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Bank Accounts Established

Minors Trust Account

– the account set up to complete the prior per capita distribution in accordance with subsection 3.01 of the Fishing Lake 1907 Surrender Trust Agreement.

Community Development Account

– the account established by the Chief and Council for the purpose of receiving the Annual Distribution from the Trust pursuant to Article 5 of the Fishing Lake 1907 Surrender Trust Agreement

Trust Account

– the account established by the Trustees at the banking Institution pursuant to Article 17 of the Fishing Lake 1907 Surrender Trust Agreement and to which Canada is to deposit the settlement monies

Land Lease Account

– the account established to receive any revenue generated from lands purchased prior to them being transferred to reserve status. Revenues generated from lands are transferred into the Trust Account

Authorized Expense Account

– the account established by the Trustees to carry out the terms of the Fishing Lake 1907 Surrender Trust Agreement, and paying for reasonably incurred expenses that are in accordance with Authorized Expenses criteria.

Council Responsibilities

  • Council shall establish and manage the Fishing Lake Community Development Account and the Minors Trust  Account.
  • The Council may arrange for Authorized Loans.
  • The Council shall prepare an annual budget related to the Annual Distribution and any new Authorized Loans.
  • The Council shall ensure that an audit is completed on the use of funds deposited into the Community Development Account.
  • The Council shall conduct an annual community information meeting and present the approved audit and written report before October 31 of each year.
  • The Council shall establish a selection committee to choose most qualified individuals to become Trustees.
  • Review and approve land purchase recommendations from Trustees.
  • Council must approve Authorized Expense Account annually budgeted by the Trustees.

Council Reports

The Council shall conduct a community information meeting with the Members prior to the end of October 31st in each fiscal year, at which the Council shall present the written report referred to in subsection 5.08(c) and approved audited statement of receipt and uses of funds received for the previous fiscal year.

Within sixty (60) days of each of the Trust’s Fiscal Year, the Council shall deliver to the Trustees a Band Council Resolution confirming that the terms of this Article 5 have been followed by the Council in the expenditure of the Annual Distribution made to the Community Development Account in the last fiscal year. In the event the Council do not deliver the Band Council Resolution within the timeframe specified or it has been determined by the First Nation’s Auditor that the Council have not followed the terms of this Article 5 in the expenditure of the Annual Distribution made to the Community Development Account in the last fiscal year then, notwithstanding any other provision in this Agreement, except for section 5.11, the Trustees shall not make any fulfil Annual Distributions to the Community Development Account until the Trustees have received a Member Resolution authorizing the Trustees to continue to make the Annual Distribution

The First Nation agrees that all monies disbursed to the first Nation in accordance with this Agreement shall be utilized by the First Nation as follows:

 (a) Per Capita Distribution: The amount of funds transferred to the First Nation pursuant to subparagraphs 3.01 (a)(vi) and (vii) shall be deposited into an account of the First Nation established specifically for the purpose and such funds shall be utilized by the First Nation to complete a one-time per capita distribution to the Members upon rules and procedures to be established by the Council;

 (b) Community Development: The amount of funds transferred to the First Nation pursuant to subparagraph 3.0 I (a)(v) shall be utilized by the First Nation to undertake Community Development purposes as set out in Article 5; and

 (c) Annual Income: Unless the First Nation is authorized otherwise, in accordance with Article 15 by the Eligible Members) the Annual Income transferred to the Band Account shall be transferred by the Institution to the Trust Account on or before January 31 of each year to be administered by the Trustees in accordance with the terms and conditions of this Agreement.

For greater certainty, it is agreed by the First Nation that the Trustees shall have no responsibility for the funds disbursed to the Band Account, to the Community Development Account or to the First Nation or any liability whatsoever for how such funds are used by the First Nation except for any funds contributed by the First Nation to the Authorized Expense Account and the Trust Account.

Trustee Responsibilities

Responsibilities

  • Purchase and management of land with Council approval.
  • Purchase of Authorized investments in accordance with the Trust Agreement.
  • Transfer of Annual Income into Band Account.
  • Transfer of the Annual Distribution to the Community Development Account.
  • Trustees responsible for having Minimum New Acres converted to reserve status.
  • Trustees are responsible for al distributions of funds from the Trust Account.

Duties of Trustees

  • 13.01 Act in Good Faith.
  • 13.02 Maintenance of Records: All transactions: Trust Account Directions and Band Council Resolutions. Monthly Financial Statements. Provide to the Auditor with 30 days of Fiscal Year end (financial statements & Minutes). Post in the administrative office of the First Nation in an area to which public can have a copy of monthly and audited financial statements.
  • 13.03 Information to Council A list of Trustee current addresses. A copy of minutes of each meeting of the Trustees. A copy of all ledgers, registers and documents of transactions affecting Trust property.
  • 13.04 Access to Records: Trustees shall permit any member reasonable opportunity to review all ledgers, registers and documents in the presence and under the supervision of a Trustee.
Trustee Selection & Replacement​
  • 4 on-reserve & 3 off- reserve
  • A Fishing Lake Member 18 years or older
  • Not having been convicted of an Indictable offence involving fraud, theft, breach of trust or forgery
  • Not be a member of Chief or Counc

 

  • Council to appoint 4 selection committee members
  • One Council member
  • Four selection committee members shall not be members of the First Nation
  • Selection committee shall inform Council and be ratified by BCR
  • The term of office for Trustees shall be three years
  • Can be removed for various reasons
  • Replacing Trustees responsibility of the Council within 30 days of vacancy