Background
The Metepenagiag Mi'kmaq Nation submitted to Aboriginal Affairs and Northern Development Canada (AANDC) the 1895 Surrender specific claim in 1985 under Canada's Specific Claims Policy. This specific claim was accepted for negotiations under the Specific Claims Policy on September 14, 2005, on the basis that Canada has a lawful obligation due to an invalid surrender. This claim is based on the allegation that the surrender taken in 1895 of a portion of Metepenagiag is invalid. The claim lands cover a surface area of approximately 3,100 acres.
On October 17, 2013, a ratification vote was held by the Metepenagiag First Nation. Of those eligible to vote, 279 members (or 94% of those who voted) approved the settlement agreement.
On October 15, 2014 a Trust was established to execute the Metepenagiag First Nation Land Claim Trust (MFNLCT).
The management of the Trust is governed by the Metepenagiag First Nation Land Claim Trust Agreement. Trustees must abide by the conditions set out in this legally binding document. The Trustees are mandated by the Trust Agreement to operate under the Province of New Brunswick’s Trustee Act. The trustees are obligated by law to faithfully and diligently administer the First Nation’s Land Claim Trust with the best interests of the beneficiaries in mind.
The Trust Agreement requires that the Trust has three components:
Disburses $25,000 plus interest to eligible minors as of their 19th birthdays.
Funds are held by CIBC Wood Gundy.
The trust had an opening balance of $6.9 million in 2014. As of December 31st, 2019, funds have been released to sixty-seven minors.
For the purchase of land for community economic development efforts.
Funds are held by CIBC Wood Gundy.
This trust had an opening balance of $1.1 million in 2014, and as of December 31, 2019, has had no further activity.
For costs associated with running the Trusts over nineteen years.
Funds are held by CIBC Wood Gundy.
In 2014 this trust had an opening balance of $388,500. As of December 31, 2019, the majority of costs paid out of this trust were for legal, audit, and Trustee fees.