21. [ Warehouseman not to deal in or lend money against goods in warehouse. [Substituted by U.P. Act XII of 1964, Section 14.]
(1)No warehouseman shall either on his own account or that of others including the owner of the goods, deal in, or lend money on, goods received by him for deposit in his warehouse, anything to the contrary continued in any other law notwithstanding.(2)The provisions of sub-section (1) shall not apply to-(i)a Warehousing Corporation established or deemed to be established under the Warehousing Corporations Act, 1962, except in regard to the restriction on its power to lend money on goods received by it for deposit in its warehouse, or,(ii)a cooperative society].
