Exemption from compulsory registration of instruments relating to shares and debentures of society.

Exemption from compulsory registration of instruments relating to shares and debentures of society. Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the Indian Registration Act, 1908 shall, apply— (a) to any instrument relating to shares in a society [not being a housing society] notwithstanding that the assets of the society consist in whole or in part of immovable property; or (b) to any debenture issued by any society and not creating, declaring, assigning, limiting or extinguishing any right, title or interest to or 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) to any endorsement upon, or transfer of , any debenture issued by any society.