Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 14) Order 1999
- Act Code: TA1967-S314-1999
- Type: Subsidiary Legislation (SL)
- Status: Current version (as at 27 Mar 2026)
- Legislative Instrument Number: SL 314/1999
- Date Made: 12 July 1999
- Date of Citation/Publication (Timeline): 13 July 1999
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 86 of the Trustees Act
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 14) Order 1999 is a short piece of Singapore subsidiary legislation that performs a single, targeted regulatory function: it designates a specific collective investment product—namely, United International Bond Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, this Order is part of the legal framework that allows certain unit trust schemes to be treated as authorised schemes under the Trustees Act. That designation matters because the Trustees Act regulates what trustees may do with trust assets, including whether they may invest in particular kinds of schemes and under what conditions. When a scheme is declared “authorised,” it becomes eligible to be used in the trustee investment context contemplated by the Act.
Although the Order itself is brief, its legal effect is meaningful. It is not merely a naming exercise; it is a formal statutory declaration that triggers the consequences of authorisation under the Trustees Act. For practitioners, the key question is not the length of the instrument, but the legal status it confers on the named fund and how that status interacts with trustee duties, investment powers, and compliance obligations.
What Are the Key Provisions?
Section 1 (Citation) provides the short title: the Order may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 14) Order 1999. While this is standard drafting, it is relevant for legal referencing, especially when confirming the specific authorisation instrument applicable to a fund.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that United International Bond Fund is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This is the core legal act: the Minister for Law, exercising powers under section 86 of the Trustees Act, designates the fund as authorised.
From a practitioner’s perspective, the authorisation is “for the purpose of the Act.” That phrase is important. It indicates that the authorisation is not necessarily a general approval for all regulatory contexts, but rather a designation that activates the Trustees Act’s investment and trustee-related consequences. In other words, the Order is best understood as a gateway instrument: it enables trustees (and those advising trustees) to rely on the scheme’s authorised status when considering permitted investments under the Trustees Act.
Enacting formula and making authority confirm that the Minister for Law makes the Order in exercise of powers conferred by section 86 of the Trustees Act. This matters for validity and statutory interpretation. It signals that the authorisation is grounded in an express delegation of legislative power. Practitioners should therefore treat the designation as a lawful exercise of statutory authority, rather than an administrative or voluntary classification.
The Order also includes the making date (“Made this 12th day of July 1999”) and the signature block for the Permanent Secretary, Ministry of Law. While these are formalities, they can be relevant when verifying the instrument’s authenticity, effective date (if relevant), and the correct version for compliance purposes.
How Is This Legislation Structured?
This Order is structured in a conventional, minimal format typical of authorisation orders. It contains:
(1) A citation provision (Section 1), and (2) a single operative designation provision (Section 2).
There are no schedules, definitions, conditions, or additional procedural requirements in the extract provided. The instrument’s structure reflects its narrow purpose: to declare one named unit trust scheme as authorised under the Trustees Act.
The broader legal framework—what “authorised unit trust scheme” means, what trustees may do with such schemes, and what compliance duties apply—will be found in the Trustees Act itself, rather than in this Order. Accordingly, practitioners should read this Order together with the relevant provisions of the Trustees Act to understand the full legal consequences.
Who Does This Legislation Apply To?
The Order applies to the extent that it affects the legal position of trustees and those advising them. The designation of United International Bond Fund as an authorised unit trust scheme is relevant primarily to trustees who are considering investments under the Trustees Act and who must ensure that their investment choices fall within the categories permitted or recognised by the Act.
It also indirectly affects trustees’ professional advisers (including lawyers, compliance officers, and investment administrators) who need to confirm whether a particular fund is authorised for the purposes of trustee investment rules. Additionally, the fund itself and its operators may be indirectly impacted, because authorisation can influence trustee demand and the fund’s suitability for trust portfolios.
However, the Order’s direct legal command is not framed as a set of duties imposed on trustees within the text of the Order. Instead, it functions as a statutory declaration that changes the legal classification of the named fund. The duties and consequences flow from the Trustees Act.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 14) Order 1999 is short, it is important because it determines whether a specific investment product can be treated as “authorised” under the Trustees Act. In trustee practice, classification is everything: trustees must act within their powers and in accordance with statutory investment frameworks. If a scheme is authorised, it may be easier (and legally safer) for trustees to include it in trust investments, subject to the Trustees Act’s requirements and any other applicable rules.
For practitioners, the Order is a key reference point when preparing advice on trust investments. For example, when reviewing a trustee’s investment policy statement, considering diversification, or assessing whether a proposed investment is permissible, counsel will often need to confirm whether the scheme is authorised. This Order provides the formal statutory basis for that confirmation for United International Bond Fund.
The Order is also important for compliance and audit readiness. In disputes or regulatory reviews, trustees may need to demonstrate that they relied on correct legal classifications at the relevant time. The existence of a specific authorisation order with a specific instrument number (SL 314/1999) supports evidential clarity. It allows practitioners to cite the exact statutory instrument rather than relying on informal sources.
Finally, the “current version” status (as at 27 Mar 2026) indicates that the authorisation remains in force in the consolidated legal database. Practitioners should still verify whether any later amendments, revocations, or re-authorisations exist for the fund, but the stated status suggests that the designation has not been superseded in the way that would remove it from the current legal record.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 86 (the enabling provision for making authorisation orders) and the provisions governing trustee investments and the legal effect of “authorised unit trust schemes”.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 14) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.