Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1042h
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1042H
Character Range: 4602016–4603391

1042H  Information in possession of partner or employee of partnership
 (1) For the purposes of this Division:
 (a) a member of a partnership is taken to possess any information:
 (i) which another member of the partnership possesses and which came into the other member's possession in the other member's capacity as a member of the partnership; or
 (ii) which an employee of the partnership possesses and which came into his or her possession in the course of the performance of duties as such an employee; and
 (b) if a member or employee of a partnership knows any matter or thing because the member or employee is such a member or employee, it is to be presumed that every member of the partnership knows that matter or thing; and
 (c) if a member or employee of a partnership, in that capacity, is reckless as to a circumstance or result, it is to be presumed that every member of the partnership is reckless as to that circumstance or result; and
 (d) for the purposes of paragraph 1043M(2)(b), if a member or employee of a partnership ought reasonably to know any matter or thing because he or she is such a member or employee, it is to be presumed that every member of the partnership ought reasonably to know that matter or thing.
 (2) This section does not limit the application of section 769B in relation to this Division.

Subdivision B—The prohibited conduct