Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1998
- Act Code: TA1967-S440-1998
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 86 of the Trustees Act
- SL Citation: SL 440/1998
- Enactment / Made Date: 18 August 1998
- Commencement Date: Not stated in the extract (commencement typically follows the making/citation unless otherwise provided)
- Status: Current version as at 27 March 2026
- Core Operative Provisions: Sections 1 (Citation) and 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1998 is a short piece of Singapore subsidiary legislation made under the Trustees Act. Its practical function is to “declare” a specific investment vehicle—Five Arrows Global Bond Trust—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain terms, the Order is not a comprehensive regulatory code for unit trusts. Instead, it performs a targeted legal classification. By declaring the trust scheme to be “authorised,” it enables the scheme to fall within a statutory framework that is designed to regulate the use of unit trust structures and to ensure that trustees and related parties can rely on the legal status conferred by the Trustees Act.
Because the Order is made under section 86 of the Trustees Act, it sits within a broader legislative scheme: the Trustees Act provides the general powers and conditions for authorisation, while the Orders (including this one) identify particular schemes that have been approved/declared as authorised.
What Are the Key Provisions?
Section 1 (Citation). This is a standard provision that identifies the legal name of the instrument. It states that the Order may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1998. While not substantive, citation provisions matter for practitioners when referencing the instrument in filings, correspondence, and legal opinions.
Section 2 (Authorised unit trust scheme). This is the operative clause. It provides that “Five Arrows Global Bond Trust is hereby declared an authorised unit trust scheme for the purposes of the Act.” The legal effect of this declaration is that the scheme is treated as an authorised unit trust scheme under the Trustees Act regime.
Although the extract does not reproduce the text of section 86 of the Trustees Act, the structure indicates that section 86 empowers the Minister for Law to make Orders declaring particular unit trust schemes to be authorised. In practice, such declarations typically connect to statutory consequences—such as permitting certain trustee arrangements, enabling compliance pathways, or triggering eligibility for regulatory treatment under the Act.
Enacting formula and ministerial power. The enacting formula states that the Minister for Law makes the Order “in exercise of the powers conferred by section 86 of the Trustees Act.” This is legally significant: it confirms the source of authority and helps practitioners assess validity. Where an Order is challenged, the enabling power and the procedural basis for the authorisation are often central issues.
Made date and formalities. The Order records that it was made on 18 August 1998 by GOH KIM LEONG, Permanent Secretary, Ministry of Law. The formal execution and the signature block are relevant for authenticity and for verifying that the instrument was properly made by the authorised office-holder.
How Is This Legislation Structured?
This Order is extremely concise and consists of only two substantive provisions:
(1) Section 1: the short title/citation; and (2) Section 2: the declaration of the authorised unit trust scheme.
There are no schedules, no detailed conditions, and no procedural steps within the Order itself (at least in the extract). The “work” of authorisation—such as eligibility criteria, documentation requirements, and ongoing obligations—will generally be found in the Trustees Act and any related subsidiary legislation or regulatory guidance. This Order functions as a legal “label” applied to a named scheme.
From a practitioner’s perspective, the structure means that the Order should be read together with the Trustees Act—particularly the provisions that define what an “authorised unit trust scheme” is and what legal consequences follow from that status.
Who Does This Legislation Apply To?
The Order applies to the specific unit trust scheme named in section 2: Five Arrows Global Bond Trust. It does not, on its face, apply to a broad class of persons; rather, it confers a status on a particular scheme for the purposes of the Trustees Act.
However, the practical impact extends beyond the scheme itself. Trustees, managers, custodians, and other parties who operate or administer the trust structure may rely on the scheme’s authorised status when performing functions that the Trustees Act regulates. In other words, while the Order names the scheme, the legal consequences typically affect the ecosystem of persons who must comply with the Act’s requirements when dealing with authorised unit trust schemes.
Why Is This Legislation Important?
Even though the Order is brief, it can be legally important because authorisation status can determine whether a scheme is permitted to operate under certain statutory conditions. In trust and fund structures, the difference between an authorised and non-authorised scheme can affect eligibility, compliance obligations, and the legal framework governing trustee conduct and investor-facing arrangements.
For practitioners, the key value of this Order lies in its role as a documentary anchor. When advising on governance, trustee powers, regulatory compliance, or the legal basis for certain arrangements, lawyers often need to confirm whether a scheme has been declared authorised under the relevant statute. This Order provides that confirmation for Five Arrows Global Bond Trust.
Additionally, the Order’s “current version” status (as at 27 March 2026) indicates that the declaration remains in force in the consolidated legal database. Practitioners should still verify whether there have been amendments, revocations, or replacement orders, but the stated status suggests that the authorisation has not been superseded as of the indicated date.
Finally, because the Order is made under a specific enabling provision (section 86 of the Trustees Act), it is relevant to legal risk management. If a scheme’s authorised status is questioned, the existence and validity of the ministerial declaration becomes a critical piece of evidence. The citation, the SL number, and the made date all support traceability and due diligence.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 86 (the enabling provision referenced in the enacting formula)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1998 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.