Exemption from compulsory registration of instruments

Nothing in clauses 17 (1) (b) and (c) of the Indian Registration Act, 1908 shall apply to- (a) any instruments relating to shares in a co-operative notwithstanding that the assets of the co-operative consist in whole or in part of immovable property; (b) any debentures issued by any such co-operative and not creating, declaring, assigning, limiting or extinguishing and 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 co-operative 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 debenture; or (c) any endorsement upon or transfer of any other debentures issued by any such co-operative.