https://www.taxtmi.com/caselaws?id=97851 A partnership created solely to carry on a managing agency is not a partnership at will where the contract, expressly or by necessary implication, fixes determination on cessation of that agency; outcome: partnership held to determine on termination of the managing agency. The board's March 22, 1943 removal of the managing agents, subsequently approved by shareholders, was valid and not shown to be tainted by fraud; outcome: termination effective from the board date. Accounts between the partners are directed from November 15, 1939 to March 22, 1943. Costs: company awarded costs against respondent; partners to bear their own costs. en-us Mon, 27 Feb 1961 00:00:00 +0530 Sat, 30 Aug 2014 20:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97851 A partnership created solely to carry on a managing agency is not a partnership at will where the contract, expressly or by necessary implication, fixes determination on cessation of that agency; outcome: partnership held to determine on termination of the managing agency. The board's March 22, 1943 removal of the managing agents, subsequently approved by shareholders, was valid and not shown to be tainted by fraud; outcome: termination effective from the board date. Accounts between the partners are directed from November 15, 1939 to March 22, 1943. Costs: company awarded costs against respondent; partners to bear their own costs. Case-Laws Companies Law Mon, 27 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97851