PARTNERSHIP ACT 1895 - SECT 53
PARTNERSHIP ACT 1895 - SECT 53
53 . Provision where premium paid
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.