This Act winds up the Nauruan Land Owners Royalty Trust Fund, the Nauru Rehabilitation Fund and other dormant funds. It also requires the Cabinet may make regulations prescribing any matter or thing required or authorised by this Act to be prescribed or which is necessary or convenient to be prescribed for carrying out or giving effect to this Act. The Nauru Phosphate Royalties Trust (NPRT) was a sovereign wealth fund developed by the government of the Republic of Nauru in which the government invested money from the state owned mining company, Nauru Phosphate Corporation. This money was then re-invested in a real estate portfolio, among other things, to provide the government with a reliable national income following the depletion of minable phosphates on the island. Any person who has a dispute about land ownership details must initiate such claim or dispute with the Lands Committee by a specified date.
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