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)
- Key Enabling Provision: Section 86 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 86
- Citation: “Trustees (Authorised Unit Trust Scheme) (No.5) Order 1999”
- Date Made: 20 March 1999
- Gazette/SL Reference: SL 119/1999
- Status: Current version as at 27 March 2026
- Commencement Date: Not specified in the provided extract (typically effective on making/notification unless otherwise stated)
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 designates a particular collective investment product—an “authorised unit trust scheme”—for the purposes of the Trustees Act.
In plain language, the Order identifies United International Growth Fund as an authorised unit trust scheme. This designation matters because the Trustees Act uses the concept of an “authorised unit trust scheme” to determine when trustees may invest, how certain trustee-related obligations apply, and what regulatory framework governs such schemes.
Although the Order itself contains only two operative provisions, it is legally significant. The designation is not merely administrative; it is a formal legal status that can affect investment powers, trustee duties, and compliance expectations for parties involved in trust administration and unit trust arrangements.
What Are the Key Provisions?
Section 1 (Citation) provides the formal way the instrument is to be referred to. This is standard in Singapore subsidiary legislation and ensures clarity in legal referencing, drafting, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that United International Growth Fund is “hereby declared as an authorised unit trust scheme for the purposes of the Act.” This is the operative act of authorisation. Once declared, the scheme falls within the category of schemes that the Trustees Act recognises for its statutory purposes.
From a practitioner’s perspective, the key legal effect is that the scheme’s status as “authorised” is grounded in a specific ministerial order under section 86 of the Trustees Act. That means the authorisation is not generic or implied; it is tied to the legal instrument and the named scheme. When advising trustees, custodians, or compliance teams, lawyers typically need to confirm whether the relevant unit trust scheme is covered by an authorisation order (or whether it is authorised under a different instrument).
Enabling authority and ministerial discretion. The Order is made “in exercise of the powers conferred by section 86 of the Trustees Act.” This indicates that the Minister for Law has statutory authority to declare particular unit trust schemes as authorised. While the extract does not reproduce the text of section 86, the structure signals that authorisation is a regulated gateway: the Minister’s declaration is the legal mechanism by which a scheme becomes eligible for the Trustees Act framework.
How Is This Legislation Structured?
The Order is extremely concise and follows a typical subsidiary legislation format:
(1) Enacting formula: It records the legal basis for making the Order—section 86 of the Trustees Act—and identifies the maker (the Minister for Law).
(2) Citation provision: Section 1 sets out the short title.
(3) Substantive designation: Section 2 declares the named fund as an authorised unit trust scheme.
There are no schedules, definitions, or additional conditions in the provided extract. As a result, the legal “work” of the instrument is the declaration itself. Any further operational details—such as trustee investment rules, governance requirements, or compliance consequences—are expected to be found in the Trustees Act and any related regulations or guidance, rather than in this Order.
Who Does This Legislation Apply To?
This Order applies primarily to parties whose rights and obligations depend on whether a unit trust scheme is “authorised” under the Trustees Act. In practice, that typically includes trustees (and those advising them), as well as other stakeholders in trust administration who must ensure that investments are made in accordance with statutory requirements.
While the Order names a specific unit trust scheme, its legal effect is not limited to the fund manager alone. Instead, it is relevant to anyone whose compliance duties under the Trustees Act turn on the authorised status of the scheme—particularly where trustees consider investing trust assets in unit trusts, or where trustees must demonstrate that investments fall within permitted categories.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 5) Order 1999 is brief, it can be crucial in legal practice because it determines whether a particular investment vehicle is recognised for statutory purposes. For trustees, investment decisions are not purely commercial; they are constrained by law and by trustee duties. An “authorised” designation can therefore be a key compliance checkpoint.
From an enforcement and risk-management standpoint, the authorisation status helps reduce uncertainty. If a trustee invests in a unit trust scheme that is not authorised (or is authorised under a different instrument), the trustee may face challenges relating to breach of statutory duty, breach of trust, or failure to comply with investment restrictions. Conversely, where the scheme is properly declared authorised by an order made under the Trustees Act, trustees can more confidently align their investment practices with the statutory framework.
For practitioners, the practical impact is also documentary. Advice often requires citing the relevant authorisation order to support the conclusion that a scheme is authorised. This Order provides the legal basis for that conclusion for United International Growth Fund. In due diligence, onboarding, and ongoing compliance reviews, lawyers may be asked to confirm whether the relevant fund is covered by the “authorised unit trust scheme” regime.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision referenced in the Order)
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.