Registration of Mortgage or lease in favour of land development bank

Notwithstanding anything contained in the Registration Act, 1908, it shall not be necessary to register mortgages or leases executed in favour of the co-operative land development bank, provided that the co-operative land development bank concerned sends within such time and in such manner as may be prescribed, a cell of the instrument whereby immovable property is mortgaged or leased for the purpose of securing repayment of the loan to the registering officer within the local limits of whosem jurisdiction the whole or any part of the property mortgaged or, as the case may be, leased is situated and such registering officer shall file a copy or copies, as the case may be, in his Book No.1, prescribed under section 51 of the Registration Act, 1908.