(1) The members of a partnership do not contravene subsection 1002G(2) by
entering into a transaction or agreement at any time merely because one or
more (but not all) of the members, or an employee or employees of the
partnership, are in actual possession of information if:
- (a)
- the decision to
enter into the transaction or agreement was taken on behalf of the partnership
by any one or more of the following persons:
- (i)
- a member or members who are taken to have possessed the information merely
because another member or other members, or an employee or employees of the
partnership, were in possession of the information;
- (ii)
- an employee or employees of the partnership who was not or were not in
possession of the information; and
- (b)
- the partnership had in operation at that time arrangements that could
reasonably be expected to ensure that the information was not communicated to
the person or persons who made the decision and that no advice with respect to
the transaction or agreement was given to that person or any of those persons
by a person in possession of the information; and
- (c)
- the information was not so communicated and no such advice was so given.
(2) A member of a partnership does not contravene subsection 1002G(2) by
entering into a transaction or agreement otherwise than on behalf of the
partnership merely because the member is taken to possess information that is
in the possession of another member or an employee of the partnership.