Council must create a policy for the operation of the First Nation’s local revenues bank account.
This policy must state that:
- a bank account is maintained and operated only for local revenues received by the First Nation
- this bank account does not contain any money other than local revenues
- this bank account is not used for any spending other than the spending outlined in the policies mentioned below
- records of all bank account transactions (deposits and withdrawals) are kept and available for review at any time