Article 15 - Duties of disclosure on forming or joining Partnership

(1) If two or more persons are about to form a Partnership, each prospective Partner must disclose to the other prospective Partners anything known to him which a prudent prospective Partner would reasonably expect to be disclosed in order to decide whether or not to form the Partnership.
(2) Subsections (3) and (4) apply if a person ("the prospective Partner") is about to become a Partner in an existing Partnership.
(3) The Partners must disclose to the prospective Partner anything known to them which a prudent prospective Partner would reasonably expect to be disclosed in order to decide whether or not to become a Partner.
(4) The prospective Partner must disclose to the Partners anything known to him which prudent Partners would reasonably expect to be disclosed in order to decide whether or not to admit him as a Partner.
(5) The duties under this Article may be waived (in whole or in part) by agreement between the prospective Partners (or between the prospective Partner and the Partners).
(6) For the purposes of this Article, anything which a person reasonably ought to know is to be treated as known to him.