Registration of charges and mortgage in favour of banks

(1) Notwithstanding anything to the contrary contained in the Indian Registration Act, 1908 (Act XVI of 1908) a charge in respect of which a declaration has been made under sub-section (1) of Section 6 or in respect of which a variation has been made under sub-section (2) of that section or a mortgage executed by an agriculturist in favour of a bank in respect of financial assistance given by that bank, shall be deemed to have been duly registered in accordance with the provisions of that Act with effect from the date of such charge, variation or mortgage as the case may be, provided that the bank sends to the Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property subject to the charge or mortgage is situate, within the time prescribed by the State Government for this purpose, by registered post and with acknowledgement due, a copy of the document creating such charge, variation or mortgage, duly certified to be a true copy by an employee of the bank authorised to sign on its behalf. (2) As soon as possible after the receipt of a copy of the document referred founder sub-section (1) from a bank the registering officer shall cause to be registered the document so received for such purposes and shall follow the same procedure in regard to the registration of the said document as is followed in the case of registration of document granting loan under the Agriculturist Loans Act, 1884 (Act XII of 1884) or the Land Improvement Loans Act, 1883 (Act XIX of 1883).