- Notwithstanding anything contained in the Presidency Towns Insolvency Act, 1909 (Central Act III of 1909) or the Provincial Insolvency Act, 1920 (Central Act V of 1920), a mortgage executed in favour of a Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank shall not be called in question in any insolvency proceedings on the ground that it was not executed in good faith for valuable consideration or on the ground that it was executed in order to give the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank a preference over the other creditors of the mortgagor.