Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 1998
- Act Code: TA1967-S337-1998
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Formula / Power: Made in exercise of powers under section 86 of the Trustees Act
- Commencement: Not stated in the extract (order dated 6 June 1998; gazetted as SL 337/1998)
- Key Provisions (from extract):
- Section 1: Citation
- Section 2: Declaration of an authorised unit trust scheme
- Current Status: Current version as at 27 Mar 2026 (per provided metadata)
- Gazette / Publication Reference: SL 337/1998
- Date Made: 6 June 1998
- Declared Scheme: Aberdeen Singapore Growth Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 4) Order 1998 is a short piece of subsidiary legislation that performs a specific regulatory function: it formally declares a particular unit trust scheme to be an “authorised unit trust scheme” for the purposes of the Trustees Act. In practical terms, the Order identifies Aberdeen Singapore Growth Fund as meeting the statutory threshold for authorisation under the Trustees Act framework.
Although the Order itself contains only two operative provisions, it sits within a broader legal architecture governing how trustees may deal with unit trust schemes. The authorisation mechanism is important because it affects the legal acceptability of the scheme for trustees’ investment and administration purposes under the Trustees Act. In other words, the Order is not a standalone investment product rule; rather, it is a gatekeeping instrument that enables the scheme to be treated as authorised within the statutory regime.
For practitioners, the key point is that authorisation is not merely a label. Once a scheme is declared authorised, it can trigger downstream consequences in trustee law—such as whether trustees may hold, administer, or invest in the scheme in reliance on the authorisation status. This Order therefore has significance even though it is brief: it is the legal “switch” that places a named fund into the category of authorised schemes under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: the Trustees (Authorised Unit Trust Scheme) (No. 4) Order 1998. While this is standard drafting, it matters for legal referencing, including in compliance documentation, regulatory filings, and legal opinions.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that Aberdeen Singapore Growth Fund is declared an authorised unit trust scheme for the purposes of the Trustees Act. This is the core legal effect of the Order: it confers authorisation status on the named scheme.
From a legal perspective, the wording “is hereby declared an authorised unit trust scheme for the purposes of the Act” indicates that the authorisation is statutory and purpose-specific. The phrase “for the purposes of the Act” suggests that the authorisation is relevant to the Trustees Act’s provisions that depend on whether a unit trust scheme is authorised. The Order does not, in itself, set out investment terms, trustee duties, or disclosure obligations; those matters are typically addressed in the Trustees Act and other regulatory regimes. Instead, this Order supplies the necessary authorisation status that those provisions require.
Finally, the enacting formula confirms that the Minister for Law made the Order using powers under section 86 of the Trustees Act. This is important for practitioners assessing validity and scope. It indicates that the authorisation is an exercise of delegated legislative power, and it also frames the legal basis for why the Minister can declare specific schemes as authorised. If a dispute arises—e.g., whether a trustee could rely on the scheme’s authorised status—section 86 is the statutory anchor for the Order’s authority.
How Is This Legislation Structured?
The Order is structured in a conventional format for subsidiary legislation: a short title and an operative declaration. In the extract provided, the instrument contains:
(1) Section 1: Citation.
(2) Section 2: Declaration of the authorised unit trust scheme.
There are no schedules, definitions, or detailed conditions in the extract. The structure reflects the nature of the instrument: it is a targeted authorisation order rather than a comprehensive regulatory code. Practitioners should therefore read it alongside the Trustees Act provisions that refer to “authorised unit trust schemes,” as well as any related regulatory frameworks governing unit trust products and trustee investments.
Who Does This Legislation Apply To?
Although the Order is directed at the legal status of a unit trust scheme, its practical impact is felt by parties who operate within the Trustees Act regime. The immediate beneficiary of the authorisation is the Aberdeen Singapore Growth Fund (and, by extension, its management and distribution arrangements), because the scheme becomes eligible to be treated as authorised under the Trustees Act.
Indirectly, the Order applies to trustees and other persons whose powers or duties under the Trustees Act depend on whether a unit trust scheme is authorised. For example, where the Trustees Act permits or regulates trustee investments in authorised unit trust schemes, trustees can rely on the scheme’s declared status. The Order therefore matters to trustees, trust administrators, compliance officers, and legal advisers preparing investment policies or advising on trustee investment authority.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 4) Order 1998 is brief, it is legally significant because it determines whether a named fund falls within a category that the Trustees Act uses. In trustee practice, authorisation status can be the difference between a permitted investment and an investment that may be challenged as outside authority or inconsistent with statutory requirements.
From an enforcement and compliance standpoint, the Order provides a clear, official reference point. A practitioner advising a trustee can cite the Order to support the proposition that Aberdeen Singapore Growth Fund is an authorised unit trust scheme for the purposes of the Trustees Act. This can be crucial when drafting or reviewing trustee investment mandates, resolutions, or internal compliance checklists.
Additionally, because the Order is a subsidiary instrument made under delegated legislative power, it offers a formal and auditable basis for authorisation. The Minister’s power under section 86 of the Trustees Act provides the legal legitimacy for the declaration. In practice, this reduces uncertainty and supports defensible decision-making by trustees who need to demonstrate that they acted in accordance with the statutory framework.
Finally, the “No. 4” numbering indicates that this is one of multiple authorisation orders. That context matters for practitioners who may need to confirm whether a particular scheme is authorised, and if so, under which order and at what time. While the extract provides the date made and the gazette reference, practitioners should also consult the legislation timeline and current version status to confirm ongoing authorisation and any subsequent amendments or replacements.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 86 (power to make orders declaring authorised unit trust schemes) and the provisions that depend on “authorised unit trust scheme” status.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 4) Order 1998 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.