B.C. Rail Benefits (First Nations) Trust Act

B.C. Rail Benefits (First Nations) Trust Act 58 2004 October 21, 2004 1944036832/04058/tlc04058_f E3tlc04058 Definitions 1 In this Act: allocation means the $15 million to which the B.C. Rail Benefits (First Nations) Trust is entitled under section 13 (c) of the Northern Development Initiative Trust Act ; B.C. Rail Benefits (First Nations) Trust means the B.C. Rail Benefits (First Nations) Trust established under section 3 (1); Beneficiary First Nations means those of the eligible first nations and treaty societies that are prescribed as Beneficiary First Nations, and includes any other first nation or treaty society that is added as a Beneficiary First Nation by resolution of the directors of the B.C. Rail Benefits (First Nations) Trust under section 5 (3); eligible first nations and treaty societies means the Gitxsan Treaty Society and the following bands within the meaning of the Indian Act  (Canada): a Alexandria; b Blueberry River First Nations; c Bridge River; d Canim Lake; e Cayoose Creek; f Fort Nelson First Nation; g Lheidli T'enneh; h McLeod Lake; i Mount Currie; j Nak'azdli; k N'Quatqua; l Red Bluff; m Saulteau First Nations; n Seton Lake; o Soda Creek; p Squamish; q T'it'q'et; r Takla Lake First Nation; s Tl'azt'en Nation; t Tsawwassen First Nation; u Ts'kw'aylaxw First Nation; v West Moberly First Nations; w Williams Lake; x Xaxli'p. Beneficiary First Nations may be prescribed 2 The Lieutenant Governor in Council may, by regulation, prescribe one or more eligible first nations and treaty societies as Beneficiary First Nations. B.C. Rail Benefits (First Nations) Trust established 3 1 On the making of a regulation under section 2, there is established a corporation known as the B.C. Rail Benefits (First Nations) Trust consisting of the directors referred to in section 4. 2 The B.C. Rail Benefits (First Nations) Trust has the power and capacity of an individual of full capacity. 3 The B.C. Rail Benefits (First Nations) Trust is not an agent of the government. Directors of the B.C. Rail Benefits (First Nations) Trust 4 1 The directors of the B.C. Rail Benefits (First Nations) Trust are, a for each first nation that is a Beneficiary First Nation, the chief of the first nation or the chief's designate, or, if the first nation does not have a chief, the individual acting in that capacity for the first nation or the individual's designate, and b for each treaty society that is a Beneficiary First Nation, the executive director of the treaty society or the executive director's designate, or, if the treaty society does not have an executive director, the individual acting in that capacity for the treaty society or the individual's designate. 2 A director of the B.C. Rail Benefits (First Nations) Trust ceases to hold office when the director ceases to meet the qualifications referred to in subsection (1). 3 The directors of the B.C. Rail Benefits (First Nations) Trust a must establish a B.C. Rail Benefits (First Nations) Trust Account, b must receive the allocation and deposit that money into the B.C. Rail Benefits (First Nations) Trust Account, c may spend the money in the B.C. Rail Benefits (First Nations) Trust Account in accordance with section 9, and d may invest any or all of the money that is in the B.C. Rail Benefits (First Nations) Trust Account in accordance with section 10. Proceedings of directors 5 1 The directors of the B.C. Rail Benefits (First Nations) Trust must appoint one of their number as chair and may, subject to this Act, otherwise establish their own procedures. 2 An act or proceeding of the directors of the B.C. Rail Benefits (First Nations) Trust is not invalid merely because not all of the directors referred to in section 4 (1) are in attendance. 3 The directors may, by directors' resolution, add any first nation or treaty society as a Beneficiary First Nation. Remuneration of directors 6 A director of the B.C. Rail Benefits (First Nations) Trust must not accept remuneration from that corporation other than for reasonable travelling and out of pocket expenses necessarily incurred by the director in discharging the director's duties. Accountability 7 1 Within 4 months after the end of each of its fiscal years, the B.C. Rail Benefits (First Nations) Trust must prepare an annual report on its use of the allocation in the fiscal year for which the report is prepared, and must a present that report to each of its directors, and b make that report available to the members of the Beneficiary First Nations in a reasonable manner, including by electronic means. 2 The annual report under subsection (1) must include the audited financial statements for the fiscal year for which the report is prepared. B.C. Rail Benefits (First Nations) Trust Account to be managed 8 The B.C. Rail Benefits (First Nations) Trust must manage the B.C. Rail Benefits (First Nations) Trust Account. Purpose of the B.C. Rail Benefits (First Nations) Trust Account 9 1 The purpose of the B.C. Rail Benefits (First Nations) Trust Account is to provide funding for Beneficiary First Nations' projects that are approved by the directors of the B.C. Rail Benefits (First Nations) Trust and that advance one or more of the following goals: a economic development; b educational advancement; c cultural renewal. 2 The directors of the B.C. Rail Benefits (First Nations) Trust may use money from the B.C. Rail Benefits (First Nations) Trust Account to satisfy expenses that are reasonably and necessarily incurred in order to allow the directors to perform their obligations under this Act. Investments 10 The B.C. Rail Benefits (First Nations) Trust must invest the allocation only as permitted under the provisions of the Trustee Act respecting the investment of trust property by a trustee. No rights affected 11 Nothing in, under or arising out of this Act, including, without limitation, a the inclusion of a first nation in, or the exclusion of a first nation from, the B.C. Rail Benefits (First Nations) Trust, or b any participation of any first nation, or any failure or refusal of any first nation to participate, in the B.C. Rail Benefits (First Nations) Trust, abrogates or derogates from any aboriginal rights or treaty rights of any first nation or of any aboriginal peoples, including, without limitation, any right of a first nation or of any aboriginal peoples to claim an aboriginal right or treaty right in, to or in relation to any land, thing or matter. Offence Act 12 Section 5 of the Offence Act does not apply to this Act. Power to make regulations 13 The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act . Commencement 14 This Act comes into force by regulation of the Lieutenant Governor in Council.