Section 59: Exemption from compulsory registration of Instruments.

Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the [Registration Act, 1908 (16 of 1908)] shall apply to,––

(a) any instruments relating to shares in a cooperative notwithstanding that the assets of the cooperative consist in whole or in part of immovable property ;

(b) any debentures issued by any such cooperative 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 cooperative 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 other debenture issued by any such cooperative.