(1) A copy of any entry in any book, register of list, regularly kept in the course of business and in the possession of a society, shall, if duly certified in such manner as may be prescribed be admissible in evidence of the existence of the entry, and shall be admitted as evidence of the matters and transactions therein recorded in every case where, and to the same extent to which, the original entry would if produced, have been admissible to prove such matters.
(2) In the case of such societies, as the Government may by general or special order, direct, no officer of a society shall in any legal proceedings to which the society is not a party, be compelled to produce any of the society’s books the contents of which can be proved under the foregoing sub-Section or to appear as witness to prove the matters transactions and accounts therein recorded, unless required to do so by order the Court or a judge made for any special reason.
42. Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the Indian Registration Act, 1908, shall apply-
(a) To any instrument relating to shares in a society, notwithstanding that the assets of the society consist in whole or in part of immovable property ; or
(b) To any debentures issued by any 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 debenture ; or
(c) To any endorsement upon, or transfer of, any debentures issued by any society.
43. The Government, by notification in the Official Gazette, may in the case of any society or class of societies, remit,
(a) The stamp with which under any law relating to stamp duty for the time being in force, instruments executed by or on behalf of a society by on officer or member thereof and relating to the business of the society or any class of such instruments or awards of the Registrar or his nominee or board of nominees under this Act are respectively chargeable.
Admissibility of copy of entry as evidence.
Exemption from compulsory registration and instruments relating to shares and debentures of society.
Power to exempt from taxation.
XVI of 1908 APCS ACT 1978 20
(b) Any fee payable by or on behalf of a society under the relating to the registration of documents and to court fees for the time being in force, and
(c) Any other tax or fee or duty (for any portion thereof) payable or on behalf of a society under any law for the time being in force, which the Government is competent to levy.
44. A Society shall receive deposits and loans from members and other persons, only to such extent, and under such conditions as may be prescribed, or specified by the Bye-laws of the society.