Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004
- Act Code: TA1967-S265-2004
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Power Used: Section 83 of the Trustees Act
- SL Citation: SL 265/2004
- Date Made: 7 May 2004
- Commencement: Not stated in the extract (practitioners should confirm in the official publication)
- Status: Current version as at 27 Mar 2026
- Core Substantive Provision: Declaration of “The Accumulator” as an authorised unit trust scheme
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004 is a short piece of Singapore subsidiary legislation made under the Trustees Act. Its practical function is to “authorise” a specific unit trust scheme—namely, “The Accumulator”—for the purposes of the Trustees Act. In other words, it is not a general framework statute; it is a targeted declaration that brings one named scheme within the regulatory and legal consequences of the Trustees Act.
In plain language, the Order answers a narrow but important question: does a particular unit trust scheme qualify as an “authorised unit trust scheme” under the Trustees Act? The answer is provided by the Minister through a formal legal declaration. Once authorised, the scheme can be treated as falling within the statutory regime that applies to authorised unit trust schemes, which typically affects how trustees may administer interests in the scheme and how the scheme is recognised for legal purposes.
Because the extract contains only two operative provisions—(1) the citation and (2) the declaration—the Order should be read alongside the Trustees Act itself. The Trustees Act supplies the broader legal architecture (including the meaning of “authorised unit trust scheme” and the consequences of authorisation). The Order is the instrument that designates the scheme.
What Are the Key Provisions?
Section 1 (Citation). The Order may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004. While this is standard drafting, citation matters for practitioners because it enables precise referencing in legal documents, compliance checklists, and regulatory correspondence.
Section 2 (Authorised unit trust scheme). This is the substantive provision. It declares that “The Accumulator” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. The legal effect is that the named scheme is brought within the category of schemes recognised under the Trustees Act.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific. The Order does not authorise a class of schemes or provide criteria for future schemes. Instead, it designates a particular scheme by name. This means that if a client is considering trusteeship, administration, or investment arrangements involving unit trust interests, counsel must verify whether the relevant scheme is specifically declared in an applicable “Authorised Unit Trust Scheme” Order.
Enacting formula and ministerial power. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that section 83 is the statutory gateway for ministerial designation. Practitioners should therefore treat section 83 as the legal basis governing how and why the Minister can declare schemes authorised. Any challenge to the authorisation, or any compliance analysis, will likely turn on the scope and conditions of section 83 in the Trustees Act.
Made date and formalities. The Order states it was made on the 7th day of May 2004 and is signed by the Permanent Secretary, Ministry of Law (Liew Heng San). While these details may seem administrative, they can be relevant when confirming authenticity, version control, and the legal provenance of the instrument.
How Is This Legislation Structured?
The Order is extremely concise. It consists of an enacting formula and two numbered provisions:
(1) Citation — sets the short title for referencing.
(2) Authorised unit trust scheme — performs the substantive act of declaration, naming “The Accumulator” as authorised for the purposes of the Trustees Act.
There are no parts, schedules, definitions, or detailed regulatory requirements within the extract. The structure reflects the nature of the instrument: it is an authorisation order rather than a comprehensive regulatory code. Accordingly, practitioners should read it together with the Trustees Act and any related subsidiary legislation or ministerial orders that may govern other authorised schemes.
Who Does This Legislation Apply To?
The Order itself is directed at the legal status of a particular unit trust scheme. However, in practice, the beneficiaries of the authorisation are the parties who rely on the Trustees Act framework when dealing with that scheme. This typically includes trustees and persons acting in trustee capacities, as well as parties structuring or administering investments that involve unit trust interests.
Because the Order declares “The Accumulator” as authorised for the purposes of the Trustees Act, the scheme’s authorisation is relevant wherever the Trustees Act uses the concept of an “authorised unit trust scheme.” That may include trustee investment powers, eligibility of schemes for certain trustee-related arrangements, and compliance expectations linked to authorised status. Practitioners should therefore assess the client’s role—trustee, fund manager, distributor, or investor—and then map how the Trustees Act treats authorised unit trust schemes in that context.
Why Is This Legislation Important?
Even though the Order is short, it can be legally significant. Authorisation under the Trustees Act can affect how trustees may lawfully hold, administer, or invest in unit trust interests. In many legal and compliance settings, the difference between an authorised and non-authorised scheme can determine whether a trustee’s actions are within statutory scope, whether certain disclosures or approvals are required, and how risk is assessed.
For practitioners advising on trustee appointments, trust administration, or investment mandates, the Order provides a concrete legal hook: “The Accumulator” is recognised as an authorised unit trust scheme. This can be essential when reviewing trust deeds, investment guidelines, or trustee resolutions that permit investments only in authorised schemes. If a trust deed or internal policy restricts investments to authorised unit trust schemes, counsel must confirm the scheme’s status by reference to the relevant authorisation order.
From an enforcement and governance standpoint, the authorisation also supports regulatory clarity. Where trustees rely on statutory categories, the existence of a formal ministerial declaration reduces ambiguity. It allows trustees and their advisers to document their compliance position with reference to a specific legal instrument (SL 265/2004). In disputes—such as allegations of unauthorised investment—such documentation can be pivotal.
Finally, the Order’s “current version as at 27 Mar 2026” status signals that the authorisation remains in force in the consolidated legislative record. Practitioners should still verify whether there have been amendments, revocations, or superseding orders affecting “The Accumulator,” but the availability of a current consolidated version is a useful starting point for due diligence.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” — for authorisations of other named unit trust schemes (practitioners should consult the legislation timeline and search by scheme name)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.