Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2000
- Act Code: TA1967-S540-2000
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Provision: Made under section 83 of the Trustees Act
- Legislation Number: SL 540/2000
- Date Made: 23 November 2000
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2000
- Status: Current version as at 27 March 2026
- 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. 23) Order 2000 is a short piece of subsidiary legislation made under the Trustees Act. Its practical function is to formally “declare” a particular collective investment arrangement—an authorised unit trust scheme—for the purposes of the Trustees Act.
In plain terms, the Order identifies one specific unit trust scheme, namely “Aberdeen Global MNC Fund”, and confirms that it is an “authorised unit trust scheme” under the statutory framework. Once a scheme is declared authorised, it can benefit from the legal status and regulatory treatment that the Trustees Act attaches to authorised schemes.
Although the extract contains only two operative provisions, the legal effect can be significant. Authorisation typically matters for how trustees administer the scheme, how the scheme is held and managed, and how the scheme is recognised within the broader statutory regime governing unit trusts and trustee-related activities.
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 practitioners, regulators, and market participants can refer to the instrument consistently in filings, correspondence, and legal documents.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that “Aberdeen Global MNC Fund” is hereby declared as an authorised unit trust scheme for the purpose of the Act. This declaration is not merely descriptive; it is the legal mechanism by which the scheme is brought within the ambit of the Trustees Act’s authorisation framework.
From a practitioner’s perspective, the key question is what “for the purpose of the Act” means in context. The Trustees Act contains provisions that apply differently depending on whether a unit trust scheme is authorised. While the extract does not reproduce those provisions, the structure of the Trustees Act (and the fact that the Minister acts under section 83) indicates that authorisation is a gatekeeping step: it determines whether the scheme is recognised as meeting the statutory criteria and whether it is subject to the corresponding legal regime.
Enacting formula and enabling power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This matters for legal validity and interpretive context. It confirms that the Minister for Law has statutory authority to declare authorised unit trust schemes by Order. In disputes or compliance reviews, parties often need to confirm that the authorisation instrument was made under the correct enabling provision and that the declared scheme is precisely identified.
How Is This Legislation Structured?
The Order is structured in a very concise form, consisting of an enacting formula and two sections:
(1) Citation — Section 1.
(2) Authorisation declaration — Section 2.
There are no schedules, definitions, or detailed conditions in the extract. That is typical for authorisation Orders: the substantive regulatory requirements are usually contained in the parent Act and other subsidiary instruments, while the Order itself performs the specific act of declaration for a named scheme.
In practice, lawyers should read this Order together with the Trustees Act and any related subsidiary legislation governing unit trust schemes, trustee duties, and authorisation procedures. The Order’s brevity means that the legal “work” is largely done by the enabling Act; the Order supplies the “authorised” status for the named fund.
Who Does This Legislation Apply To?
This legislation applies to the extent that it declares a particular scheme—Aberdeen Global MNC Fund—to be an authorised unit trust scheme under the Trustees Act. The immediate beneficiaries of the declaration are the parties responsible for the scheme’s operation, typically including the trustee (or trustees) and the scheme’s management arrangements, as well as investors who rely on the scheme’s statutory status.
More broadly, the Order affects how the scheme is treated by regulators and counterparties. For example, where statutory permissions, compliance obligations, or legal consequences attach to “authorised unit trust schemes”, those consequences will attach to Aberdeen Global MNC Fund once the declaration is in force.
Because the Order is scheme-specific, it does not create a general rule for all unit trust schemes. Instead, it operates as a targeted authorisation instrument. Lawyers should therefore verify whether the scheme in question is named in the relevant authorisation Orders and whether any subsequent amendments or replacement Orders exist.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2000 is short, it is important because authorisation is often the legal foundation for a scheme’s ability to operate within a regulated framework. In many legal systems, authorisation determines whether a scheme is recognised as compliant with statutory requirements and whether it can be marketed or administered under the relevant trustee regime.
For practitioners, the Order is a key document when advising on regulatory status, compliance obligations, and legal standing. For example, when reviewing trustee conduct, documentation, or investor disclosures, counsel may need to confirm that the scheme is indeed an “authorised unit trust scheme” and that the authorisation is supported by a valid Order made under the correct statutory power.
Additionally, the Order’s status as “current version as at 27 March 2026” signals that it remains part of the operative legal landscape. In diligence exercises—such as fund acquisitions, trustee appointments, or litigation involving scheme administration—lawyers often compile a “regulatory history” of authorisation instruments. This Order would typically be included as evidence of the scheme’s authorised status.
Finally, because the Order is made under section 83 of the Trustees Act, it also illustrates the administrative mechanism by which the Minister for Law confers authorisation. Understanding that mechanism can be crucial in legal strategy: if a party challenges the scheme’s status, the enabling power and the content of the declaration become central to the analysis.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (enabling power for authorisation by Order)
- Timeline / Legislation Register entries for SL 540/2000 (to confirm current version and any amendments)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2000 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.