27. Exemption from compulsory registration of instruments relating to shares and debentures of registered society. Nothing in section 17, sub- section
clauses (b) and (c) of the Indian Registration Act, 1908 , (16 of 1908 .) shall apply to--
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
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 immovable property or any interest therein to trustees upon trust for the benefit of the holders of such debentures; or
any endorsement upon or transfer of any debenture issued by any such society.