Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2002
- Act Code: TA1967-S413-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Power: Section 83 of the Trustees Act
- Commencement: Not specified in the extract (order made on 21 August 2002; published as SL 413/2002 on 22 August 2002)
- Status: Current version as at 27 March 2026
- Key Provisions: s 1 (Citation); s 2 (Declaration of an authorised unit trust scheme)
- Declared Scheme: SGD Yield Enhanced Money Market Fund
- SL Number: SL 413/2002
- Date Made: 21 August 2002
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2002 is a short piece of subsidiary legislation that performs a single, targeted function: it declares a specific collective investment product—the “SGD Yield Enhanced Money Market Fund”—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order is about eligibility and regulatory recognition. Under the Trustees Act framework, certain unit trust schemes may be treated as suitable for trustees to hold or administer, subject to the statutory conditions and the trustee’s own duties. By issuing an order under section 83, the Minister for Law formally recognises the named fund as meeting the statutory threshold for “authorised” status.
Although the extract contains only two provisions, the legal effect can be significant for trustees, fund managers, and professional advisers. Authorised status typically affects whether trustees can invest trust assets in the scheme without falling foul of restrictions that apply to non-authorised schemes.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the Order. This is standard legislative drafting and is primarily relevant for legal referencing, pleadings, and compliance documentation. For practitioners, the citation ensures that the correct instrument is identified when advising on authorised status or when reviewing investment policies against the statutory list of authorised schemes.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that the “SGD Yield Enhanced Money Market Fund” is declared to be an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is not merely descriptive; it is the legal mechanism that brings the fund within the statutory category that trustees may rely upon when considering investments.
Because the Order is made under section 83 of the Trustees Act, the declaration is part of a broader statutory scheme. While the extract does not reproduce section 83, the practitioner should understand that section 83 confers power on the Minister for Law to designate particular unit trust schemes as authorised. The Minister’s designation is therefore an administrative act with legal consequences: it determines whether the named fund is treated as authorised under the Trustees Act.
Form and timing also matter. The Order was made on 21 August 2002 and published as SL 413/2002 on 22 August 2002. The extract indicates that the “current version” is in force as at 27 March 2026. For legal work involving historical investments, trust account reviews, or disputes about whether a trustee acted within permitted bounds at a particular time, the date of authorisation and the continuing status of the Order are relevant facts.
How Is This Legislation Structured?
This Order is extremely concise and is structured as follows:
(1) Enacting formula: It states that the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act.
(2) Section 1 (Citation): Provides the short title.
(3) Section 2 (Authorised unit trust scheme): Declares the SGD Yield Enhanced Money Market Fund to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, no conditions stated in the extract, and no additional procedural requirements within the Order itself. The legal “work” is done by the declaration in section 2, supported by the enabling power in the Trustees Act.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and to trust administration decisions that are governed by the Trustees Act. In advising trustees, solicitors and trust professionals typically assess whether a proposed investment is permissible under the statutory regime. The authorised status of a unit trust scheme is therefore relevant to trustees’ investment powers and compliance with statutory duties.
It also has implications for fund managers and distributors of the named scheme, because authorised status can affect marketability to trustees and institutional investors who must comply with statutory investment constraints. However, the Order itself is not addressed to the fund manager; rather, it is a designation that changes the legal classification of the fund under the Trustees Act.
Why Is This Legislation Important?
Even though the Order is brief, it can be crucial in trust law practice. Trustees often face constraints on what they may invest in, particularly where the trust instrument, trust deed, or statutory regime restricts investments to authorised or otherwise approved products. By declaring the SGD Yield Enhanced Money Market Fund as authorised, the Minister for Law provides a clear legal basis for trustees to consider the fund within the permitted universe of investments.
From a compliance perspective, authorised status reduces uncertainty. Instead of trustees relying on general investment discretion alone, they can point to a specific statutory instrument that recognises the scheme. This can be important in audits, internal governance, and in responding to questions from beneficiaries or regulators about whether the trustee acted prudently and within the scope of permitted investments.
In dispute scenarios—such as claims of misinvestment, allegations of breach of trust, or challenges to investment decisions—authorised status can be a key fact. Practitioners should therefore treat the Order as part of the evidentiary record: it helps establish that, at the relevant time, the scheme had been designated as authorised under the Trustees Act.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorising unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.