Exemption from compulsory registration of Instruments

Nothing in clause (b) and (c) of sub section (1) of section 17 of the Indian Registration Act, 1908 (Act XVI of 1908), shall apply to— (a) any instrument relating to shares in a co-operative society, notwithstanding that the assets of the 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, title or interest to or in immovable property, except insofar 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 holder of such debentures; or (c) any endorsement upon or transfer of any debenture issued by any such society.