Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2000
- Act Code: TA1967-S570-2000
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Power: Section 83 of the Trustees Act
- Commencement: Made on 8 December 2000 (order dated 8th day of December 2000; citation indicates SL 570/2000)
- Current Status: Current version as at 27 March 2026
- Primary Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Key Scheme Named: “Citimoney Singapore Dollar Fund”
- Legislation Identifier (Timeline): SL 570/2000; dated 14 Dec 2000
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2000 is a short piece of subsidiary legislation that performs a specific regulatory function: it formally declares a particular collective investment scheme—named in the Order—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain language, the Order answers a practical question that trustees, trust administrators, and their advisers often face: whether a particular unit trust is eligible to be treated as an authorised scheme when trustees are making investments or managing trust assets under the Trustees Act framework. Rather than creating a new regulatory regime from scratch, the Order operates as a targeted authorisation instrument within an existing statutory system.
Because the Order is made under section 83 of the Trustees Act, its legal effect is tied to that Act’s investment and trustee-related provisions. The declaration is therefore not merely descriptive; it is intended to trigger the consequences that the Trustees Act attaches to “authorised unit trust schemes”. Those consequences typically relate to the permissibility and/or regulatory standing of certain investments held by trustees in the course of administering trusts.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited. This is standard legislative drafting. For practitioners, the citation is important for accurate referencing in legal documents, compliance checklists, and correspondence with regulators or counterparties.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that “Citimoney Singapore Dollar Fund” is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the core legal act performed by the Order.
From a practitioner’s perspective, the key point is that the authorisation is scheme-specific. The Order does not authorise “unit trust schemes” generally; it identifies a particular fund by name. Accordingly, trustees and their advisers should not assume that other funds managed by the same manager, or other Singapore dollar funds, are similarly authorised. The legal status depends on whether the relevant scheme has been declared under the appropriate order(s) made pursuant to the Trustees Act.
Although the extract provided contains only two sections, the legal significance of section 2 is substantial. Once a scheme is declared authorised, it becomes capable of being used in trustee investment decisions in reliance on the Trustees Act’s authorisation framework. In practice, this can affect whether trustees can treat the scheme as an eligible investment, how they document compliance with investment powers, and how they respond to beneficiary or audit scrutiny regarding investment selection.
How Is This Legislation Structured?
The Order is structured in a very concise format typical of authorisation orders. It contains:
(1) An enacting formula stating the legal basis for making the Order—powers conferred by section 83 of the Trustees Act—and confirming that the Minister for Law makes the Order.
(2) Section 1 setting out the citation.
(3) Section 2 making the declaration of the authorised unit trust scheme.
There are no schedules, definitions, or detailed procedural provisions in the extract. The instrument’s function is therefore narrow: it identifies the scheme and declares its authorised status. Any broader operational requirements (for example, how trustees must exercise investment powers, or what conditions apply to trustee investments) would be found in the Trustees Act itself, not in this Order.
Who Does This Legislation Apply To?
This Order applies primarily to trustees and those acting for trusts who must comply with the investment and administration rules under the Trustees Act (Cap. 337). The declaration is relevant to trustees because the Trustees Act attaches legal consequences to investments in authorised unit trust schemes.
In addition, the Order is relevant to trust administrators, investment advisers, compliance officers, and legal counsel who advise trustees on whether a particular unit trust can be held or recommended within the scope of trustee powers. While the Order does not impose direct obligations on unit trust managers in the extract, the authorised status can influence market practice and the willingness of trustees to invest in the named fund.
Why Is This Legislation Important?
Although the Order is brief, it can be highly consequential in trustee practice. Trustee investment decisions often require careful legal justification. When trustees invest in collective investment schemes, they must ensure that the investment is within their powers and compliant with statutory constraints. An “authorised unit trust scheme” declaration provides a clear legal anchor for that justification.
For practitioners, the practical value lies in compliance and risk management. If a trustee holds units in the “Citimoney Singapore Dollar Fund” and the fund is declared authorised under the Trustees Act framework, the trustee can more readily demonstrate that the investment falls within the category of investments recognised by law. This can reduce legal uncertainty, support audit readiness, and help defend against claims that the trustee acted outside permitted investment powers.
Enforcement and consequences typically arise through the Trustees Act’s mechanisms rather than through this Order itself. If trustees fail to comply with statutory investment requirements, they may face regulatory scrutiny, internal governance issues, or potential liability in the event of loss. Accordingly, the authorisation status conferred by section 2 is part of the compliance landscape that lawyers must consider when reviewing trust investment policies, trustee resolutions, and ongoing monitoring procedures.
Finally, the scheme-specific nature of the Order underscores an important diligence point: lawyers should verify the exact fund name and confirm whether the relevant scheme is covered by the relevant authorisation order(s). Relying on assumptions—such as assuming that a “Singapore Dollar Fund” is automatically authorised—can create avoidable legal risk.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision under which the Minister for Law makes authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2000 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.