Roles of the Trustees

01

A TRUST

is often established to provide a way of having property held for an individual or a group and allows the trust property to be managed by a trustee or group of trustees.

Regardless of the nature of the property held by the trust, Trustees must manage the trust so that decisions made about the trust’s property are made in the best interests of the beneficiaries of the trust.

02

The First Nations Trust

was established to “effect the distribution of the monies due to First Nations from, among other things, the profits from both SIGA and SGC casinos”.

In the case of the First Nations Trust, the Trust is defined by the 2003 Trust Indenture. The Indenture is the result of an agreement made in 2002 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 eight casinos, six are under First Nation control and two are under the control of the Province.

Regardless of the nature of the property held by the trust, Trustees must manage the trust so that decisions made about the trust’s property are made in the best interests of the beneficiaries of the trust.

A Beneficiary of the First Nation Trust is defined in the 2003 Trust Indenture as a “First Nation, an Indian Band or the Federation of Saskatchewan Indian Nations”.

03

The Power of Authority of the Trustees as set out in section 8 of the 2003 Trust Indenture, include 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 Trustees 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.

04

Permitted Use of the First Nations Trust property are set out in the 2003 Trust Indenture. For monies distributed by the Trustees, the Trust Indenture requires that the funds must be used for specified purposes for First Nations and First Nations peoples. In accordance with Section 5.01 of the Trust Indenture those permitted uses are:

• Economic development;
• Social programs;
• Justice initiatives;
• Education and education facilities;
• Development and operation of recreation 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.