Warehouseman not to lend money against the produce in his warehouse

No warehouseman shall either on his own account or that of others deal in or lend money on the produce which he receives in his warehouse: Provided that this section shall not apply to Co-operative Societies [or to warehousing corporations established under the Agricultural Produce (Development and warehousing) Corporations Act, 1956 (XXVIII of 1956), in relation to warehouses owned and run by such societies and corporations.]