46Apportionment of premium when partnership prematurely

46 Apportionment of premium when partnership prematurely dissolved Where one partner has paid a premium to another on entering into 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 Supreme Court may order the repayment of the premium or of such part of the premium as it thinks just having regard to the terms of the partnership agreement and to the length of time during which the partnership has continued unless— (a) the dissolution is, in the judgment of the Supreme 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 the premium or any part of the premium.