Victorian Consolidated Legislation

Partnership Act 1958 - SECT 44

Apportionment of premium where partnership prematurely dissolved

44. Apportionment of premium where partnership prematurely dissolved

Where one partner has paid a premium to another on entering into a partnership
for a fixed term and the partnership is dissolved before the expiration of
that term otherwise than by the death of a partner the court may order the
repayment of the premium or of such part thereof as it thinks just having
regard to the terms of the partnership contract and to the length of time
during which the partnership has continued; unless-

   (a)  the dissolution is in the judgment of the court wholly or chiefly due
        to the misconduct of the partner who paid the premium; or

   (b)  the partnership has been dissolved by an agreement containing no
        provision for a return of any part of the premium.