26. Amount due to the Corporation to be first charge.-

(1) Notwithstanding anything contained in any other law, where a loan has been advanced to any person for the construction of a building or where a building has been transferred to any person, the amount due to the Corporation on account of the loan or transfer together with interest thereon shall be a first charge on the building so constructed or transferred.

(2) The Corporation may also take such further security as it may consider necessary for advancing any loan or for transferring any building.