Indian Partnership Act, 1932
Section - 51 - Return of premium on premature dissolution
Return of premium on premature dissolution
51. Where a partner has paid a premium on entering into partnership of a fixed term, and the firm is dissolved before the expiration of that term otherwise 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 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. |
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