Registration of mortgage in favour of co-operative housing society or apex.

Notwithstanding anything contained in the Registration Act, 1908 (16 of 1908), it shall not be necessary to register mortgages, executed in favour of co-operative housing society or apex provided that the co-operative housing society or apex sends, within a period of sixty days, a copy of the instrument whereby the property is mortgaged or a written declaration creating a charge on such property in the prescribed form and manner to the registering officer within whose jurisdiction the whole or part of the mortgaged property is situated and such registering officer shall file a copy or copies thereof, as the case may be, in Book No.1 prescribed under section 51 of the Registration Act, 1908 (16 of 1908).