Section 21: Exemption from compulsory registration of certain instruments.

Nothing in any law, for the time being in force, relating to the registration of instruments shall apply to-(a)
any instrument relating to shares in a registered society notwithstanding that the assets of the society consist in whole or in part of immovable property; or
(b) a debenture issued by a registered 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 security afforded by a registered instrument whereby the society has mortgage, 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 the debenture; or
(c) any endorsement upon or transfer of a debenture issued by the society; or
(d) a charge created in favour of a registered society by a member of that society in respect of a produce of his agriculture or his land.