Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 21) Order 2001
- Act Code: TA1967-S322-2001
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 21) Order 2001
- Commencement: Not stated in the extract (order made on 26 June 2001; published as SL 322/2001)
- Current Status: Current version as at 27 Mar 2026 (per the legislation portal)
- Key Provisions (from extract): Sections 1 (Citation) and 2 (Authorised unit trust scheme)
- Declared Scheme: “OCBC Capital Guaranteed Investment August 2003 fund”
- Legislative Instrument Number: SL 322/2001
- Date Made: 26 June 2001
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 21) Order 2001 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it formally declares a particular unit trust fund to be an “authorised unit trust scheme” for the purposes of the Trustees Act. In plain terms, it is a legal “designation” instrument—rather than a comprehensive regulatory code—used to bring a named investment product within a statutory framework.
Unit trusts are collective investment schemes where investors pool money and the trust holds assets on their behalf. The Trustees Act provides a legal structure for trustees and related arrangements, including how certain schemes may be recognised or treated under the Act. Section 83 of the Trustees Act empowers the Minister for Law to make orders declaring particular unit trust schemes as authorised. This Order is one such declaration.
Accordingly, the practical effect of the Order is to identify the “OCBC Capital Guaranteed Investment August 2003 fund” as an authorised unit trust scheme. Once declared, the scheme can benefit from the legal consequences that flow from being authorised under the Trustees Act—typically relating to the ability to operate within the statutory regime and to use the trustee framework contemplated by the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 21) Order 2001.” This is standard drafting, but it matters for legal referencing, compliance documentation, and for practitioners when citing the instrument in submissions or regulatory correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the “OCBC Capital Guaranteed Investment August 2003 fund” is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This single sentence is the core legal action: it converts a named fund into a statutorily recognised category.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific. The Order does not authorise “unit trust schemes generally” or “all funds managed by a particular manager.” Instead, it authorises a particular fund identified by name and (as reflected in the name) by a target maturity or reference period (“August 2003”). This suggests that the authorisation is tied to the product as structured at the time of the Order.
Enacting formula and enabling power confirm the legal basis. The Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act. This matters for validity and for any challenge: the Order is not an administrative decision without statutory authority; it is a formal legislative act grounded in an express empowerment provision. In disputes about whether a scheme is properly authorised, section 83 and the terms of the Order would be central.
Making date and instrument number (made on 26 June 2001; published as SL 322/2001) are also relevant for practitioners dealing with timelines—e.g., determining whether authorisation existed at a particular time for regulatory filings, offering documents, or contractual representations to investors.
How Is This Legislation Structured?
This Order is structured in a very minimal format, consistent with many “declaration” orders under enabling statutes. It contains:
(1) An enacting formula stating the legal basis (section 83 of the Trustees Act) and the authority of the Minister for Law.
(2) Section 1 setting out the citation.
(3) Section 2 declaring the specific unit trust fund as an authorised unit trust scheme.
There are no additional parts, schedules, definitions, or operational requirements in the extract provided. The Order’s function is therefore best understood as a gateway declaration—it triggers the application of the Trustees Act’s consequences to the named fund, rather than setting out detailed compliance obligations itself.
Who Does This Legislation Apply To?
The Order applies to the named unit trust scheme: the “OCBC Capital Guaranteed Investment August 2003 fund.” While the instrument is directed at the scheme (and by extension the parties responsible for it), the legal effect is that the scheme is treated as an “authorised unit trust scheme” under the Trustees Act.
In practical terms, the relevant stakeholders include (i) the trustee(s) or trustee company administering the trust arrangement, (ii) the fund manager or product promoter responsible for the scheme’s operation, and (iii) any parties who rely on the scheme’s authorised status for regulatory and contractual purposes. However, the Order itself does not impose obligations directly on these parties; instead, it establishes the scheme’s status, after which the Trustees Act framework governs the legal consequences.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly significant in legal practice because authorisation status often determines what regulatory permissions and legal protections are available. In investment and trust-related matters, whether a scheme is authorised can affect the validity of arrangements, the applicability of statutory regimes, and the defensibility of representations made to investors.
For example, in due diligence, disputes, or regulatory reviews, practitioners commonly need to confirm whether a particular fund was authorised at the relevant time. A declaration order such as this provides documentary evidence that the Minister for Law has, under the Trustees Act, declared the scheme to be authorised. This can be crucial when assessing compliance with statutory requirements, evaluating the adequacy of disclosures, or determining whether certain legal characterisations apply.
Additionally, because the Order is scheme-specific and time-referenced in the fund name, it may be relevant to questions about whether the authorisation covers a particular version of the product, a particular tranche, or a particular maturity cycle. Where funds are restructured, rolled over, or replaced, practitioners should not assume that authorisation automatically continues; instead, they should verify whether a new declaration order exists or whether the scheme remains within the scope of the authorisation.
Finally, the Order illustrates how Singapore’s legislative approach can use targeted subsidiary instruments to manage authorisation of financial products. Rather than embedding all authorisation details in a single statute, the Trustees Act delegates the authorisation function to the Minister for Law through section 83, and the Minister implements it through individual orders. This structure supports administrative flexibility while maintaining statutory authority.
Related Legislation
- Trustees Act (Chapter 337) — in particular section 83 (power to declare authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 21) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.