Statute Details
- Title: Trustees (Authorised Unit Trusts Scheme) Order 1999
- Act Code: TA1967-S15-1999
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 86 of the Trustees Act
- Enacting Date: 6 January 1999
- Commencement Date: Not stated in the extract (commencement typically follows the making/notification unless otherwise provided)
- Legislative Instrument Number: SL 15/1999
- Status: Current version as at 27 March 2026 (per the legislation portal)
- Core Substantive Provision: Declaration of “Savers Investment Fund” as an authorised unit trust scheme
What Is This Legislation About?
The Trustees (Authorised Unit Trusts Scheme) Order 1999 is a short piece of Singapore subsidiary legislation made under the Trustees Act (Cap. 337). In practical terms, it performs a single regulatory function: it formally declares a specific investment vehicle—“Savers Investment Fund”—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
Although the Order is brief, the concept of an “authorised unit trust scheme” is legally significant. Under the Trustees Act framework, trustees may be subject to restrictions and requirements when investing trust assets. The authorisation mechanism is designed to identify particular unit trust schemes that meet the statutory criteria and are therefore eligible for use in trustee investment and related trust administration contexts.
Accordingly, the Order does not create a general regulatory regime for all unit trust schemes. Instead, it operates as an instrument of designation: it brings one named scheme within the statutory category of “authorised unit trust scheme”, thereby enabling trustees (and others acting under the Trustees Act) to treat that scheme as authorised for the relevant statutory purposes.
What Are the Key Provisions?
Section 1 (Citation). The Order provides its own short title. This is a standard legislative drafting provision that allows practitioners to refer to the instrument easily in correspondence, filings, and legal arguments. While it has no substantive regulatory effect, it is important for accurate legal citation.
Section 2 (Authorised unit trust scheme). This is the operative provision. It states that “Savers Investment Fund” is hereby declared as an authorised unit trust scheme for the purposes of the Act. The legal effect is that, once the Order is in force, the named fund is treated as falling within the authorisation category contemplated by the Trustees Act.
From a practitioner’s perspective, the key question is not merely whether the fund exists, but whether it is legally “authorised” under the Trustees Act. The Order answers that question for the named scheme. This matters because trustee investment powers and duties often depend on statutory permissions. Where the Trustees Act restricts or conditions investments, authorisation status can determine whether a trustee’s investment is compliant, defensible, and properly within the trustee’s powers.
Making and signature. The Order records that it was made on 6 January 1999 by the Permanent Secretary, Ministry of Law, Singapore (GOH KIM LEONG), in exercise of the powers conferred by section 86 of the Trustees Act. The enacting formula is relevant for validity and interpretation: it confirms the Minister for Law’s authority and the statutory basis for the designation.
How Is This Legislation Structured?
The Order is structured in a simple, two-section format typical of designation orders. It contains:
(a) An enacting formula identifying the enabling power (section 86 of the Trustees Act) and the Minister’s authority to make the Order.
(b) Section 1 (Citation) providing the short title.
(c) Section 2 (Authorised unit trust scheme) containing the substantive declaration that “Savers Investment Fund” is an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, definitions, or procedural provisions in the extract. The entire legal work of the instrument is accomplished by the declaration in section 2.
Who Does This Legislation Apply To?
The Order applies indirectly to trustees and other persons whose rights, duties, or investment powers are governed by the Trustees Act. While the Order itself names only “Savers Investment Fund”, its effect is to determine the fund’s status under the Act. Therefore, it is relevant to trustees who consider investing trust assets in unit trust schemes, as well as to trust administrators, compliance officers, and legal advisers assessing whether a proposed investment is permitted under the statutory regime.
In addition, the Order may be relevant to fund managers and distributors of the named scheme, because authorisation status can influence eligibility for trustee investment and may affect how the scheme is marketed or represented to trustees. However, the legal obligation is primarily on trustees to comply with the Trustees Act; the Order supplies the authorisation predicate that trustees rely on.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trusts Scheme) Order 1999 is concise, it can have meaningful consequences for trust governance and investment compliance. Trustees are fiduciaries. Their investment decisions must align with statutory powers and duties. Where the Trustees Act uses authorisation status as a gatekeeping mechanism, an Order declaring a scheme authorised can determine whether trustees can lawfully hold or invest in that scheme.
From a risk management standpoint, authorisation status supports defensibility. If a trustee invests in a unit trust scheme that is not authorised (or whose authorisation is uncertain), the trustee may face allegations of breach of trust, failure to comply with statutory requirements, or improper exercise of investment powers. Conversely, where the scheme is expressly declared authorised by a valid order, trustees have stronger grounds to demonstrate compliance with the statutory framework.
Practically, this Order is also important because it is a “point-in-time” legal designation. The legislation portal indicates the Order is a current version as at 27 March 2026, but the designation itself was made in 1999. Practitioners should therefore treat the Order as a legal reference point: it confirms that, at least as reflected in the current consolidated version, the scheme remains within the authorised category for the purposes of the Trustees Act. Where there are concerns about whether authorisation might have been superseded, amended, or revoked by later instruments, counsel should check the legislation timeline and any subsequent amendments or related orders.
Finally, the Order illustrates how Singapore’s legislative architecture can use targeted subsidiary legislation to implement specific authorisations under a broader statutory framework. It is a reminder that not all compliance questions are answered in the principal Act; sometimes, the operative answer lies in a short designation order made under an enabling provision.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision for making authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trusts Scheme) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.