Exemption from compulsory registration of instruments.

Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the Indian Registration Act, 1908 (No. 16 of 1908), shall apply to— (a) any instrument relating to shares in a society notwithstanding that the assets of such society consist in whole or in part of immovable property; or (b) any debentures issued by any such society and not creating, declaring, assigning, limiting or extinguishing any right, title or interest in immovable property except in so far as it entitles the holder to the security afforded by a registered instrument whereby the society has mortgaged, conveyed or otherwise transferred the whole or part of its immovable property or any interest therein to trustees upon trust for the benefit of the holders of such debentures; or (c) any endorsement upon or transfer of any debenture issued by any such society; or (d) any declaration made by a member in favour of a society for creating any charge on land under section 41 and such assignment thereof as may be made by the said society in favour of the financing bank or federal society, to which it is affiliated, and such further assignment as may be made by such financing bank or such federal society in favour of the Chhattisgarh Rajya Sahakari Bank Maryadit or any other federal society. Explanation.—For the purposes of this section, financing bank include the Reserve Bank of India, the new bank constituted under the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (No. 5 of 1970) and such other bank as the State Government may, from time to time, by notification, specify in this behalf.