Section 49 in Sikkim Co-Operative Societies Act, 1955
49. Exemption from Compulsory Registration and Personal Attendance from Registration of Instrument.
- Nothing in any Act or Rule having the force of law shall apply to :(1)any instrument relating to shares in a registered society, notwithstanding that assets of such society consist in whole or in part of immovable 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 immovable Property except in so far as it entitle 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(3)any endorsement upon or transfer of any debenture issued by any such society;(4)It shall not be necessary for any office bearer of a registered society or liquidator of society to appear' in person or by agent at any registration office in any proceeding connected with the registration of any instrument executed by him in his official capacity or to sign.(5)Where any instrument is so executed, the registering to whom such instrument is presented for registration may, if he thinks fit refer to such office-bearer or liquidator for information regarding the same and on being satisfied of the execution thereof, shall register the instrument.
