Amendment status not verified — confirm the current text below against the official source.
Return of premium on premature dissolution- Where a partner has paid a premium on entering into partnership for a fixed term, and the firm is dissolved before the expiration of that term other:wise than by the death of a partner, he shall be entitled to repayment of the premium or of such part thereof as may be „reasonable, regard being had to the terms upon which he became a partner and to the length of time during which he was a partner unless - a)) The dissolution is mainly due to his own misconduct or b) The dissolution is in pursuance of an agreement containing no provision for the return of the premium or any part of it.