A copy of the 2003 Trust Indenture may be viewed on the First Nations Trust website
THE TRUST & TRUSTEES
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A TRUST is a way of having property held for a person or a group of people. When property is held in a trust, the trust is often defined in a written agreement or trust document.
ONE PURPOSE FOR ESTABLISHING A TRUST is that it allows the trustees to manage the property of the trust. Whatever the property of a trust is, it must be managed so that the decisions made about that property are made in the best interests of the beneficiaries of the trust.
THE FIRST NATIONS TRUST is defined by the 2003 Trust Indenture, which is an agreement between the FSIN and the Province of Saskatchewan.
THE PROPERTY held by the First Nations Trust is defined in the 2003 Trust Indenture and that property is money. The money is received from the net profits of seven casinos in Saskatchewan.
THE BENEFICIARIES OF THE FIRST NATIONS TRUST are specified by the 2003 Trust Indenture. The beneficiaries are specified as, a First Nation, an Indian Band, and the Federation of Saskatchewan Indian Nations, as these terms are defined in the 2003 Trust Indenture.
THE PURPOSE OF THE TRUST is “to effect the distribution of the monies due to First Nations from, among other things, the profits from both SIGA and SGC casinos.”
The 2003 Trust Indenture also defines the BENEFICIARY of the Trust as "a First Nation, an Indian Band or the Federation of Saskatchewan Indian Nations."
THE OBLIGATIONS OF THE TRUSTEES include maintaining legal control and ownership of the trust property. The Trustees of the First Nations Trust are required by law to act only in the best interests of the beneficiaries of the Trust. The 2003 Trust Indenture, in conjunction with The Trustees Act, R.S.S 1978, defines what the Trustees of the First Nations Trust can and cannot do with the property of the Trust. In addition, the law imposes certain obligations on the Trustees, even if such duties are not specifically set out in the Trust Agreement.
THE BOARD OF TRUSTEES MUST appoint a qualified independent auditor to examine the books and records of the First Nations Trust. The Trustees are also required to prepare an Annual Report each year that includes the audited financial statements of the Trust for that fiscal year.
THE POWER AND AUTHORITY OF THE TRUSTEES is set out in section 8 of the 2003 Trust Indenture, including authority to pay authorized expenses; to retain the services of advisors, professionals or others to assist the Trustees in the performance of their duties; to pay reasonable remuneration to the Board for performance of their duties; to follow valid direction from the Chiefs-in-Assembly (Legislative Assembly of the FSIN); and except as limited by the 2003 Trust Indenture, pay out the Trust property for the benefit of any one or more of the beneficiaries, or for the benefit of First Nations peoples.
PERMITTED USES OF THE FIRST NATIONS TRUST PROPERTY - The 2003 Trust Indenture is very clear about the uses of Trust monies. For First Nations Trust monies distributed by the Board of Trustees, the Trust Indenture requires that the funds must be used for specified purposes for First Nations and First Nations peoples.
The specified purposes that funds distributed to beneficiaries may be used for are stated in section 5.01 of the 2003 Trust Indenture.
Those purposes are:
• economic development,
• social programs,
• justice initiatives,
• education and education facilities,
• development and operation of recreational facilities,
• senior and youth programs,
• cultural and spiritual development,
• development and maintenance of community infrastructure,
• health initiatives,
• governance activities,
• Treaty protection, and
• any other charitable purpose.
THE FIRST NATIONS TRUST PROCESS -The fiscal year for the Trust starts on April 1st of each year and ends on March 31st of the following year. During each quarter of the fiscal year, the province of Saskatchewan pays one-fourth of the estimated profits due to the First Nations Trust in accordance with the 2002 Framework Agreement.
At the end of the year, after the actual profit is calculated, the Province makes an adjustment to the amount that was paid to the First Nations Trust, which was based on estimates, so that the amount reflects the actual profits due to the First Nations Trust.
The First Nations Trust Board of Trustees must meet at least quarterly to distribute the Trust property in accordance with the 2003 Trust Indenture. When the Trustees distribute Trust property, they must take into account any properly received directions from the FSIN Chiefs-in-Assembly.
At the end of each fiscal year, March 31st, the Board of Trustees is responsible for ensuring that all recipients of property of the Trust properly account for how the Trust property was spent.
Section 9 of the 2003 Trust Indenture sets out the accountability provisions. In the event that a recipient or beneficiary of Trust property is not able to properly account for the monies, or spent the monies in an inappropriate manner, the Trustees have a fiduciary obligation to the other beneficiaries to take whatever steps are necessary, including withholding future payments, to ensure appropriate accountability of the beneficiaries.
firstnationstrust.com/about.htmlTHIS TRUST INDENTURE made in duplicate this day of , 2003
BETWEEN:
FEDERATION OF SASKATCHEWAN INDIAN NATIONS
(the “FSIN”)
OF THE FIRST PART
AND:
EVERETTE BEAR, RAY GAMBLE, NOLAN HENDERSON,
HARRY J. LAFOND, RICHARD POORMAN, DRUSCILLA STANLEY
and VELMA WUTTUNEE
(the “Trustees”)
OF THE SECOND PART
WHEREAS the FSIN and the Government of Saskatchewan (the “Government”) entered into the 2002 Framework
Agreement which provided for a distribution of net profits from casinos developed and operated under the
Framework Agreement;
AND WHEREAS the 2002 Framework Agreement provides for the establishment and designation of a trust fund by
FSIN for the purpose of receiving monies distributed under the Framework Agreement;
AND WHEREAS the FSIN is desirous of hereby establishing and designating the trust established herein for the
purpose of receiving monies distributed under the Framework Agreement;
AND WHEREAS the Trustees have agreed to act as Trustees under this Trust Indenture and to accept and hold the
property forming part of the Trust Property on and subject to the trusts hereinafter declared;
NOW THEREFORE this Indenture witnesses that in consideration of the premises and mutual covenants herein
contained the parties covenant, agree and acknowledge as follows:
1. NAME OF TRUST
1.01 The Trust created by this Indenture shall be known as the First Nations Trust.
2. TRUST PROPERTY
2.01 The Trust Property, as that term is used herein, shall consist of the monies distributed to the Trust pursuant to, among
other things, the 2002 Framework Agreement, the 1994 Framework Agreement and the Casino Operating Agreement,
and accumulated income thereon (if any) from time to time including, inter alia, monies invested by the Trustees
pursuant to the terms hereof.
2.02 The Trust cannot be revoked by the FSIN.
2.03 The Trustees shall hold and use the Trust Property for the benefit of the Beneficiaries subject to the terms of this Trust
Indenture and all obligations of a Trustee, whether at common law or statute.
2.04 All beneficial right, title, interest and benefit in and to the Trust Property shall vest in the Beneficiaries subject to the
terms of this Trust Indenture.
2.05 All legal right, title, interest and benefit in and to the Trust Property shall vest in the Trustees or their nominees to the
extent required for the purpose of administration of the Trust Property, and there shall be no power of revocation except as may be expressly provided for in this Agreement.
2.06 The mailing address and head office of the Trust shall at all times be on an Indian reserve and all managerial and
administrative functions of the Trust shall be performed on an Indian reserve.
3. DEFINITIONS
3.01 In this Trust Indenture, the following terms shall have the following meanings, namely:
(a) “2002 Framework Agreement” means the Framework Agreement entered into between the Government and
FSIN on the 11th day of June, 2002;
(b) “Beneficiary” means a First Nation, an Indian Band or the Federation of Saskatchewan Indians Nations;
(c) “Casino Operating Agreement” means the operating agreement entered into between SIGA and SLGA;
(d) “Chief and Council” with respect to any First Nation means “council of the band” as that term is defined in the
Indian Act, and for greater certainty includes the Chief thereof;
(e) “elected Indian government office” means an elected position at the First Nation, Tribal Council, Agency
Council, Grand Council or FSIN level namely: Chief, Councillor, or their equivalent, Tribal Council
Representative or their equivalent, FSIN Chief and FSIN Vice-Chief;
(f) “First Nations Fund” means the First Nations Fund established by The Saskatchewan Gaming Corporation Act in
effect as of the date of signing of this Trust Indenture;
(g) “Fiscal Year” means the period April 1 to March 31 in the following year;
(h) “First Nation” means a tribe of Indians that is a signatory to the FSIN Convention or a “band” as defined in the
Indian Act;
(i) “First Nations people” means the members of Indian Bands and First Nations;
(j) “FSIN ECDC” means the Economic and Community Development Commission of the FSIN or its successors;
(k) “Indian Band” means a “band” as defined in the Indian Act;
(l) “SIGA” means the Saskatchewan Indian Gaming Authority Inc.;
(m) “SGC” means the Saskatchewan Gaming Corporation established pursuant to The Saskatchewan Gaming
Corporation Act;
(n) “SLGA” means the Liquor and Gaming Authority referred to in The Alcohol and Gaming Regulation Act;
(o) “Trust” means the First Nations Trust established by this Trust Indenture; and
(p) “Trustees” means the Trustees for the time being whether original, additional or substituted.
4. PURPOSE OF THE TRUST
4.01 The purpose of this Trust is to effect the distribution of the monies due to First Nations from, inter alia, the profits from
SIGA casinos and SGC casinos.
5. DISTRIBUTION OF TRUST PROPERTY
5.01
for the following purposes for First Nations and First Nations people:
(a) economic development;
(b) social programs;
(c) justice initiatives;
(d) education and education facilities;
(e) the development and operation of recreational facilities;
(f) senior and youth programs;
(g) cultural and spiritual development;
(h) the development and maintenance of community infrastructure;
(i) health initiatives;
(j) governance activities;
(k) Treaty protection; and
(l) any other charitable purpose.
6. NUMBER, APPOINTMENT AND REPLACEMENT OF TRUSTEES
6.01 Except during a vacancy, there shall at all times be seven (7) Trustees.
6.02 The selection of Trustees will be as follows:
(a) A majority of the Trustees shall be status Indians who reside on reserve;
(b) Each Trustee, shall:
(i) have attained at least the age of eighteen years as of the date of his or her appointment;
(ii) not have been declared to be mentally incompetent by a court of competent jurisdiction in Canada or
elsewhere;
(iii) not have been convicted of an offence, involving fraud, dishonesty, breach of trust, theft or forgery;
(iv) not hold elected Indian government office as of the date of his or her appointment;
(v) be bondable; and
(vi) have education or business experience, or a combination of both, suitable to being a Trust ee.
6.03 The FSIN Legislative Assembly shall appoint the Trustees in accordance with the following procedure:
(a) The FSIN ECDC shall solicit applications from individuals who want to be considered for the position of
Trustee;
(b) Potential candidates shall provide the following information to the FSIN ECDC:
(i) a statement of his or her qualifications;
(ii) a statement that he or she would be eligible for bonding;
(iii) if the potential candidate holds elected Indian government office, a written statement that, if selected as a
Trustee, he or she will resign his or her elected position; and
( iv) any other information requested by the FSIN ECDC.
(c) The FSIN ECDC shall consider the above information and make the selection of the Trustee or Trustees such that, at all times, at least four (4) of the Trustees shall reside on reserve;
(d) For the initial Trustees, the FSIN ECDC shall also determine which of the Trustees selected shall have terms of
three years and which shall have terms of four years; and
(e) The FSIN ECDC shall advise the FSIN Legislative Assembly of the selections and recommend that the FSIN
Legislative Assembly appoint the selections by resolution.
6.04 The initial Trustees shall serve their term commencing on the signing of this Agreement as follows:
(a) The first four Trustees selected namely Ray Gamble, Nolan Henderson, Harry J. Lafond and Druscilla Stanley
shall serve for a term of four (4) years;
(b) The next three Trustees selected namely Everette Bear, Richard Poorman and Velma Wuttunee shall serve a term
of three (3) years; and
(c) After the terms of the initial Trustees are completed, the term for all subsequent Trustees shall be for three years.
6.05 A Trustee shall, on being appointed a Trustee:
(a) accept the obligations and duties as a Trustee;
(b) agree to become a party to and be bound by the provisions of this Trust Indenture by executing a Trustee’s
Undertaking in the form set out in Schedule “A”; and
(c) observe and carry out the obligations and duties of a Trustee in accordance with this Trust Indenture.
6.06 Subject to section 6.07, a Trustee, on being appointed a Trustee, shall obtain and at all times maintain in favour of the
Trust, a fidelity bond from a surety company in an amount acceptable to the FSIN Legislative Assembly for the true
and faithful performance of the Trustee’s obligations under this Agreement.
6.07 The FSIN Legislative Assembly, in its discretion, may by resolution:
(a) establish the amount of the fidelity bond provided for in section 6.06; or
(b) waive the requirement that a Trustee obtain and maintain a fidelity bond as required by section 6.06 .
6.08 All Trustees upon being appointed as a Trustee shall participate in training to allow them to fully understand and fulfill
their obligations under this Trust Indenture.
6.09 A Trustee shall hold office until:
(a) his or her term expires and he or she is replaced by resolution of the FSIN Legislative Assembly;
(b) he or she dies;
(c) he or she resigns;
(d) he or she is declared a bankrupt in accordance with applicable bankruptcy legislation;
(e) he or she is charged with an offence involving fraud, dishonesty, breach of trust, theft or forgery, or is charged
with any offence involving the Trust Property or the exercise of his or her responsibilities as a Trustee;
(f) he or she is convicted of an indictable offence;
(g) he or she is declared by a court of competent jurisdiction to be mentally incompetent or incapable of managing his or her own affairs;
(h) he or she fails, without reasonable excuse and notice, to attend two consecutive meetings of the Trustees of
which prior notice was given;
(i) he or she fails to:
(i) provide the Trustee’s Undertaking set out in Schedule “A”;
(ii) provide the fidelity bond in accordance with section 5.06 within 30 days of assuming office provided
section 5.07 does not apply;
(iii) disclose his or her interest in a contract in accordance with subsection 10.01(a) or votes on any resolution
contrary to subsection 10.01(c); or
(iv) fulfill his or her obligations and duties under and in accordance with this Trust Indent ure;
(j) he or she moves off reserve and is no longer residing on reserve and as a result a majority of the Trustees no
longer reside on reserve. The Trustee or those Trustees who have moved off reserve shall be deemed to have
resigned as a Trustee or as Trustees and shall immediately be replaced with a new Trustee(s) who resides on
reserve; or
(k) he or she is elected to hold elected Indian government office.
6.10 If a Trustee fails to materially fulfill his or her obligations or duties pursuant to the Trust Indenture or otherwise ceases
to be qualified to be a Trustee, the FSIN Legislative Assembly may remove the Trustee by resolution.
6.11 Where a vacancy amongst the Trustees occurs, other than from the expiration of a term, the vacancy shall be filled by
the FSIN Legislative Assembly as soon as reasonably possible. The Trustee appointed to fill the vacancy shall hold
office for a term equal to the unexpired term of the former Trustee.
7. CONDUCT OF MEETINGS
7.01 The Trustees shall meet at least quarterly and the conduct of all meetings of Trustees shall be governed by the
following rules:
(a) the quorum for meetings of Trustees shall be a majority of the then sitting Trustees, with each Trustee to be
present in person, or attending by telephone or other communication facility which permits each Trustee to
communicate with all other Trustees at the meeting;
(b) the FSIN Legislative Assembly shall appoint a chairperson from among the Trustees;
(c) except as specifically otherwise provided or required herein, all decisions and actions of Trustees shall be in
accordance with the majority vote of the Trustees at the meeting;
(d) in case of a tie, the chairperson shall cast the deciding vote;
(e) meetings of the Trustees shall be held at such place or places within Saskatchewan as the chairperson may
determine and wherever possible shall be held on an Indian reserve; and
(f) minutes of decisions taken at all Trustees’ meetings shall be recorded and such record shall be circulated to and
signed by the Trustees taking part in the meeting.
8. POWERS AND AUTHORITIES OF THE TRUSTEES
8.01 Without in any way limiting or derogating from the powers, authorities, discretions and immunities otherwise available
to the Trustees, whether under any statute or at law or otherwise, the Trustees shall have and be invested with the
following powers, authorities, discretions and immunities and as to which their judgment shall be final and conclusive
upon all interested parties and no person dealing with them shall be charged with any duty to inquire into the propriety
of their actions, that is to say:
(a) to make or retain and subsequently dispose of any investment or investments that they consider advisable in the form of investments in which Trustees are authorized to invest trust funds under the laws of the Province of
Saskatchewan and the Trustees shall not be responsible for any loss which may be occasioned by reason of the
making of such investments or the retention of the same;
(b) to register any Trust Property in the names of their nominees or in their own names or to hold the same
unregistered or in any such form that title shall pass by delivery, but without thereby increasing or decreasing
their liability as Trustees;
(c) to make any payments, provisions, apportionments, or distributions which may be required under the terms of
this Trust Indenture in whole or in part in monies, securities or other property comprising the Trust Property, and
every apportionment and distribution, and valuation therefore, which in the discretion of the Trustees shall seem
equitable, shall be final, conclusive and binding upon all persons interested hereunder;
(d) the Trustees may, in their absolute discretion, pay or allocate any amount or amounts, either income or capital to
or for the benefit of any one or more of the Beneficiaries or for the benefit of First Nations people, at such time
or times, in such proportions, and in such manner as the Trustees, in their absolute discretion, shall determine,
provided at all times that any payment made by the Trustees is made for a purpose or purposes as set out in
section 5.01. In making any such payments, the Trustees may, in their absolute discretion, completely exclude
any one or more of the Beneficiaries. The only exception to the absolute discretion conferred upon the Trustees
in this subsection is where the FSIN Legislative Assembly has, by resolution of two-thirds of the Chiefs who
voted on the resolution, directed the Trustees to either make any payment that is consistent with the provisions of
section 5.01 or to exclude or withhold payment from any one or more of the Beneficiaries provided such
exclusion or withholding is in accordance with the FSIN’s obligations under the 2002 Framework Agreement.
Except as may be otherwise provided, where a discretion is conferred on the Trustees under this subsection, such
discretion shall be absolute;
(e) the Trustees shall accumulate any amount or amounts of net annual income derived from the Trust Property and
not paid or otherwise distributed to or for the benefit of any one or more of the Beneficiaries and shall add such
amount or amounts to the capital of the Trust Property;
(f) to waive or agree to waive, in whole or in part, unpaid accrued interest, or accumulated dividends of any
investment which may be held by them at any time, or to release any person, firm, company or corporation from
any obligation to the Trust, with or without compensation;
(g) to execute and deliver agreements, assignments, bills of sale, contracts, deeds, notes, powers of attorney, receipts,
and any and all other instruments in writing necessary or appropriate in the opinion of the Trustees for the
settlement or administration of the Trust, and to execute any such instrument without warranty by or without
recourse to the Trustees;
(h) to open and operate such bank account or bank accounts as may be expedient in the opinion of the Trustees and
to deposit any cash balances in the hands of the Trustees at any time in any credit union, chartered bank or trust
company located on an Indian reserve, and for the purposes of the Trust, to draw, make, endorse, deposit, or deal
in cheques, bills of exchange, promissory notes, drafts, or any other mercantile, commercial or security
documents of any nature or kind and to enter into contracts or agreements of any nature or kind, with such credit
union, bank or trust company and for such purposes the signatures of that Trustee or those Trustees designated by
all of the Trustees in writing, as Trustees, and not in their personal capacity, shall be valid and binding upon the
Trust, and all such forms as may be required to open bank accounts, operate same and related matters, shall be
completed in the required manner and on the forms required by such credit union, bank or trust company, and to
designate any Trustee or Trustees or any other person or persons as the signing authority for any such accounts
opened by the Trustees;
(i) to employ and compensate from the Trust Property, agents, accountants, solicitors, brokers and other assistants
and advisers deemed by them to be helpful, for the proper settlement or administration of the within Trust, and to
do so without any liability for any neglect, omission, misconduct or default of any such employed person,
provided he or she was selected and retained with reasonable care;
(j) as required by section 9.08 of this Agreement, to engage and pay from the Trust Property for the services of a qualified independent auditor to issue an audit report;
(k) to institute, prosecute and defend any suits or actions or other proceedings affecting them or the Trust Property or
any part thereof, to compromise or settle any matter of difference or to submit any such matters to arbitration, to
compromise or compound any debts owing to or by the Trust upon evidence that to them as shall seem sufficient;
(l) to make, or refrain from making, in their absolute discretion, any election or elections, any determination or
determinations and any designation or designations permitted by any statute or statutes or regulation or
regulations enacted by the Parliament or Government of Canada or by the Legislature or Government of
Saskatchewan, and such exercise of discretion by the Trustees shall be conclusive and binding; and
(m) to exercise any powers and authorities, take any actions available to and act as the successor to the Trustees of
the First Nations Fund once the First Nations Fund has been dissolv ed.
9. DUTIES OF TRUSTEES
9.01 The Trustees, in consultation with the FSIN Legislative Assembly, shall develop and maintain a fair and equitable
method of allocating money pursuant to this Trust.
9.02 The Trustees shall comply with any direction given to them by the FSIN Legislative Assembly pursuant to subsection
8.01(d).
9.03 The Trustees shall make any payment required pursuant to the 2002 Framework Agreement.
9.04 The Trustees shall ensure that any payment made from the Trust is made on the condition that the money be used only
for the purposes outlined in section 5.01.
9.05 The Trustees shall develop and maintain rules and procedures as set out below to ensure that payments made from the
Trust are used for the purposes outlined in section 5.01.
9.06 The Trustees shall require recipients of payments from the Trust to provide yearly, a report that demonstrates to the
Trustees that all money received from the Trust was used for the purposes outlined in section 5.01.
9.07 The Trustees shall maintain adequate records of all transactions affecting the Trust Property and shall cause to be
prepared for each fiscal year audited financial statements prepared in accordance with generally accepted accounting
principles, consistently applied.
9.08 The Trustees shall appoint a qualified independent auditor who is a member in good standing of a nationally
recognized professional accounting association and who is acceptable to the Trustees, the FSIN and the Government,
who shall examine the books and records of the Trust and:
(a) determine whether, in the auditor’s opinion, the monies received by the trust have been fully accounted for and
properly disposed of, and the rules and procedures applied are sufficient to ensure an effective check on the
receipt and allocation of the monies received by the Trust;
(b) determine whether, in the auditor’s opinion, the money expended was for the purposes outlined in section 5.01;
and
(c) provide a written report on the financial statements for each fiscal year to the Trustees within one hundred and
twenty (120) days of the end of each such fiscal year.
9.09 The Trustees shall prepare an annual report on the activities of the Trust which report shall include copies of the
audited financial statements of the Trust, a statement of risk management practices of the Trustees and a report on
compliance with such practices, a list of all recipients who received monies from the Trust in the previous fiscal year
and the amount each recipient received.
9.10 The Trustees shall provide to each Beneficiary:
(a) a copy of the annual report;
(b) a copy of the annual audited financial statements;
(c) such other reports as may be reasonably requested by the Beneficiary;
(d) a copy of the minutes of each meeting of the Trustees upon request of the Beneficiary; and
(e) a copy of all ledgers, registers and documents or recordings of transactions affecting the Trust Property as and
when requested by the Beneficiary .
9.11 The Trustees shall provide to the FSIN Legislative Assembly:
(a) a copy of the annual report;
(b) a copy of the annual audited financial statements; and
( c) such other reports as may be reasonably requested by the FSIN Legislative Assembly.
9.12 The Trustees shall provide to the Government or its agent:
(a) a copy of the management letter issued by the auditor for each audit and the response to the management letter;
(b) a copy of the audited financial statements;
(c) a copy of the annual report within thirty (30) days following the issuance of the report;
(d) a copy of reports prepared pursuant to section 9.08 upon request; and
(e) access to documents that are submitted by the Beneficiaries and are available to the Trust Auditor in completing
the reports. For greater certainty, this provision is not intended to provide the Government or its agent with
access to the financial books or records of First Nations or Indian Bands except as specifically provided in this
Trust Indenture.
10 . CONFLICT OF INTEREST
10 .01 (a) A Trustee who:
(i) is a party to a material contract, or proposed material contract of the Trustees entered into or to be entered
into in accordance with the terms and conditions of this Trust Indenture; or
(ii) is a director or an officer of or has a material interest in any person who is a party to a material contract or
proposed material contract of the Trustees entered into or to be entered into in accordance with the terms
and conditions of this Trust Indenture;
shall disclose in writing to the other Trustees, or shall request to have entered in the minutes of meetings of
Trustees, the nature and extent of such Trustee’s relationship and extent of his or her interest.
(b) The disclosure required of a Trustee by subsection 11.01(a) of this Trust Indenture shall be made:
(i) at the meeting at which a proposed material contract is first considered by the Trustees;
(ii) if the Trustee was not then interested in a proposed material contract, at the first meeting after he or she
becomes so interested;
(iii) if the Trustee becomes interested after a material contract is made, at the first meeting after he or she
becomes so interested; or
(iv) if a person who is interested in a material contract becomes a Trustee subsequent to execution hereof, at the first meeting after he or she becomes s as Trustee.
(c) A Trustee described in subsection 11.01(a) of this Trust Indenture shall not take part in discussions or
deliberations concerning any such material contract and shall not vote on any resolution to approve the same.
(d) For purposes of this section a general notice to the Trustees by a Trustee declaring that he or she is a director or
officer of, or has a material interest, in a person and is to be regarded as interested in any material contract made
with that person, is a sufficient declaration of interest in relation to any material contract so made.
(e) A material contract is neither void nor voidable by reason of a relationship contemplated in subsection 11.01(a)
or by reason only that a Trustee with an interest in the material contract is present at, or is counted to determine
the existence of a quorum at, a meeting of Trustees that authorized or approved the material contract if the
Trustee disclosed his or her interest in accordance with subsections 11.01(b) or 11.01(d), as the case may be, the
material contract was approved by the Trustees and was reasonable and fair at the time the same was approved.
11. REPRESENTATIVE OF BENEFICIARIES
11. 01 The then current Chief and Council of a particular First Nation shall have the exclusive authority to represent, or act on
behalf of the particular First Nation with respect to the beneficial interest of that First Nation in the Trust, including in
particular the right of that First Nation to any income or capital allocated to that First Nation.
12. LIABILITY OF TRUSTEES
12.01 The Trustees shall not be responsible for the acts or defaults of each other or for any error in judgment or for any act of
omission or commission not amounting to actual fraud in the management and administration of the Trust Property.
The Trustees shall not be personally liable upon any monies to become due from or by any claims against the Trust
Property or upon any investment executed by the Trustees under the provisions hereof. The Trustees shall have power
to bind the Trust Property without rendering themselves personally liable. The legal title to all the Trust Property shall
be and remain vested in the Trustees, their nominees and their successors.
13. AMENDMENT
13.01 The Trustees may amend this Trust Indenture, in writing with the written consent of the FSIN and the Government.
14. REMUNERATION
14.01 The Trustees shall be entitled to compensation from the Trust Property at the per diem rate determined from time to
time by the Treasury Board of the FSIN together with reimbursement of reasonable travel and accommodation
expenses.
15. OTHER PROVISIONS
15.01 In the event that a court of law having proper jurisdiction should ultimately determine that the designation of any one
or more of the Beneficiaries as a Beneficiary under this Trust Indenture is void for any reason including by operation of
law, then the Trust constituted herein shall not be void but rather shall continue for the benefit of the remaining
Beneficiaries.
15.02 In the event that the Trust herein created should fail or be found to be void for any reason, all Trust Property, and all
income earned thereon, shall revert to the FSIN in trust for the Beneficiaries.
15.03 The term of the Trust shall commence on the date of execution of this Trust Indenture and shall terminate twenty (20)
years after the death of the last surviving descendant of Her Majesty, Queen Elizabeth II, now living, on which date the
Trustees shall pay or transfer the whole of the Trust Property then remaining in the hands of the Trustees to or for the
benefit of the Beneficiaries with the Trustees to have the discretion to determine which Beneficiaries shall receive
which amounts including the discretion to completely exclude any one or more of the Beneficiaries from the
distribution of Trust Property with the Trustees’ discretion in this respect to be limited only as otherwise provided
herein.
15.04 The headings are inserted solely for convenience and shall not control or affect the meaning or construction of any part
of this Trust Indenture.
15.05 This Trust Indenture shall in all respects be interpreted and construed under and governed by the laws of the Province
of Saskatchewan and the laws of Canada applicable therein and the parties agree that at all times the principal place of
administration of the Trust created by this Trust Indenture shall be within Saskatchewan.
Proper signatures and dates on document itself.
firstnationstrust.com/docs/trustind.pdf
