Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 36) Order 1999
- Act Code: TA1967-S522-1999
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Formula / Power: Made under section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 36) Order 1999
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Made Date: 26 November 1999
- Published / Instrument Reference: SL 522/1999
- Status (as provided): Current version as at 27 March 2026
- Authorised Unit Trust Scheme Declared: CMG First State, Asia Innovation and Technology Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 36) Order 1999 is a short but legally significant instrument. In essence, it “declares” a particular collective investment arrangement—namely, CMG First State, Asia Innovation and Technology Fund—to be an authorised unit trust scheme for the purposes of the Trustees Act.
In plain language, the Order does not create a new regulatory regime from scratch. Instead, it operates within an existing statutory framework under the Trustees Act. The Trustees Act provides that certain trustees (and related persons) may be permitted or required to treat specified unit trust schemes in particular ways—typically to facilitate trustee investment, administration, and compliance with statutory investment requirements.
Accordingly, the practical impact of this Order is that it identifies one specific unit trust scheme as meeting the criteria for “authorised” status under the Trustees Act. Once declared, the scheme can be used in the manner contemplated by the Act, subject to any conditions and broader regulatory requirements that may apply to unit trust schemes generally.
What Are the Key Provisions?
Section 1 (Citation) is a standard provision. It confirms the formal name by which the Order may be cited: Trustees (Authorised Unit Trust Scheme) (No. 36) Order 1999. While not substantive, citation provisions matter for legal certainty, referencing, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the core operative clause. It states that CMG First State, Asia Innovation and Technology Fund is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act.
This declaration is the legal “gateway” effect of the Order. The scheme’s authorised status is not merely descriptive; it is a statutory classification that triggers the consequences contemplated by the Trustees Act. For practitioners, the key question is not what the Order says about the fund’s investment strategy, but rather what the Trustees Act does when a unit trust scheme is “authorised.” In practice, authorised status often affects whether trustees may invest trust assets in the scheme, how trustees can justify investments, and how trustees demonstrate compliance with statutory duties.
The Order also includes the enacting formula, which confirms that the Minister for Law is acting under section 83 of the Trustees Act. This is important for administrative law and statutory interpretation. It signals that the Minister’s power is specifically tailored to authorise particular unit trust schemes, rather than to regulate them directly. In other words, the Order is an exercise of a classification power within the Trustees Act’s broader scheme.
Finally, the Order records the making date (“Made this 26th day of November 1999”) and is signed by the Permanent Secretary, Ministry of Law (GOH KIM LEONG). The instrument reference SL 522/1999 provides the official publication identifier. For legal work involving due diligence, audit trails, and historical versions, these details help confirm the instrument’s provenance.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two provisions:
(1) Citation (Section 1): establishes the formal title for referencing the instrument.
(2) Authorised unit trust scheme (Section 2): performs the substantive declaration by naming the specific fund and granting it authorised status for the Trustees Act.
There are no “Parts” and no detailed schedules in the extract provided. The structure reflects the nature of the instrument: it is not a comprehensive code, but a targeted declaration under an enabling provision.
Who Does This Legislation Apply To?
The Order applies to the extent that it affects the operation of the Trustees Act. While the Order itself is directed at the classification of a unit trust scheme, the practical beneficiaries are typically trustees and those advising them—such as trust companies, corporate trustees, and legal practitioners—who must determine what investments are permissible or appropriate under statutory trustee investment rules.
It also applies to the named unit trust scheme (CMG First State, Asia Innovation and Technology Fund) insofar as its status as “authorised” is relevant to how trustees may treat it under the Trustees Act. However, the Order does not, by itself, regulate the fund’s marketing, prospectus obligations, or ongoing investment management. Those matters are generally governed by other financial services and securities-related legislation and regulatory requirements.
Why Is This Legislation Important?
Although the Order contains only two substantive lines, it can be highly consequential in trustee practice. Trustee investment decisions often require careful legal justification. When trustees are subject to statutory investment constraints, the classification of a unit trust scheme as “authorised” can determine whether the scheme is within the permissible universe of investments.
From a compliance perspective, authorised status provides a clear legal basis that can be documented in investment policies, trustee resolutions, and audit responses. For example, when a trustee considers allocating trust assets to a unit trust, counsel may need to confirm that the scheme is authorised under the relevant statutory framework. This Order is one of the instruments that forms that confirmation.
From an enforcement and risk perspective, the importance lies in avoiding investment breaches. If a trustee invests in a scheme that is not authorised (or relies on an outdated version of the authorisation), the trustee may face legal exposure for non-compliance with statutory duties. The “current version as at 27 March 2026” status noted in the provided extract underscores the need for practitioners to check the latest consolidated or current versions when advising on authorised schemes.
Finally, for fund managers and their counsel, authorisation orders can be commercially important. Authorised status can broaden the investor base by making the scheme more readily usable for trustees who are constrained by statutory requirements. While the Order does not guarantee demand, it can remove a legal barrier for trustee allocations.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision under which this Order is made)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 36) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.