(1)An agent may retain, out of any sums received on account of the principal in the business of the agency, all sums due to the agent in respect of advances made or expenses incurred by the agent in conducting the business and any remuneration as may be payable to the agent for acting as an agent.

(2)An agent may retain sums received by him or her on account of goods sold, although the whole of the goods consigned to him or her for sale may not have been sold or the sale may not be complete.