A written order by the Land Development Bank, or any person or committees authorised under the bye-laws of the Bank to make loans for all or any of the purposes specified in section 67, 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, 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 67;
(b) that the person had, on 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.