Section 45

Where a loan is made by the Authority or a board on the security of a charge or mortgage of any property, whether with or without any other security, the property, from and after the date of the charge or mortgage shall be charged with the payment of such loan and interest as in the charge or mortgage mentioned, in priority, save so far as otherwise specified in the charge or mortgage, to every other debt, charge or mortgage whatsoever affecting the property, except any loan due to any creditor not assenting to such priority which has been made in good faith before the loan made by the Authority or board and which has been secured by a duly registered charge or mortgage of the property executed to a person who is entitled as a bona fide creditor to the repayment thereof with interest.