Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003
- Act Code: TA1967-S284-2003
- Type: Subsidiary Legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Legal Basis: Powers under section 83 of the Trustees Act
- Enactment / Made Date: 6 June 2003
- Publication Citation: SL 284/2003
- Current Status: Current version as at 27 Mar 2026
- Key Provisions (from extract): Sections 1–2
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003 is a short piece of Singapore subsidiary legislation that performs a single, specific regulatory function: it designates a particular collective investment product—the ING Singapore Dollar Bond Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337).
In plain terms, the Order answers a practical question that trustees and other regulated fiduciaries often face: can a trustee invest trust assets in this particular unit trust scheme? Under the Trustees Act framework, certain investments are permitted or treated as suitable for trustees only if they fall within categories that the law recognises. This Order is one of the mechanisms by which the Minister for Law formally recognises a scheme as meeting the statutory criteria for that purpose.
Although the text provided is brief, the legal effect can be significant. Once a unit trust scheme is declared “authorised” under the Trustees Act, trustees can typically rely on that authorisation when considering whether the scheme is an eligible investment for trust funds, subject to any additional trustee duties and any other applicable regulatory requirements.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative housekeeping, but it matters for legal referencing, compliance documentation, and for practitioners verifying the correct instrument when advising on eligibility or investment policy statements.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the ING Singapore Dollar Bond 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 scheme within the scope of the Trustees Act’s investment framework.
From a practitioner’s perspective, the key point is that the authorisation is scheme-specific. The Order does not authorise “bond funds” generally; it identifies a particular fund by name. Therefore, trustees and advisers must be careful to match the exact scheme name (and, where relevant, the relevant class/series of units) to the authorisation. If a different fund is offered by the same manager, or if the fund’s name changes, the trustee should confirm whether a separate authorisation exists or whether the authorisation has been updated by subsequent orders.
Finally, the Order includes the making clause and signature block. It records that it was made by the Permanent Secretary, Ministry of Law, on behalf of the Minister for Law, on 6 June 2003. This confirms the instrument’s validity and the official authority under the enabling provision (section 83 of the Trustees Act). For legal work involving due diligence or audit trails, the “made” date and the citation (SL 284/2003) are often used to evidence when the authorisation was granted.
How Is This Legislation Structured?
This Order is structured in a minimal, two-section format typical of designation instruments. It contains:
(1) Section 1: the citation provision.
(2) Section 2: the declaration of the authorised unit trust scheme (the ING Singapore Dollar Bond Fund).
There are no “Parts” or complex schedules in the extract. The operative content is concentrated entirely in the declaration in section 2. As a result, the legal analysis focuses less on interpretive rules across multiple sections and more on confirming the scope and identity of the scheme being authorised.
Who Does This Legislation Apply To?
The Order is made “for the purposes of the Act,” meaning its primary relevance is to persons and entities whose investment powers or duties are governed by the Trustees Act. In practice, this includes trustees (and potentially other fiduciaries acting within the Trustees Act regime) who must determine whether a proposed investment is permissible or treated as suitable under the statutory framework.
While the Order itself is directed at the legal status of the unit trust scheme, its practical effect is felt by trustees, trust administrators, and investment committees. They may use the authorisation as part of their investment decision-making, risk management, and compliance documentation. However, authorisation under the Trustees Act does not automatically remove all trustee obligations—trustees must still act prudently, consider the terms of the trust, and comply with any other relevant legal and regulatory requirements applicable to the scheme and to the trustee’s conduct.
Why Is This Legislation Important?
Even though the Order is brief, it is important because it provides a formal legal basis for trustees to invest in a named unit trust scheme. In trust administration, investment eligibility is not merely a commercial question; it is a legal one. A trustee’s ability to justify an investment can depend on whether the investment falls within categories recognised by statute and subsidiary legislation.
From an enforcement and compliance standpoint, the authorisation helps trustees demonstrate that they acted within the statutory investment framework. In audits, disputes, or regulatory inquiries, trustees often need to show that they relied on appropriate legal permissions when selecting investments. A scheme-specific authorisation order is a concrete document that can be cited and relied upon when preparing investment policies, minutes, and compliance checklists.
Practically, the designation of the ING Singapore Dollar Bond Fund as an authorised unit trust scheme may influence portfolio construction for trust funds that seek exposure to bond-related strategies while remaining within the trustee investment regime. It also provides clarity to advisers and administrators who must translate statutory investment rules into actionable guidance for clients and trustees.
Finally, the “current version as at 27 Mar 2026” status indicates that the Order remains in force in the current consolidated view. For practitioners, this is a reminder to check the legislation timeline and versions when advising—especially where there may be amendments, repeals, or re-authorisations over time. Even when the instrument is old (made in 2003), its continued “current” status means it may still be relied upon today, subject to any later changes not reflected in the extract.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 83 (the enabling provision for making orders declaring authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.