139. Information in possession of a partner or an employee of partnership

if a partner possesses information and it came into another partner’s possession in his capacity as a partner of the partnership;

if an employee of the partnership possesses such information and it came into the employee’s possession in the course of his duties; or

if a partner or an employee of a partnership knows or could reasonably be expected to know any matter or thing because of another partner or employee who knows or possess the information, it is presumed, unless the contrary is proved that every partner of the partnership knows or could reasonably be expected to know that matter or thing.

the decision to enter into the transaction or agreement was taken on behalf of the partnership by -

a partner who was not in possession of the information; or

an employee of the partnership who was not in possession of the information;

the partnership had in existence at that time agreements that could reasonably be expected to ensure that-

the information was not communicated to the partner or employee who was or were involved in or made to enter into the transaction or agreement in question;

no advice with respect to the decision to enter into the transaction or agreement was tendered to that partner or employee by a partner or an employee who was in possession of the information; or

the partner or employee in possession of the information would not be involved in the decision to enter into or be involved in the transaction or agreement; and

the information was not communicated, no advice was given and the partner or employee in possession of the information was not involved in the decision to enter into or be involved in the transaction or agreement.