Registration of mortgage in favour of Land Development Bank

44 L. Registration of mortgage in favour of Land Development Bank. – Notwithstanding anything contained in the Indian Registration Act, 1908 (16 of 1908), it shall not be necessary to register mortgages executed in favour of Land Development Bank Provided that the Land Development Bank concerned sends within such time and in such manner as may be prescribed a copy of the instrument; where by movable or immovable property is mortgaged for the purpose of securing repayment of the loan to the Registering Officer within the local limits of whose jurisdiction the whole or any part of the property mortgaged is situate, and such Registering officer shall file a copy or copies, as the case may be, in this Book no. 1 prescribed under section 51 of the Indian Regist4ration Act, 1908 (16 of 1908).