Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2004
- Act Code: TA1967-S254-2004
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Power: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 83
- Commencement Date: Not stated in the provided extract (order made on 30 April 2004; published as SL 254/2004)
- Legislative Citation: SL 254/2004
- Current Version 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. 9) Order 2004 is a short but legally significant instrument. In substance, it designates a particular collective investment product—the United Singapore Bond Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337).
In plain language, the Order answers a practical regulatory question: which unit trust schemes are permitted to be treated as authorised schemes under the Trustees Act framework? The Trustees Act contains provisions that govern how trustees may deal with investments and how certain schemes may be recognised for trust-related purposes. By issuing this Order, the Minister for Law formally adds the United Singapore Bond Fund to the list of schemes that qualify as authorised under the Act.
Although the Order is brief, its effect can be material for trustees, fund managers, and investors. Authorisation under the Trustees Act is not merely a label; it can determine whether trustees are able to hold, administer, or recommend the scheme within the legal boundaries applicable to trust investments.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: the Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2004. This is standard legislative housekeeping, enabling practitioners to cite the Order correctly in correspondence, filings, and legal submissions.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The United Singapore 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 recognised under the Trustees Act.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific. The Order does not create a general authorisation regime or set out ongoing conditions. Instead, it identifies a particular fund by name and declares it authorised. That means the legal status of the United Singapore Bond Fund under the Trustees Act depends on this declaration (and any subsequent amendments or replacement orders, if applicable).
Another important feature is the statutory power used to make the Order. The enacting formula indicates that the Minister for Law acts under section 83 of the Trustees Act. This matters because it signals that the authorisation is part of the legislative architecture governing trustees’ investment powers and the recognition of certain investment vehicles. In legal practice, when assessing whether a trustee may rely on the scheme’s authorised status, counsel will typically trace the authority back to the enabling provision in the Trustees Act and then confirm the relevant authorising order.
Finally, the Order includes the making date and signature: it was made on 30 April 2004 by Liew Heng San, Permanent Secretary, Ministry of Law. While the extract does not specify commencement, the publication as SL 254/2004 and the “current version” status indicate that the declaration remains in force unless superseded.
How Is This Legislation Structured?
The Order is structured in a minimal, two-section format typical of designation orders. It contains:
(a) Section 1: Citation (short title).
(b) Section 2: Authorisation of the specified unit trust scheme.
There are no schedules, no definitions section in the extract, and no procedural provisions (such as application requirements, reporting obligations, or revocation mechanisms) within the Order itself. Those matters, if they exist, would be located in the Trustees Act and any related subsidiary legislation or regulatory instruments governing unit trust schemes and trustees’ investment practices.
Who Does This Legislation Apply To?
Although the Order is directed at the status of a unit trust scheme, its practical application affects multiple parties. The primary beneficiaries are typically trustees and those advising trustees, because the Trustees Act framework is concerned with what trustees may do in relation to investments. If a unit trust scheme is declared authorised for the purposes of the Act, trustees may be able to treat it as an eligible investment within the legal boundaries set by the Trustees Act.
In addition, the fund itself (and its operators, such as the trustee-manager or fund manager, depending on the scheme’s structure) benefits from the scheme being recognised as authorised. For investors, the authorisation may indirectly support confidence that the scheme fits within the statutory investment categories relevant to trustees. However, the Order is not a general investor protection instrument; it is a designation under the Trustees Act.
Why Is This Legislation Important?
Even though the Order is short, it can have outsized legal significance. In trust law practice, the ability of trustees to invest is often constrained by statute, trust deed terms, and prudential considerations. Where the law provides that certain investments are permitted or treated as suitable because they are “authorised” under the Trustees Act, a scheme’s authorised status becomes a key compliance fact.
For practitioners, the importance lies in certainty and reliance. When advising a trustee—whether in the context of establishing a trust, reviewing an investment portfolio, or responding to a beneficiary’s request—counsel must identify the legal basis for the trustee’s investment decisions. An authorising order like this provides a clear statutory hook: the United Singapore Bond Fund is declared authorised for the purposes of the Trustees Act.
From an enforcement and risk perspective, the absence of authorisation (or reliance on an outdated authorising instrument) can create compliance exposure. Trustees may face challenges if they hold investments that are not authorised or do not fall within the statutory categories applicable to them. Therefore, confirming the current status of the relevant authorising order—particularly where a “current version” is maintained and amendments may occur—is a routine but critical step in legal due diligence.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision referenced in the enacting formula)
- Timeline / amendments records associated with SL 254/2004 (to confirm whether the authorisation has been amended, replaced, or otherwise affected)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.