Provisions of section 24 not to apply to certain transfers and transferees.

Nothing in section 24 shall apply to-

1. (i) Any transfer which has been 1[finally] adjudged to be a transfer other than a mortgage by a decree of a court of competent jurisdiction or by a Board established under section 4 of the repealed Act; and
2. (ii) any bona fide transferee for value without notice of the real nature of such transfer or his representative where such transferee or representative holds under a registered deed executed on or before the 15th day of February 1939.