Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003
- Act Code: TA1967-S284-2003
- Type: Subsidiary Legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Enabling Provision: Section 83 of the Trustees Act
- Commencement: Made on 6 June 2003 (Order dated 6th day of June 2003)
- Legislative Citation: SL 284/2003
- Status: Current version as at 27 Mar 2026
- Primary Subject Matter: Declaration of an “authorised unit trust scheme”
- Designated Scheme: ING Singapore Dollar Bond Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003 is a short but legally significant instrument. In plain terms, it is an administrative/legal “designation” order: it identifies a particular unit trust scheme—namely, the ING Singapore Dollar Bond Fund—and declares it to be an authorised unit trust scheme for the purposes of the Trustees Act.
Authorisation matters because the Trustees Act regulates how unit trust schemes are administered and how trustees can act in relation to such schemes. By declaring a scheme to be “authorised”, the Minister for Law effectively brings that scheme within the statutory framework that applies to authorised unit trust schemes. This can affect eligibility, regulatory oversight, and the legal status of the scheme when trustees perform their duties.
Although the Order itself contains only two operative provisions, it operates as a gateway document. It does not, by itself, create a full regulatory regime; rather, it activates the Trustees Act’s provisions for the named scheme. Practitioners therefore need to read the Order together with the Trustees Act and any related subsidiary legislation or regulatory requirements that govern unit trust schemes and trustee conduct.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the Order: it may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 6) Order 2003. While this is standard drafting, it is useful for legal referencing, filings, and correspondence with regulators or counterparties.
Section 2 (Authorised unit trust scheme) is the core 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 mechanism by which the scheme becomes “authorised” under the Trustees Act framework.
From a practitioner’s perspective, the practical effect of Section 2 is that the scheme’s trustees and related parties can rely on the statutory consequences that attach to an authorised unit trust scheme. Those consequences are not spelled out in the Order text provided, but they flow from the Trustees Act—particularly the provisions that distinguish authorised schemes from other schemes. In many trustee regulatory regimes, authorisation can determine whether certain trustee actions are permitted, whether particular statutory duties apply, and how the scheme is treated for compliance and governance purposes.
Enacting formula and enabling power (Section 83 of the Trustees Act): The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for legal validity and interpretive context. It indicates that the Minister for Law has a statutory discretion or authority to designate unit trust schemes as authorised. When advising clients, lawyers typically confirm that the designation power exists, that the Minister acted within the scope of that power, and that the named scheme is correctly identified.
Formalities and date: The Order is “made this 6th day of June 2003” and is signed by Liew Heng San, Permanent Secretary, Ministry of Law. The formal signature and date can matter in disputes about when authorisation took effect, especially if there are transitional issues (e.g., whether certain trustee actions occurred before or after the authorisation date). The extract also shows the Order is published as SL 284/2003.
How Is This Legislation Structured?
This Order is structured in a very concise format typical of designation orders. It contains:
(1) Enacting formula — sets out the legal basis for making the Order, namely section 83 of the Trustees Act, and identifies the Minister for Law as the maker.
(2) Citation provision (Section 1) — provides the short title.
(3) Operative designation provision (Section 2) — declares the specific unit trust scheme (ING Singapore Dollar Bond Fund) to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, definitions, or detailed compliance requirements in the extract. Accordingly, the Order should be treated as a status instrument rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order applies to the ING Singapore Dollar Bond Fund as a unit trust scheme. In practical terms, it affects the parties who operate or are involved with the scheme in their capacity as trustees or in trustee-related roles—particularly those who must consider whether the scheme is “authorised” under the Trustees Act.
It is also relevant to counterparties and advisers who need to determine the legal status of the scheme when assessing trustee powers, compliance obligations, or the legal framework governing the scheme’s administration. While the Order does not directly impose obligations on investors, the authorisation status can indirectly influence investor-facing arrangements because trustee governance and statutory protections often flow from the scheme’s regulatory classification.
Why Is This Legislation Important?
Even though the Order is brief, it is important because it confers a legally recognised status—authorised unit trust scheme—on a specific fund. In trustee law and regulated fund administration, classification and status are often the difference between permitted and prohibited conduct, or between different levels of statutory oversight.
For practitioners, the key value of this Order is that it provides a clear legal reference point. When advising a trustee, fund manager, or legal counsel, lawyers frequently need to answer questions such as: Is this scheme authorised under the Trustees Act? What statutory regime applies? and Can the trustee rely on authorisation for particular actions? Section 2 supplies the answer for the named scheme.
From an enforcement and compliance standpoint, authorisation status can also affect how regulators and courts interpret trustee duties. If a trustee acts in reliance on the scheme being authorised, it is critical that the authorisation exists and is current. The extract indicates the Order is a “current version as at 27 Mar 2026,” which suggests that the designation remains part of the current legal landscape (subject to any later amendments not shown in the extract). Lawyers should still verify whether the fund’s name, structure, or scheme particulars have changed over time, because the legal designation is tied to the scheme as identified in the Order.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
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.