Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 55) Order 2001
- Act Code: TA1967-S663-2001
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Commencement: Not stated in the extract (Order made on 20 December 2001; published as SL 663/2001)
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Authorised scheme named: Continuous Growth Fund
- Order number / publication: SL 663/2001
- Status: Current version as at 27 Mar 2026 (per platform status)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 55) Order 2001 is a short but legally significant instrument. In plain terms, it “authorises” a particular unit trust scheme—namely, the Continuous Growth Fund—for the purposes of the Trustees Act. Once a scheme is declared an authorised unit trust scheme, it becomes eligible to be treated as such under the statutory framework governing trustees and their investment powers.
Although the Order itself contains only two operative provisions, it performs an important regulatory function. In Singapore, trustees are subject to rules about what investments they may make on behalf of beneficiaries. The Trustees Act provides the legal basis for authorising certain unit trust schemes, typically to ensure that trustees can invest in collective investment vehicles that meet the legislative criteria and regulatory expectations.
Accordingly, this Order is best understood as a targeted authorisation mechanism: it does not create a general regime from scratch. Instead, it applies an existing statutory power (under section 83 of the Trustees Act) to a specific fund, thereby enabling trustees to rely on that authorisation when considering investments.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative housekeeping. For practitioners, the citation matters for accurate legal referencing in submissions, compliance documentation, and due diligence checklists.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the Continuous Growth Fund is “hereby declared as an authorised unit trust scheme for the purposes of the Act.” This declaration is the legal trigger that brings the fund within the scope of the authorisation framework under the Trustees Act.
From a practical perspective, the effect of section 2 is that trustees (and persons acting in a trustee capacity) may be able to treat investments in the Continuous Growth Fund as permitted or appropriately authorised under the Trustees Act—subject always to the trustee’s own duties, the terms of the trust, and any additional conditions that may exist in the parent Act or related subsidiary legislation. The Order itself does not elaborate on conditions, eligibility criteria, or ongoing compliance requirements; those matters are generally governed by the Trustees Act and the broader regulatory landscape for unit trust schemes.
Enacting formula and statutory power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for legal analysis. It indicates that the Minister for Law’s authority to declare authorised unit trust schemes is statutory, and that the declaration is not merely administrative. For counsel, this supports the legal validity of the authorisation and helps frame interpretive questions (for example, whether the declaration is intended to be scheme-specific and whether it is capable of being amended or revoked under the Act).
Making date and signature: The Order was made on 20 December 2001 by the Permanent Secretary, Ministry of Law. While not a “provision” in the operative sense, the making date and signatory can be relevant when assessing the timeline of authorisation, especially in disputes about whether a trustee’s investment decision occurred after the scheme became authorised.
How Is This Legislation Structured?
This Order is structured in a very concise format typical of authorisation instruments. It contains:
(1) Enacting formula — identifies the statutory power under section 83 of the Trustees Act and confirms that the Minister for Law is making the Order.
(2) Citation provision (Section 1) — sets out the short title.
(3) Authorisation provision (Section 2) — declares the named unit trust scheme (Continuous Growth Fund) to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, definitions, or detailed compliance provisions in the extract. In practice, the “structure” of the legal effect is therefore simple: the Order identifies a specific scheme and confers authorised status under the Trustees Act.
Who Does This Legislation Apply To?
The Order applies to trustees and other persons who must consider their investment powers under the Trustees Act. While the Order is directed at the legal status of a unit trust scheme, its consequences are felt by trustees who decide whether a particular fund is an authorised unit trust scheme for statutory purposes.
In addition, the authorisation may be relevant to fund managers and distributors in the sense that an authorised status can affect marketability to trustees and institutional investors. However, the Order itself does not impose direct obligations on the fund manager; it primarily changes the legal classification of the scheme under the Trustees Act.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 55) Order 2001 is brief, it can be highly consequential in trustee investment practice. Trustees must comply with statutory investment constraints. If a scheme is declared an authorised unit trust scheme, it can provide a clear legal basis for trustees to consider investing in that scheme, reducing uncertainty and supporting compliance with statutory requirements.
For practitioners, the importance lies in risk management. Trustee investment decisions are often scrutinised after the fact—particularly where beneficiaries challenge the prudence or legality of investments. An authorisation order can be a key piece of evidence demonstrating that the trustee relied on a scheme that the law recognises as authorised for the purposes of the Trustees Act.
Moreover, the Order’s scheme-specific nature means that due diligence must be precise. A trustee cannot assume that all unit trust schemes are authorised; authorisation is conferred by specific instruments. Therefore, counsel advising trustees should verify whether the particular fund is covered by an authorisation order and confirm the relevant version and effective date, especially where investment decisions span time periods.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 55) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.