Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 38) Order 1999
- Act Code: TA1967-S539-1999
- 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 Date: Not stated in the extract (the Order is dated and published as SL 539/1999)
- Key Provisions (from extract):
- Section 1: Citation
- Section 2: Declaration of an authorised unit trust scheme
- Declared Authorised Unit Trust Scheme: Savers SGD Money Market Fund
- Publication / Version Information: Current version as at 27 Mar 2026; original date shown: 07 Dec 1999 (SL 539/1999)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 38) Order 1999 is a short piece of Singapore subsidiary legislation that performs a single, targeted regulatory function: it declares a specific collective investment product—Savers SGD Money Market Fund—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain language, the Order acts as a legal “permissioning” instrument. It does not itself create a full regulatory framework for unit trusts; rather, it plugs a named scheme into the statutory regime under the Trustees Act. Once declared, the scheme can benefit from (and must comply with) the legal consequences that the Trustees Act attaches to authorised unit trust schemes.
Because the Order is made under section 83 of the Trustees Act, its scope is narrow and administrative in character. It is designed to be used repeatedly—“(No. 38)” indicates that it is one of many similar orders—each time the Minister designates a particular unit trust scheme as authorised.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited. This is a standard legislative provision, but it matters for practitioners because it ensures correct referencing in filings, compliance documentation, and legal submissions.
Section 2 (Authorised unit trust scheme) is the operative clause. It states that Savers SGD Money Market Fund is “hereby declared as an authorised unit trust scheme for the purpose of the Act.” This declaration is the legal trigger that brings the scheme within the ambit of the Trustees Act’s authorisation framework.
Although the extract does not reproduce the Trustees Act provisions, the practical effect is that the scheme’s status as “authorised” is established by this Order rather than by the scheme’s own internal constitution or marketing materials. For lawyers advising trustees, custodians, or fiduciaries, the authorisation status is typically central to questions such as whether a trustee may properly hold units in the scheme, whether certain investment powers are satisfied, and what statutory protections or constraints apply.
Enacting formula and making date confirm the legal basis and the responsible authority. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. It is “made this 6th day of December 1999” and is associated with the publication number “SL 539/1999.” For practitioners, these details are important for verifying validity, identifying the correct instrument, and confirming that the declaration was issued by the competent authority under the correct statutory power.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two provisions:
(1) Citation — a housekeeping clause enabling proper referencing.
(2) Authorised unit trust scheme — the substantive declaration. It names the specific fund and declares it authorised for the purposes of the Trustees Act.
There are no schedules, definitions, conditions, or procedural requirements within the extract provided. That is consistent with the nature of many “authorised scheme” orders: the detailed regulatory requirements (for example, ongoing supervision, disclosure obligations, or investment restrictions) are usually found in the authorising Act and related subsidiary legislation, while the Order itself performs the designation step.
Who Does This Legislation Apply To?
The Order applies primarily to the unit trust scheme named—Savers SGD Money Market Fund—and to persons whose legal duties or investment powers are affected by the Trustees Act. While the Order is directed at the scheme’s status, its consequences are felt by trustees and fiduciaries who rely on the Trustees Act framework when deciding what investments they may make or hold.
In practice, the Order is relevant to:
- Trustees and fiduciaries assessing whether units in the scheme qualify as an authorised investment under the Trustees Act regime;
- Fund managers and administrators who need to confirm and maintain the scheme’s authorised status for compliance and governance purposes;
- Legal counsel and compliance teams verifying the legal basis for investment decisions and ensuring that documentation accurately reflects the scheme’s authorised designation.
Because the extract does not specify exclusions or conditions, the scope appears to be straightforward: once declared, the scheme is authorised for the purposes of the Act. However, practitioners should still cross-check the Trustees Act and any related subsidiary legislation to understand the full set of legal consequences attached to “authorised unit trust scheme” status.
Why Is This Legislation Important?
Although the Order is short, it can be highly significant in legal practice. Authorisation status under the Trustees Act often determines whether certain investments are permissible for trustees acting under statutory duties. A trustee’s investment decisions can carry legal risk if they fall outside the scope of permitted investments or if they rely on incorrect assumptions about authorisation.
For lawyers advising trustees, the Order provides a clear, authoritative reference point: Savers SGD Money Market Fund is expressly declared authorised by a Ministerial Order made under section 83 of the Trustees Act. This reduces ambiguity and supports defensible compliance when trustees document their investment rationale, meet internal governance requirements, or respond to audit and regulatory inquiries.
For fund operators, the Order is also important because it can affect the scheme’s marketability to trustees and other institutional investors who require investments that satisfy statutory criteria. Authorised status can therefore have both legal and commercial consequences.
Finally, the versioning note (“current version as at 27 Mar 2026”) underscores a practical point for practitioners: even when an Order is historically dated, it may be updated or consolidated in official databases. Lawyers should always verify they are consulting the correct current version and confirm whether any amendments, revocations, or related instruments exist in the legislation timeline.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorising unit trust schemes)
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” made under section 83 (e.g., other numbered orders declaring different funds)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 38) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.