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RONWAN Consolidation Act 2014 (No. 23 of 2014).

Country/Territory
Nauru
Document type
Legislation
Date
2014
Source
FAO, FAOLEX
Long title
An Act to make provision for the vesting and distribution of the Nauruan Land Owners Royalty Trust Fund, for the winding up of dormant Funds, for the dissolution of Nauru Phosphate Royalties Trust and for related matters.
Subject
Agricultural & rural development, Land & soil
Keyword
Special fund Governance Royalties/fees
Geographical area
Asia and the Pacific, Micronesia, Oceania, Small Island Developing States, South Pacific
Abstract

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.

Full text
English
Website
www.paclii.org