Agreements executed by members for loans advanced by Land Development Banks to be conclusive evidence

Agreements executed by members for loans advanced by Land Development Banks to be conclusive evidence Notwithstanding anything contained in this Chapter, where a loan is given by the Land Development Bank to a Co-operative Society for undertaking any work or development of agriculture on condition that, the members of such are jointly and severally liable to the Bank for the payment of the whole amount and an agreement to that effect is entered which and signed by each of such members in the presence of an officer authorized in that behalf by the Registrar that agreement shall be conclusive evidence of the portion of that amount which each of the members is bound to contribute and against which he had mortgaged his lands or a portion of the lands by executing a separate mortgage deed with the Bank.