Section 41 in The Manipur Co-operative Societies Act, 1976
41. Exemption from compulsory registration and instruments relating to shares and debentures of society.
- Nothing in Clauses (b) and (c) of sub-section (1) of Section 17 of the Indian Registration Act, 1908 (XVI of 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, assign in, 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 by 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.
