Nothing in clause (b) and (c) of sub-section (1) of section 17 of the Indian Registration Act, 1908 (XVI of 1908) shall apply to-
(a) 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) any debentures issued by any such 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 debentures; or
(c) any endorsement upon, or transfer of, any debenture issued by any such society: or
(d) any declaration made by a member in favor of a society for creating a charge on land under section 41 and its assignment by the said society in favor of the financing bank or the federal society to which it is affiliated and further assignment by such financing bank or federal society in favor of the Madhya Pradesh State Co-operative Bank Ltd., or any other federal society.
Explanation.- For the purposes of this section, a financing bank shall include the Reserve Bank of India, the State Bank of India, the State Bank of India, the corresponding new bank specified in First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (No.5 of 1970), and such other Bank as the State Government may, from to time, by notification, specify in this behalf.