Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1999
- Act Code: TA1967-S119-1999
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Primary Enabling Power: Section 86 of the Trustees Act
- Enacting Formula: Made by the Minister for Law
- Order Date: 20 March 1999
- Commencement Date: Not specified in the extract (commonly the date of publication/coming into force as per the Gazette practice)
- Citation: “This Order may be cited as the Trustees (Authorised Unit Trust Scheme) (No.5) Order 1999.”
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Declared Scheme: United International Growth Fund
- Status: Current version as at 27 Mar 2026 (per the provided extract)
- Legislative Reference: SL 119/1999 (dated 25 Mar 1999)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1999 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it formally declares a particular collective investment arrangement—namely, United International Growth Fund—to be an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337.
In plain language, this Order matters because the Trustees Act uses the concept of an “authorised unit trust scheme” as a gateway for trustees and other fiduciaries to invest trust assets in such schemes. Without an authorisation declaration, a scheme may not qualify for the legal treatment that the Trustees Act provides to authorised unit trust schemes. The Order therefore operates as an enabling instrument: it identifies which unit trust scheme(s) are recognised for the statutory regime.
Although the extract contains only two provisions, the legal effect can be significant. A declaration under the Trustees Act can influence how trustees discharge their duties, how they structure investment decisions, and how compliance is demonstrated to beneficiaries, auditors, and regulators. For practitioners, the key is to connect the declaration to the downstream obligations and permissions created by the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) is a standard provision. It confirms the formal name by which the Order may be cited: “the Trustees (Authorised Unit Trust Scheme) (No.5) Order 1999.” While not substantive, citation provisions are important for legal referencing, especially when advising on compliance and when cross-referencing subsidiary legislation in submissions, filings, or internal governance documents.
Section 2 (Authorised unit trust scheme) is the substantive core of the Order. It provides that United International Growth Fund is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is made “in exercise of the powers conferred by section 86 of the Trustees Act,” as stated in the enacting formula.
From a practitioner’s perspective, the legal significance of Section 2 is that it ties the named fund to the statutory framework of the Trustees Act. The Trustees Act typically governs, among other matters, the circumstances in which trustees may invest trust funds and the types of investments that are permissible or treated as suitable. When a unit trust scheme is declared “authorised,” it generally becomes part of the investment universe that trustees can rely on when meeting statutory investment standards.
Enacting formula and ministerial power. The Order states that the Minister for Law makes the Order using powers under section 86 of the Trustees Act. This is important for validity and administrative law considerations. It indicates that the declaration is not merely administrative recognition; it is a formal legislative act under a specific statutory authority. In disputes or compliance reviews, practitioners may need to confirm that the declaration was made by the correct authority under the correct enabling provision.
Temporal context. The Order was made on 20 March 1999 and appears in the Gazette as SL 119/1999 dated 25 March 1999. While the extract does not specify the commencement date, the declaration’s relevance will typically be assessed by reference to the period during which the fund was intended to be authorised. Practitioners should therefore check the legislation timeline and any subsequent amendments or revocations (if any) to confirm whether the authorisation remains effective for the relevant investment period.
How Is This Legislation Structured?
This Order is structured in a very streamlined manner, reflecting its narrow scope. It contains:
(1) An enacting formula that identifies the statutory power (section 86 of the Trustees Act) and the maker (the Minister for Law).
(2) Section 1 setting out the citation.
(3) Section 2 making the substantive declaration that a named unit trust scheme is authorised for the purposes of the Trustees Act.
There are no additional parts, schedules, conditions, or procedural provisions in the extract. The structure indicates that the Order’s function is declaratory and identification-based: it tells trustees and other stakeholders which scheme is authorised.
Who Does This Legislation Apply To?
The Order itself is addressed to the legal system at large, but its practical application is felt by trustees and other persons who must comply with the investment rules under the Trustees Act. In practice, this includes trustees administering trusts that hold or may hold units in unit trust schemes. It may also be relevant to professional trustees, trust companies, and fiduciaries who need to demonstrate that their investment choices fall within the statutory categories.
Because the Order declares a scheme “for the purposes of the Act,” its effect is not limited to the fund manager alone. Rather, it affects how trustees can treat the scheme when making investment decisions and when documenting compliance. Lawyers advising trustees will therefore treat the Order as part of the compliance matrix for trust investments.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential in trust administration. Trustees operate under fiduciary duties and statutory constraints. When the law provides that certain investments are permissible or treated as suitable if they are “authorised unit trust schemes,” the declaration becomes a compliance cornerstone. It reduces uncertainty and provides a clear legal basis for including the declared fund within a trustee’s investment portfolio.
For practitioners, the importance also lies in risk management. If a trustee invests in a unit trust scheme that is not authorised (or not authorised at the relevant time), the trustee may face challenges relating to breach of statutory duty, breach of trust, or failure to meet the required standard of care. Conversely, where the scheme is declared authorised under the relevant Order, trustees can better justify their investment decisions and demonstrate that they acted within the legal framework.
Finally, the Order illustrates how Singapore’s regulatory approach often uses subsidiary legislation to update and specify categories of regulated financial products. Rather than embedding a list of authorised schemes in the Trustees Act itself, the system relies on ministerial Orders. This can mean that practitioners must routinely check the current status of authorisations, including whether a scheme remains authorised and whether any later Orders have modified the authorisation landscape.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision for making authorisation Orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.