(1) Every warehouseman shall insure goods stored in warehouse against such risks, warehouses and in such manner as may be prescribed:
Provided that a depositor may at his own cost insure his goods against other risks:
Provided further that nothing contained in this sub-section shall apply to the goods deposited in a warehouse belonging to a Warehousing Corporation established under the Warehousing Corporations Act, 1962 (Parliament Act 58 of 1962) where such warehousing corporation has agreed, in the prescribed manner, to compensate the depositor against loss or damage arising from the prescribed risks.
(2) Every warehouseman shall be entitled to recover from the depositor at the rate prescribed the charges for insurance in respect of the depositor's goods before delivery thereof, and where a Warehousing Corporation established under the Warehousing Corporations Act, 1962 (Parliament Act 58 of 1962), has agreed to compensate the depositor under the second proviso to sub-section (1), such corporation shall be entitled to recover from the depositor such additional charges 1 Substituted by Punjab Act No.30 of 1962,section 2 further substituted by Punjab Act No.18 of 1965 ,section 2.
Liability of warehouseman for shortage or excess in goods stored.
Insurance of goods in warehouses.
as it may decide, not exceeding the tariff rate of the insurance premia, for the risk which it has agreed to compensate.]
19. No warehouseman shall, in the conduct of his business, discriminate between persons desiring to avail themselves of the facilities of his warehouse:
Provided that the warehouseman shall show such preference to co-operative societies in the State and allow them such concessional rates as may be prescribed.
20. Notwithstanding anything contained in any other law to deal in or lend for the time being in force, no warehouseman other against goods than Cooperative Society1[*******] shall, either on his own account or that of others, deal in, or lend money on, goods received by him for deposit in his warehouse.
21. A warehouseman shall maintain accounts, books, and records in such form and manner as may be prescribed.
CHAPTER –IV INSPECTION AND GRADING OF GOODS
22. The prescribed authority may, at any time during business hours, inspect or examine or cause to be inspected or examined any licensed warehouse, its machinery and equipment, goods deposited therein, and the account books and records relating thereto, for the purpose of satisfying itself that the requirements of this Act and the rules made thereunder are being complied with.