This Act amends the RONWAN Distribution Act with respect to, among other things, the Winding Up of the Nauruan Land Owners Royalty Trust Fund and the administration by the Nauru Rehabilitation Corporation of the Long Term Investment Fund established pursuant to S. 62(1) of the Constitution. This Act also amends the Nauru Rehabilitation Corporation Act 1997, the Nauru Phosphate Royalties Trust Act 1968 and the Nauru Phosphate Royalties (Payment and Investment) Act 1968. It also concerns some administrative matters of the Nauru Phosphate Royalties Trust (NPRT). 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.
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