(1) Nothing in clauses (b)and (c) of sub-section (1) of section 17 of the Indian Registration Act 1908, shall apply to:-
(a) any instrument relating to shares in registered co-operative society, notwithstanding that assets of such co-operative society consist in whole or in part of immovable property; or
(b) any debenture issued by any such co-operative 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 security has mortgaged, conveyed or otherwise transferred the whole or part of its immoveable 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 issue by any such co-operative society.
(2) Notwithstanding anything contained in the Indian Registration Act, 1901, it shall not be necessary for any office bearer of a registered cooperative society or a liquidator of a co-operative society to appear in person or by agent at any registration office in any proceeding connected with the registration of any instrument executed by him in his official capacity or to sign as provided in section 58 of the Indian Registration Act, 1901.
(3) Where any instrument is so executed, the registering officer to whom such instrument is presented for registration may, if he thinks fit, refer to such office-bearer or liquidator for information regarding the same and on being satisfied of the execution thereof, shall register the instrument.