Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2001
- Act Code: TA1967-S260-2001
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Legal Basis: Powers conferred by section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2001
- Key Provisions: Section 1 (Citation); Section 2 (Authorised unit trust scheme)
- Legislation Number: SL 260/2001
- Date Made: 28 April 2001
- Date of Publication/Commencement (as reflected in the extract): 8 May 2001
- Status: Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2001 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment vehicle—an “authorised unit trust scheme”—for the purposes of the Trustees Act.
In plain terms, the Order tells trustees (and other persons who rely on the Trustees Act framework) that the ABN AMRO Star Asian Tigers Equity Fund is recognised as an “authorised unit trust scheme”. This matters because the Trustees Act is designed to regulate what trustees may invest in and how certain trust-related investments are treated under the law. By declaring a scheme authorised, the Minister for Law effectively places that scheme within the statutory investment permissions and compliance expectations that flow from the Act.
Although the Order itself contains only two operative provisions, its practical impact can be significant. For practitioners advising trustees, trust companies, and fiduciaries, the key question is not merely whether the fund exists, but whether it has been formally declared authorised under the relevant statutory mechanism. This Order answers that question for one specific fund, by name and by designation number (“No. 12”).
What Are the Key Provisions?
Section 1 (Citation) provides the formal way the Order is to be referred to in legal documents and correspondence. This is standard drafting: it ensures that the instrument can be correctly cited as Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2001.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the ABN AMRO Star Asian Tigers Equity Fund is “hereby declared as an authorised unit trust scheme for the purpose of the Act.” The phrase “for the purpose of the Act” is crucial. It signals that the authorisation is not a general endorsement of the fund’s commercial merits; rather, it is a legal designation that triggers the consequences contemplated by the Trustees Act—most notably, the way trustees may treat the scheme as an eligible investment under the statutory framework.
The Order is made under section 83 of the Trustees Act. While the extract does not reproduce section 83, the structure of the instrument indicates that section 83 empowers the Minister for Law to make orders declaring particular unit trust schemes as authorised. In practice, this means the authorisation is not automatic. It is a targeted administrative/legal act, typically reflecting regulatory review, compliance checks, and policy decisions about which schemes should be treated as authorised for trustees’ investment purposes.
Making date and formalities. The Order records that it was made on 28 April 2001 by the Permanent Secretary, Ministry of Law (Liew Heng San), exercising the Minister’s powers. The instrument also carries the legislative identifier SL 260/2001. For legal practitioners, these details matter when verifying the correct version, confirming whether an order is in force, and ensuring that the designation is correctly attributed to the relevant instrument.
How Is This Legislation Structured?
This Order is extremely concise and is structured as a two-section instrument.
Section 1 is the citation provision. Section 2 is the operative designation clause. There are no schedules, no definitions section in the extract, and no additional conditions or procedural requirements within the Order itself.
From a practitioner’s perspective, the simplicity of the structure means that the legal work often shifts to the Trustees Act itself. The Order functions as a “declaration” instrument: it identifies the authorised scheme, while the Trustees Act supplies the legal consequences (e.g., how trustees may invest, what approvals or limits apply, and how compliance is assessed). Accordingly, reading the Order in isolation is rarely sufficient; it should be read alongside the relevant provisions of the Trustees Act.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose duties and investment powers are governed by the Trustees Act. The most direct beneficiaries are trustees and trustees-in-charge of trust property who need to determine whether a particular unit trust scheme qualifies as an authorised investment under the statutory regime.
It may also be relevant to trust administrators, custodians, fund managers (in the sense that authorisation can affect whether their scheme is suitable for trustee investment), and lawyers advising on trust formation, investment policy statements, and ongoing compliance. However, the Order itself does not impose obligations directly on the fund manager; instead, it creates a legal status that trustees can rely on when making investment decisions under the Act.
Why Is This Legislation Important?
Even though the Order is brief, it is important because it addresses a practical compliance question: is the scheme legally authorised for trustees under the Trustees Act? In trust administration, investment eligibility can be a recurring issue. Trustees must act prudently and within the scope of permitted investments. Where the Trustees Act provides a statutory pathway for certain schemes to be treated as authorised, an order like this one becomes a key reference point in investment decisions and legal advice.
For practitioners, the designation by name—ABN AMRO Star Asian Tigers Equity Fund—means that due diligence should include confirming that the fund being considered is indeed the same scheme as the one declared. Fund names can change over time due to rebranding, mergers, or restructuring. While this Order is “current version as at 27 Mar 2026,” the legal designation is tied to the named scheme as declared in 2001. Lawyers should therefore consider whether the fund has undergone changes that might affect the identity of the scheme for legal purposes, and whether any subsequent orders or amendments exist to reflect such changes.
From an enforcement and risk perspective, the value of authorisation is that it reduces uncertainty. If a trustee invests in a scheme that is not authorised (where authorisation is required or relevant under the Trustees Act), the trustee may face questions about the lawfulness of the investment, potential breach of trust claims, or regulatory scrutiny depending on the broader facts. Conversely, where the scheme is authorised by an order made under the Act, trustees can more confidently align their investment choices with statutory permissions.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 83 (power to make orders declaring authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.