The Kawacatoose First Nation is taking a bold step.

On Friday, the band voted to adopt the First Nations Oil and Gas and Moneys Management Act.

This makes it the first band in Canada to opt out of the Indian Act financial arrangement in favour of the new process.

The act gives bands the power to manage money currently held in trust for them by the federal government.

That means they do not need the minister’s approval to spend capital or revenue funds.

A spokesman for Aboriginal Affairs says there are other First Nations in the country actively trying to adopt the act, but Kawacatoose is the only First Nation he is aware of that has officially adopted it.