer of current and future capital moneys, pursuant to Indian Act paragraph 64(1)(k), to a trust created by the First Nation.
  3. My services in relation to the negotiation of the transfer and drafting of the trust deed included, but were not limited to, advising the Band Council and its representatives on:

    (a) ….

DATED at the City of [city], in the Province of [province], this _____ day of ____________, 20__.

                                                                       

__________________________________
[Signature block]

III. Certificate of Independent Financial Advice

I, [name of financial advisor], of the City of [city], in the Province of [province], [job title],

DO HEREBY CERTIFY THAT:

  1. I am a member in good standing in the [Institute and/or Association, etc. e.g. Institute of Chartered Accountants] and accordingly am qualified to provide independent financial advice to the [First Nation] (the "First Nation"), in respect of the proposed capital transfer. I have been retained in my professional capacity by the First Nation as represented by the Council of the Band ("Band Council") to provide independent financial advice to representatives of the First Nation during the development of the capital transfer application evidenced by the Trust Deed and the Statement of Investment Principles and Procedures to which this certificate is attached.
  2. My services in relation to the provision of independent financial advice included but were not limited to advising the Band Council and its representatives on the appropriateness of the terms and conditions of the Trust Deed as they relate to investments and financial matters, and on the appropriateness of the terms of the initial Statement of Investment Policies and Procedures. I also participated in information sessions with Band members.

DATED at the City of [city], in the Province of [province], this _____ day of
____________, 20__.

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[Signature block]

Date modified: