Partnerships Act

54. Order for repayment of premium on premature break up of partnership.

Edition: 2022-12-31 · In force

(1)A person who—

(a)joins a partnership whose duration is fixed;

(b)pays a joining premium to an existing partner in the partnership; and

(c)the partnership breaks up before its term expires,

may make an application to the Court for an order for the refund of the whole or part of the joining premium.

(2)In making an order under subsection (1), the Court shall have regard to—

(a)the terms of the partnership agreement;

(b)the duration of the partnership; and

(c)the conduct of the applicant during the period in which he was a partner.

(3)In this section, "joining premium" means a payment made in respect of—

(a)becoming a partner when a partnership is formed; or

(b)becoming a partner after its formation.