(1) A bill of lading in the hands of a consignee or endorsee for valuable consideration representing goods to have been shipped on board a vessel, shall, subject to section 4 of this Act, be conclusive evidence of such shipment as against the master or other person signing the same unless the holder of the bill of lading had actual notice at the time of receiving it that the goods or some of them had not been in fact loaded on board.

(2) A consignee or endorsee or other holder of a bill of lading shall not be entitled to rely on subsection (1) if the misrepresentation in the bill of lading was caused without the fault of the person signing the same and wholly by the fraud of the shipper, or of the holder or some person under whom the holder claims.