(1) Nothing in clauses (b) and (c) of sub-section (1) of section 19 of the Registration Act, 1908 shall apply to— 16 of 1908.
(a) any instrument relating to shares in a co-operative society;
or
(b) any debenture issued by any co-operative society without creating, declaring, assigning, limiting or extinguishing any right, title or interest to or in any immovable property except in so far as it entitled the holder of the debenture to the security afforded by a registered instrument whereby the cooperative society has mortgaged, conveyed or otherwise transferred the whole or part of its immovable property or interest therein to trustees upon trust for the benefit of the holder of the debenture; or
(c) any endorsement upon, or transfer of, any debenture issued by any co-operative society.
(2) Notwithstanding anything contained in the Registration Act, 1908, it shall not be necessary to register a mortgage deed executed in favour of a co-operative land development bank or a primary co-operative society of which the majority of the members are agriculturists:
Provided that the manager of, or any officer deputed by the State Government or the Registrar under section 28 to, any co-operative land development bank or the financing bank which advanced loan to the primary co-operative society shall send within such time and in such manner as may be prescribed a copy of the mortgage deed to the registering officer within the local limits of whose jurisdiction the whole or any part of the immovable property is situate and the registering officer shall file such copy in his book No. 1 prescribed under section 51 of the Registration Act, 1908.