A written order by the 3[Agriculture and Rural Development Bank], or committees authorised under the bye-laws of the Bank to make loans for all or any of the purposes specified in section 3, granting, either before or after the commencement of this Act, 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 purposes 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 3;
(b) that the person had at the date of the order a right to make such an improvement, or to incur expenditure for productive purpose, as the case may be; and
(c) that the improvement is one benefiting the land specified and productive purposes concerns the land offered in security, or any part thereof as may be relevant.