Order granting loan conclusive of certain matters

Order granting loan conclusive of certain matters. A written order by the Agriculture and Rural Development Bank, or persons or boards authorized under the bye-laws of the Bank to make loans for all or any of the purposes specified in section 76A, granting, either before or after the commencement of the Karnataka Co-operative Societies (Amendment) Act, 1964, a loan to or with the consent of a person mentioned therein, for the purpose of carrying out the work specified therein for the benefit of the land or for the productive purpose specified therein, shall for the purposes of this Act be conclusive of the following matters, that is to say,— (a) that the work described or the purpose for which the loan is granted, is an improvement or productive purpose, as the case may be, within the meaning of section 76A; (b) that the person had at the date of the order a right to make such an improvement or incur expenditure for productive purpose, as the case may be; and (c) that the improvement is one benefiting the land specified and productive purpose concerns the land offered in security, or any part thereof as may be relevant.