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.