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

Nothing contained in any law for the time being in force in Puducherry relating to registration of documents involving transfer of immovable properties shall apply to- (a) any instrument relating to shares in a registered society, notwithstanding that the assets of such society consist in whole or in part of immovable property; or (b) any debenture issued by any such 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) any endorsement upon or transfer of any debenture issued by any such society.