How Do You Join the Limited Partnership?
Eligible First Nations in BC may become Limited Partners by entering into a “Joinder Agreement” with the General Partner and the Partnership. The Joinder Agreement is a streamlined agreement that eligible First Nations sign to:
ratify the Revenue Sharing Agreement
become party to the Partnership Agreement as a Limited Partner
subscribe to an interest in the Partnership and a share in the General Partner
acknowledge obligations re: use of funds and reporting on use of funds
appoint a proxy
provide deposit instructions for distributions
A comprehensive information package with step-by-step instructions will be sent to all eligible First Nations as soon as the Revenue Sharing Agreement is signed. We currently expect information packages to be sent out in July or August 2019.
Revenue Sharing Model Backgrounder
The British Columbia gaming revenue sharing model distributes First Nations’ share of Provincial gaming revenue through a limited partnership owned and controlled by British Columbia First Nations. The Partnership receives and distributes revenues to the limited partners and monitors their compliance with use of funds and with reporting and auditing requirements with the assistance of an independent, third-party accounting firm. Flexibility is a core feature of the British Columbia model, with built-in provisions to allow the model to adapt over time as First Nations’ needs, values and desires evolve over the 25-year term of the Revenue Sharing Agreement.
Read the full backgrounder on the revenue sharing model here.