Singapore legislation
Clause 227
Clause 227
Attribution of knowledge within partnerships, etc.
(1)
For the purposes of this Division —
a partner of a partnership is taken to possess any information —
which another partner of the partnership possesses and which came into the other partner’s possession in his capacity as a partner of the partnership; or
which an employee of the partnership possesses and which came into his possession in the course of the performance of duties as such an employee; and
if a partner or employee of a partnership knows or ought reasonably to know any matter or thing in his capacity as a partner or employee, it is to be presumed that every partner of the partnership knows or ought reasonably to know that matter or thing.
(2)
The partners of a partnership do not contravene section 218(2) or 219(2) by entering into a transaction or agreement at any time merely because one or more (but not all) of the partners, or an employee or employees of the partnership, are in actual possession of information if —
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:
a partner who is taken to have possessed the information merely because another partner, or an employee of the partnership, was in possession of the information;
an employee of the partnership who was not in possession of the information;
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
the information was not so communicated and no such advice was so given.
(3)
A partner of a partnership does not contravene section 218(2) or 219(2) by entering into a transaction or agreement otherwise than on behalf of the partnership merely because he is taken to possess information that is in the possession of another partner or an employee of the partnership.