Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 1999
- Act Code: TA1967-S124-1999
- Legislation Type: Subsidiary Legislation (SL)
- Status: Current version as at 27 Mar 2026
- Enacting Formula / Authority: Made by the Minister for Law in exercise of powers under section 86 of the Trustees Act (Cap. 337)
- Key Provisions (from extract):
- Section 1 (Citation): Provides the short title of the Order.
- Section 2 (Authorised unit trust scheme): Declares “United Asia Fund” as an authorised unit trust scheme for the purposes of the Trustees Act.
- Commencement Date: Not specified in the provided extract (the Order is dated and made on 20 March 1999; practitioners should confirm commencement in the official publication if needed).
- Made Date: 20 March 1999
- Legislative Reference: SL 124/1999
- Authorising Act: Trustees Act (Chapter 337)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 10) Order 1999 is a short subsidiary legislative instrument that performs a single, targeted regulatory function: it designates a particular collective investment product—“United Asia Fund”—as an authorised unit trust scheme for the purposes of the Trustees Act.
In practical terms, the Order is part of a broader statutory framework under the Trustees Act that governs when and how trustees may deal with unit trust schemes. The designation of a scheme as “authorised” typically matters because it affects the legal permissibility and compliance posture of trustees (and related persons) when holding, administering, or otherwise engaging with unit trust investments.
Although the Order itself is brief, it is legally significant. A scheme’s “authorised” status can influence whether trustees can treat the scheme as falling within the category contemplated by the Trustees Act, thereby reducing uncertainty and supporting compliance with trustee duties and statutory requirements.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title: the Order may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 1999. While this is standard drafting, it is important for legal referencing, especially when cross-referencing in compliance manuals, regulatory filings, or legal opinions.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “United Asia Fund” is hereby declared as an authorised unit trust scheme for the purposes of the Act. This declaration is the legal mechanism by which the scheme is brought within the scope of the Trustees Act’s authorisation regime.
From a practitioner’s perspective, the key question is not merely whether the Order exists, but what consequences flow from the scheme being “authorised” under the Trustees Act. The Order does not itself set out those consequences; instead, it triggers the application of the Trustees Act provisions that rely on the concept of an “authorised unit trust scheme.” Accordingly, lawyers advising trustees, fund administrators, or investment managers must read the Order together with the relevant provisions of the Trustees Act—particularly the section that empowers the Minister to make such designations (here, section 86) and the provisions that define the legal effect of authorisation.
Enacting authority and ministerial power: The enacting formula indicates that the Minister for Law makes the Order under section 86 of the Trustees Act. This matters for validity and administrative law considerations. If a practitioner is assessing whether the designation was properly made, or whether a challenge could be brought (for example, on procedural or jurisdictional grounds), the statutory source of power is central. The Order’s validity is anchored in the specific enabling provision.
Formal making and identification: The Order is dated 20 March 1999 and is identified as SL 124/1999. For compliance and audit purposes, practitioners should ensure that the correct version is used (the extract indicates “current version as at 27 Mar 2026”). Even where the substantive content appears unchanged, version control is important because amendments, consolidations, or repeals can affect whether the authorisation remains effective.
How Is This Legislation Structured?
This Order is structured in a conventional, minimal format typical of designation instruments. It contains:
- Enacting formula (identifying the Minister for Law and the statutory power under the Trustees Act);
- Section 1 (citation); and
- Section 2 (the substantive declaration that United Asia Fund is an authorised unit trust scheme).
There are no additional parts, schedules, definitions, or conditions in the provided extract. That brevity is itself meaningful: the legal effect is achieved through the declaration, and any further operational requirements are expected to be found in the Trustees Act and any related regulatory instruments governing unit trust schemes and trustee investment powers.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose rights, duties, or investment powers are affected by the Trustees Act’s framework for authorised unit trust schemes. While the Order names the scheme (“United Asia Fund”), the practical beneficiaries and affected parties are typically:
- Trustees who may need to determine whether a unit trust scheme qualifies as “authorised” for statutory purposes;
- Trustees’ investment committees and compliance officers who must ensure that investment selections align with statutory categories;
- Fund operators and managers who may rely on authorisation status to support distribution or trustee investment eligibility; and
- Advisers (including lawyers) preparing legal opinions on trustee investment authority.
In terms of scope, the Order is scheme-specific: it designates United Asia Fund. It does not purport to authorise other funds. Therefore, trustees must not assume that authorisation extends to other unit trust schemes; each scheme’s status must be checked against the relevant authorising orders (including other “(No. X)” orders, if applicable).
Why Is This Legislation Important?
Even though the Order is only two sections long, it can be highly consequential in trustee investment practice. The designation of a unit trust scheme as “authorised” can determine whether trustees can lawfully treat the scheme as falling within the category contemplated by the Trustees Act. This can affect investment decisions, portfolio construction, and the legality of holding units within trust property.
From a risk management standpoint, the Order reduces uncertainty. Trustees operate under strict duties and must comply with statutory constraints. If a scheme is not authorised (or if its authorisation has lapsed or been superseded), trustees may face compliance breaches, potential liability for unauthorised investments, or the need to unwind positions. Conversely, where authorisation exists, trustees can more confidently align their investment policies with statutory requirements.
For legal practitioners, the Order is also important because it is a clean example of how subsidiary legislation is used to implement a regulatory gatekeeping function. The Minister’s power under section 86 of the Trustees Act enables targeted designations without requiring Parliament to pass a new Act for each scheme. This structure supports administrative efficiency while still grounding authorisation in a statutory authority.
Finally, the “current version as at 27 Mar 2026” status signals that practitioners should verify whether the authorisation remains in force. In practice, authorisation may be affected by later amendments, repeals, or changes to the scheme’s structure or name. Lawyers should therefore confirm the scheme identity and current authorisation status when advising on ongoing trustee investments.
Related Legislation
- Trustees Act (Chapter 337) — in particular:
- Section 86 (the enabling provision under which the Minister makes authorisation orders); and
- the provisions that specify the legal effect of an “authorised unit trust scheme” for trustee purposes.
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” — relevant for comparing authorisation coverage across different unit trust schemes (e.g., “No. 1”, “No. 2”, etc., depending on the scheme list maintained under the Trustees Act framework).
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.