81Expenses incurred by agents and trustees

81 Expenses incurred by agents and trustees

81 Expenses incurred by agents and trustees

(1) All expenditure necessarily or properly incurred and paid under this Act by an agent for an insurance company (within the meaning of Part 5) for or in respect of the company—

(a) may be deducted by the agent from any money held by the agent for the company, or

(b) may be recovered by the agent from the company as a debt in a court of competent jurisdiction.

(2) All expenditure necessarily or properly incurred and paid under this Act by an agent for a person in respect of any houses, land or premises for which the agent is agent of the person—

(a) may be deducted by the agent from any money held by the agent for the person, or

(b) may be recovered by the agent from the person as a debt in a court of competent jurisdiction.

(3) A trustee of any house, land or premises may apply any of the funds under the trustee’s control in defraying any charges necessarily or properly incurred by the trustee under this Act in respect of the house, land or premises.