Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 15) Order 1999
- Act Code: TA1967-S315-1999
- Legislative Type: Subsidiary Legislation (Order)
- Status: Current version (as at 27 Mar 2026)
- Publication / Citation: SL 315/1999
- Date Made: 12 July 1999
- Date of Citation / Timeline Entry: 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)
- Related Legislation: Trustees Act (Cap. 337)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 15) Order 1999 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment arrangement—namely, United Global Capital Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337.
In plain language, the Order does not itself regulate the day-to-day operation of the fund. Instead, it answers a legal threshold question: whether this named unit trust scheme qualifies as “authorised” under the Trustees Act framework. That designation matters because the Trustees Act uses the concept of an “authorised unit trust scheme” to determine what trustees may invest in and what legal protections or permissions apply to such investments.
Accordingly, the Order is best understood as a designation instrument—a formal legal act that brings a specific scheme within the scope of the Trustees Act’s trustee investment regime. For practitioners, the practical impact is that trustees (and those advising them) can treat the named scheme as eligible under the relevant statutory provisions, subject to any additional requirements that the Trustees Act imposes.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard drafting: it ensures that legal references to the instrument are consistent and unambiguous. While not substantive, citation provisions are important for legal research, pleadings, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that United Global Capital Fund is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the legal mechanism that “authorises” the scheme within the meaning used by the Act.
From a practitioner’s perspective, the key interpretive point is that the Order’s effect is tied to the purpose of the Trustees Act. That phrase indicates that the authorisation is not generic; it is authorisation for the statutory regime under the Trustees Act. Therefore, the legal consequences of authorisation—such as eligibility for trustee investments, treatment under trust law administration, and any statutory permissions—flow from the Trustees Act’s provisions that refer to “authorised unit trust schemes.”
Although the extract contains only Sections 1 and 2, the Order’s structure reflects a common pattern for authorisation orders: it is typically minimal, because the substantive framework is contained in the enabling Act (here, the Trustees Act). The Minister for Law makes the Order “in exercise of the powers conferred by section 86 of the Trustees Act,” meaning that the authorisation decision is delegated to the Minister under the Act. The Order therefore functions as the formal instrument that implements the Minister’s designation power.
How Is This Legislation Structured?
This Order is extremely concise and consists of an enacting formula followed by two substantive provisions:
(1) Section 1 sets out the citation; and (2) Section 2 declares the named unit trust scheme as authorised for the purposes of the Trustees Act.
There are no Parts, schedules, or detailed conditions in the extract. That brevity is typical for authorisation orders: the enabling Act supplies the broader regulatory architecture, while the Order supplies the specific designation. In practice, lawyers should therefore read the Order together with the relevant provisions of the Trustees Act—particularly those that define what an “authorised unit trust scheme” is and what consequences attach to that status.
Who Does This Legislation Apply To?
The Order applies to the extent that it affects the operation of the Trustees Act (Cap. 337). While the Order is directed at the legal status of United Global Capital Fund, the practical beneficiaries are typically trustees (and those advising them) who must comply with statutory rules when making investments on behalf of beneficiaries.
In other words, the Order does not directly regulate investors or the fund manager in the way a full regulatory statute would. Instead, it changes the legal landscape for trustees by making the named scheme eligible under the Trustees Act’s investment permissions or requirements. Lawyers advising trustees should therefore treat the authorisation as a relevant compliance fact: it may support the trustee’s ability to invest in the scheme (or to continue holding it), subject to any other statutory and fiduciary constraints that apply under the Trustees Act and general trust law.
Why Is This Legislation Important?
Although the Order is short, it can be highly consequential in trust administration. Trustee investment decisions are often scrutinised for compliance with statutory investment powers and duties. Where the Trustees Act uses the category of an “authorised unit trust scheme,” the designation of a particular fund can determine whether the trustee’s investment is within permitted bounds.
From an enforcement and risk-management standpoint, the authorisation status provides a defensible basis for trustees to rely on statutory eligibility. That can reduce uncertainty and help demonstrate that the trustee acted within the scope of the statutory framework. Conversely, if a scheme is not authorised, trustees may face difficulties in justifying investments under the Trustees Act, potentially exposing them to claims for breach of trust or regulatory non-compliance depending on the circumstances.
For practitioners, the key practical step is to ensure that the scheme’s authorisation status is current and properly documented. The Order is shown as “current version as at 27 Mar 2026,” and the timeline indicates the original making date. Lawyers should still verify whether there have been subsequent amendments, revocations, or replacement authorisation orders affecting the scheme’s status. Even where an Order remains “current,” the broader regulatory environment may evolve through later instruments or changes to the Trustees Act.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 86 (the enabling provision referenced in the enacting formula)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 15) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.