Article 12 - Default Partnership rules

(1) In these Regulations "Default Rule" means a rule that applies in relation to a Partnership if the point dealt with in the rule is not dealt with in the Partnership Agreement.
(2) If a Default Rule applies in relation to a Partnership, it is to be treated as if it were a term of the Partnership Agreement.
(3) The application of a Default Rule in relation to a Partnership may be modified or excluded:
(A) in accordance with the terms of the Partnership Agreement; or
(B) if all the Partners agree.