A written order by the 8[Co-operative Agriculture and Rural Multipurpose Development Bank], or persons or committee authorised under the by-laws of the Bank to make loans for all or any of the purposes specified in section 111, 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 purpose 9[or for the purpose of dwelling house in rural area] 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 10[or for the purpose of dwelling house in rural area], as the case may be, within the meaning of section 111 ;
(b) that the person had at the date of the order a right to make such an improvement or incur expenditure for productive purpose 11[or for the purpose of dwelling house in rural area], as the case may be ; and
(c) that the improvement is one benefiting the land 12[or such dwelling house] specified and productive purpose 13[or for the purpose of dwelling house in rural area] concerns the land 14[or such dwelling house] offered in security, or any part thereof as may be relevant.