law: Co-Operative Societies Act, 1912
  27. Exemption from compulsory registration of
  
  instruments relating to shares and debentures of registered society.
  Nothing in section 17, sub-section (1),
  
  clauses (b) and (c), of the Indian Registration Act, 1908 (16 of 1908), shall
  
  apply to-
  (1) any instrument relating to shares in a
  
  registered society, notwithstanding that the assets of such society consist in
  
  whole or in part of immoveable property; or
  (2) any debenture issued by any such society
  
  and not creating, declaring, assigning, limiting or extinguishing any right,
  
  title or interest to or in immoveable 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
  
  immoveable property or any interest therein to trustees upon trust for the
  
  benefit of the holders of such debentures; or
  (3) any endorsement upon or transfer of any
  
  debenture issued by any such society.