To convey certain submerged lands to the Commonwealth of the Northern Mariana Islands in order to give that territory the same benefits in its submerged lands as Guam, the Virgin Islands, and American Samoa have in their submerged lands.

Subject to valid existing rights, all right, title, and interest of the United States in lands permanently or periodically covered by tidal waters up to but not above the line of mean high tide and seaward to a line 3 geographical miles distant from the coastline of the territory of the Commonwealth of the Northern Mariana Islands (as modified before, on, or after the date of enactment of this subsection by accretion, erosion, or reliction, or in artificially made, filled in, or reclaimed lands that were formerly permanently or periodically covered by tidal waters) are conveyed to the Government of the Commonwealth of the Northern Mariana Islands to be administered in trust for the benefit of the people of the Commonwealth of the Northern Mariana Islands.

The conveyance shall be subject to subsections (b), (c), and (d) except that each reference to the date of enactment of this Act in those clauses shall (for the purposes of this subsection) be considered to be a reference to the date of enactment of this subsection.