Section 49A in The Assam Co-operative Societies Act, 1949
49A. Exemption from registration of mortgage deeds executed in favour of Co-operative Land Development Bank or Primary Society.
(1)Notwithstanding anything contained in the Indian Registration Act, 1908, it shall not be necessary to register mortgages executed in favour of the Co-operative Land Development Bank or a Primary Society of which the majority of the members are agriculturists, for the purpose of securing the repayment of a loan; provided that he Land Development Bank or the Primary Society concerned sends within such time and in such manner, as may be prescribed, a copy of the instrument whereby immovable property is mortgaged for the purpose of securing repayment of the loan to the registering officer within the local limits of whose jurisdiction the whole or any part of the property mortgaged is situate.(2)On receipt of the copy of the instrument under the preceding sub-section the registering authority shall file a copy or copies, as the case may be, in his Book No. 1 prescribed under Section 51 of the Indian Registration Act, 1908.(3)The mortgages executed in favour of and all other assets transferred to a Co-operative Land Development Bank or a Primary Society of which the majority of members are agriculturists, by the members thereof, as security for repayment of loan, before or after commencement of this Act shall, with effect from the date of such execution or transfer be deemed to have been executed or transferred by such society in favour of or to the financing bank.
