Section 49(2) in The Meghalaya Co-operative Societies Act
(2)any debenture issued by any such 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 of any interest therein to trustees upon trust for the benefit of the holder of such debentures ; or
