A written order by the State Agriculture and Rural Development Bank or the Agriculture and Rural Development Bank or person or committees authorised under the bye-laws of the Bank to make loans for all or any of the purposes specified in section 80, 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 productive purpose specified therein shall for the purpose of this Act, be conclusive of the following matters :—
(a) that the work described for the purpose for which the loan is granted, is an improvement or productive purpose, as the case may be, within the meaning of section 80 ;
(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.