41. Exemption from compulsory registration of instruments relating to shares and debentures of societies.- Nothing in clauses (b) and (c) of sub-section (I) 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 debentures; or
(c) to any endorsement upon, or transfer of, any debentures issued by any society.
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