Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2001
- Act Code: TA1967-S261-2001
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Provision: Made under powers conferred by section 83 of the Trustees Act
- Legislative Citation: SL 261/2001
- Date Made: 28 April 2001
- Date of Publication/SL Number: 8 May 2001
- Current Status: Current version as at 27 Mar 2026
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2001 is a short piece of Singapore subsidiary legislation that performs a single, practical function: it designates a specific collective investment product—the ABN AMRO Star Asia Bond Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain terms, the Order creates a legal status for a particular unit trust scheme. That status matters because the Trustees Act contains a framework governing when and how trustees may deal with trust property that is invested in unit trust schemes. By declaring a scheme “authorised”, the Minister for Law effectively confirms that the scheme falls within the category of unit trust schemes that trustees may use in accordance with the Act’s requirements and safeguards.
Although the Order itself is brief, it sits within a broader regulatory architecture. The designation is not a general authorisation of all unit trust schemes; it is scheme-specific. As a result, practitioners must treat each “authorised unit trust scheme” order as a targeted legal instrument that can affect trustee investment powers, compliance obligations, and documentation practices.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting, but it is still important for legal referencing—particularly when advising on compliance, preparing affidavits, or citing the legal basis for a scheme’s authorised status.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the ABN AMRO Star Asia Bond Fund is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the legal “trigger” that links the fund to the statutory regime under the Trustees Act.
From a practitioner’s perspective, the key legal effect is that trustees who are subject to the Trustees Act can treat the ABN AMRO Star Asia Bond Fund as falling within the authorised category. That matters because trustee investment decisions are often constrained by statute and by the terms of the trust. Where the law permits investment in authorised unit trust schemes, the declaration reduces uncertainty: trustees can point to a specific legal instrument confirming the scheme’s authorised status.
Notably, the Order does not set out conditions, ongoing reporting requirements, or operational rules within its text. Instead, it operates as a designation instrument. The compliance obligations and substantive investment rules are therefore found in the Trustees Act itself (and potentially in related regulatory regimes governing unit trust schemes). The Order’s role is to identify which scheme(s) qualify as “authorised” under the Act.
Finally, the enacting formula indicates that the Minister for Law made the Order “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for legal validity and interpretive context: it confirms the statutory authority for the designation and helps practitioners understand that the designation is an administrative act grounded in the Trustees Act’s empowering provision.
How Is This Legislation Structured?
The Order is structured in a conventional, minimal format for scheme-specific designations. It contains:
(1) An enacting formula stating the legal basis (section 83 of the Trustees Act) and the Minister’s authority to make the Order.
(2) Section 1 on citation.
(3) Section 2 on the declaration of the authorised unit trust scheme.
There are no Parts, schedules, or detailed provisions in the extract provided. The legislative design reflects the narrow scope of the instrument: it is not a comprehensive regulatory code, but rather a targeted legal declaration.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and other persons whose powers or duties are governed by the Trustees Act. In practice, this includes trustees who are considering whether they may invest trust property in unit trust schemes, and trustees who must ensure that their investments comply with statutory requirements.
It also has indirect relevance for fund operators and distributors of the ABN AMRO Star Asia Bond Fund, because the fund’s authorised status can affect its eligibility for trustee investment and can influence how the fund is marketed to institutional investors. However, the Order itself is not drafted as a regulatory compliance document for the fund; it is drafted as a designation for the purposes of the Trustees Act.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2001 is brief, it can be highly consequential in trustee practice. Trustee investment decisions are often scrutinised, and trustees must be able to demonstrate that investments were made within the scope of their statutory powers. A scheme-specific authorisation order provides a clear legal basis for treating the ABN AMRO Star Asia Bond Fund as an eligible investment under the Trustees Act.
From an enforcement and risk perspective, the importance lies in compliance certainty. Without an authorised designation, trustees may face uncertainty about whether a particular unit trust scheme is permitted under the Trustees Act. That uncertainty can lead to conservative investment decisions, delays, or the need for legal opinions. With an authorised designation, trustees can document their investment rationale more confidently.
Practically, the Order also supports better governance and record-keeping. When trustees review their portfolios, they can cross-reference the authorised scheme list (as reflected through individual “authorised unit trust scheme” orders) to confirm eligibility. This can be particularly relevant for internal audit, compliance reviews, and for responding to beneficiary queries or regulatory inquiries.
Finally, the “current version as at 27 Mar 2026” status indicates that the Order remains in force in its current form as of that date. For practitioners, this underscores the need to check the legislation timeline and version status when advising—especially because authorised designations can change over time (for example, through amendments, revocations, or replacement orders). While this Order is currently shown as “current”, lawyers should still verify whether the fund’s authorised status remains applicable to the relevant period and whether any subsequent instruments affect it.
Related Legislation
- Trustees Act (Cap. 337), in particular section 83 (the enabling provision for making authorised unit trust scheme orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.