Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 16) Order 1999
- Act Code: TA1967-S329-1999
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Legal Basis: Made under section 86 of the Trustees Act
- Enacting Formula: Minister for Law makes the Order in exercise of powers under section 86
- Order Date / Made: 15 July 1999
- SL Citation: SL 329/1999
- Status: Current version (as at 27 Mar 2026)
- Commencement Date: Not specified in the extract (typically the date of publication/coming into operation is reflected in the full instrument)
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 16) Order 1999 is a short piece of Singapore subsidiary legislation that performs a single regulatory function: it formally declares a particular investment arrangement—“Savers Value Fund”—to be an authorised unit trust scheme for the purposes of the Trustees Act.
In practical terms, the Order is part of a wider statutory framework governing unit trust schemes and the role of trustees in relation to those schemes. The Trustees Act provides the legal architecture for recognising and regulating certain trust arrangements, including unit trust schemes, and it confers powers on the Minister for Law to designate schemes that meet the statutory criteria for authorisation.
Although the instrument is brief, its legal effect can be significant. Authorisation status typically determines whether a scheme can be offered or administered under the Act’s regime and whether trustees and related parties can rely on the statutory permissions and protections that flow from being an “authorised unit trust scheme”. For practitioners, the key is to understand that this Order is not a standalone regulatory code; it is a designation mechanism that plugs a specific scheme into the Trustees Act framework.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting: it ensures that the instrument can be referenced consistently in legal documents, regulatory correspondence, and court or tribunal proceedings.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “Savers Value Fund” is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the legal trigger that brings the scheme within the scope of the Act’s authorisation regime.
From a practitioner’s perspective, the phrase “for the purpose of the Act” matters. It indicates that the authorisation is not merely descriptive; it is intended to activate the consequences that the Trustees Act attaches to authorised unit trust schemes. Those consequences may include (depending on the Act’s provisions and any related subsidiary legislation) eligibility for certain trustee-related arrangements, compliance pathways, and the applicability of statutory duties and regulatory oversight.
Finally, the enacting formula confirms the constitutional and statutory authority for the designation. The Minister for Law acts “in exercise of the powers conferred by section 86 of the Trustees Act”. This is important for legal validity and for any challenge: it identifies the specific enabling provision that authorises the Minister to make such orders. If a practitioner is assessing whether the authorisation was properly made, or whether the Minister had jurisdiction, section 86 is the starting point.
How Is This Legislation Structured?
This Order is structured in a conventional, minimal format typical of designation instruments. It contains:
(1) An enacting formula that states the legal basis for the Minister’s action under section 86 of the Trustees Act.
(2) A short set of operative provisions—in this extract, only two sections: section 1 (Citation) and section 2 (Authorised unit trust scheme).
(3) A “Made” date and signature block identifying the Permanent Secretary, Ministry of Law, and providing the date on which the Order was made (15 July 1999).
There are no “Parts” or detailed schedules in the extract because the instrument’s function is limited to declaring a specific scheme. In practice, the broader regulatory obligations and governance requirements for unit trust schemes would be found in the Trustees Act itself and any other relevant subsidiary legislation or regulatory notices. This Order should therefore be read together with the Trustees Act provisions that govern authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies to the Savers Value Fund as an investment scheme. Its legal effect is directed at the scheme’s status under the Trustees Act. While the instrument does not name trustees, managers, or investors in the extract, the designation typically matters for the parties who administer, manage, or hold property for the scheme—particularly the trustee(s) whose role is central to trust law and unit trust structures.
In addition, the Order is relevant to regulators and legal advisers because it determines whether the scheme can be treated as an “authorised unit trust scheme” when applying the Trustees Act. For investors, the authorisation status may affect how the scheme is regulated and what statutory protections or compliance expectations attach to it, though the precise investor-facing consequences would be determined by the Trustees Act’s substantive provisions.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 16) Order 1999 is brief, it is legally important because authorisation is a gateway concept. Being declared an authorised unit trust scheme can determine whether a scheme is permitted to operate within the statutory framework and whether trustees and scheme operators can rely on the legal consequences that the Trustees Act attaches to authorisation.
For practitioners, the Order is also important for due diligence and compliance. When advising trustees, fund managers, or counterparties (such as custodians, distributors, or service providers), counsel often needs to confirm the scheme’s regulatory status. An authorisation order is a primary source document for that confirmation. It can also be relevant in contractual representations and warranties—for example, whether the scheme is authorised under the relevant statute and whether the trustee is acting within the scope of its statutory authority.
Finally, the Order is important for regulatory continuity. The instrument is shown as “current version as at 27 Mar 2026”, indicating that the authorisation designation remains in force unless amended, revoked, or superseded by later legislation. Practitioners should therefore treat the Order as part of the scheme’s ongoing legal status, not merely a historical record.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision for making authorisation orders)
- Other Trustees (Authorised Unit Trust Scheme) Orders — similar designation instruments that may authorise other unit trust schemes under the same statutory framework
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 16) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.