REPUBLIC OF NAURU

NAURU PHOSPHATE ROYALTIES (PAYMENT &
INVESTMENT) (AMENDMENT)

(No. 8 of 2005)

Arrangement of Sections

Section

1. Short Title

2. Commencement 

3. Definitions 

4. Nauru Housing Fund

5. New subsection (4)

6. Amendment of Section 11 of the Principal Act

7. Amendment of the First Schedule to the Principal Act

8. Amendment of the Second Schedule to the Principal Act

9. Nauru Phosphate Royalties Trust Act

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NAURU PHOSPHATE ROYALTIES (PAYMENT &
INVESTMENT) (AMENDMENT)

A Bill
for 
An ACT

To amend the Nauru Phosphate Royalties (Payment and Investment) Act and the Nauru Phosphate Royalties Trust Act and for other related purposes.

(Certified: 5th October 2005)

Enacted by the Parliament of Nauru as follows:

SHORT TITLE

1. (1) This Act may be cited as the Nauru Phosphate Royalties (Payment and Investment) (Amendment) Act 2005.

(2) The Nauru Phosphate Royalties (Payment and Investment) Act 1968-1997 is herein referred to as the principal Act.

(3) The principle Act, as amended by this Act, may be referred to as the Nauru Phosphate Royalties (Payment and Investment) Act 1968-2005.

COMMENCEMENT

2. This Act has effect from September 30, 2005.

DEFINITIONS

3. The definition for 'Corporation' in Section 2 is amended to read:

"the Corporation" means the Nauru Phosphate Corporation - renamed RONPHOS under the RONPHOS Act 2005.

NAURU HOUSING FUND

4. Section 6(2) of the principal Act is amended by deleting the words ..... "in erecting, repairing or maintaining houses in Nauru and"

5. Following subsection 6(3) of the principal Act insert -

"(4) Any moneys belonging to the Housing Fund and administered by the Nauru Phosphate Royalties Trust must be paid to the credit of the Treasury Fund or any fund established under the Public Finances (Control and Management) Act 1997."

AMENDMENT OF SECTION 11 OF THE PRINCIPAL ACT

6. Section 11 of the principal Act is amended by deleting from each subsections (1), (2), (3), (4), (5) and (8) thereof the words "eleventh and twelfth columns" and by inserting in lieu of those words the words and punctuation "eleventh, twelfth and thirteenth columns".

AMENDMENT OF THE FIRST SCHEDULE TO THE PRINCIPAL ACT

7. The First Schedule to the principal Act is amended:-

(a) by deleting from the heading of column 12 thereof the words, "and thereafter" and by inserting in lieu of those words, "to the day immediately preceding the date of commencement of the Nauru Phosphate Royalties (Payment and Investment) (Amendment) Act 2005"; and

(b) by adding thereto the following new column 13:-

(13)
From the date of the commencement of the Nauru Phosphate Royalties (Payment and Investment) (Amendment) Act 2005 and thereafter
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Long Term Investment Fund	$1.75	
Nauruan Landowners' Royalty Trust Fund	$6.50	
Nauru Housing Fund	$0.70	
Nauru Rehabilitation Fund	$3.25	

AMENDMENT OF THE SECOND SCHEDULE TO THE PRINCIPAL ACT

8. The Second Schedule to the principal Act is amended: -

(a) deleting from the heading of column 12 thereof the words, "and thereafter" and by inserting in lieu of those words, "to the day immediately preceding the date of commencement of the Nauru Phosphate Royalties (Payment and Investment) (Amendment) Act 2005;" and

(b) by adding thereto the following new column 13:-

(l3)
From the date of the commencement of the Nauru Phosphate Royalties (Payment & Investment (Amendment) Act 2005 and thereafter
____________________________________

Nauru Development Fund	$0	
Nauru Royalty Fund	$0	
Nauruan Landowners' Cash Royalty Fund	$4.00	

NAURU PHOSPHATE ROYALTIES TRUST ACT

9. (1) The Nauru Phosphate Royalties Trust Act 1968-1990 is amended by repealing Section 18.

(2) Any moneys held by the Nauru Phosphate Royalties Trust under Section 18 must be paid into the Treasury Fund or to the credit of a fund established under the Public Finances (Control and Management) Act 1997.

I hereby certify that the above is a fair print of a Bill for an Act entitled Nauru Phosphate Royalties (Payment & Investment) (Amendment) Act 2005 has been passed by Parliament of Nauru and is now presented to the Speaker for his certificate under Article 47 of the Constitution

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Clerk of Parliament
5th October 2005

Pursuant to Article 47 of the Constitution, I, VALDON K. DOWIYOGO, Speaker of Parliament, hereby certify that the Nauru Phosphate Royalties (Payment & Investment) (Amendment) Act 2005 has been passed by Parliament of Nauru.

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Speaker
5th October 2005

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