Registration of charge

Notwithstanding anything contained in the Indian Registration Act, 1908 (Central Act 16 of 1908), a charge in favour of the Bank on the property against which the endorsement has been made on the pass book under sub-section (1) of section 5, shall be deemed to have been duly registered in accordance with the provisions of that Act with effect from the date of endorsement on forwarding a copy of every such endorsement to the Sub-Registrar under sub-section (2) of section 5 within the time stipulated by the State Government for the purpose.