Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908) shall apply to
(a) any instrument relating to shares in a multi state cooperative society, Delhi notwithstanding that the assets of the society consist in whole or in part of immovable property; or
(b) 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 thereof to the security afforded by a application for multi state cooperative society registration 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
(c) an endorsement upon transfer of any debenture issued by any such cooperative society Subject to the provisions of sub-section (1) and to the claim of any person in whose favor a charge has been created before the date of registration of declaration made under sub-section (1), no land in respect of which such declaration has been made or any part thereof or any interest therein shall be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the society together with interest thereon is paid to the society; and any transaction in contravention of this sub-section shall be void. Provided that if a part of the amount borrowed by a member is paid, the society may on application from the member release from the charge such part of the land or interest therein as it may deem proper having outstanding from the member. Priority of mortgage over certain claims 44. A mortgage executed in favor of a primary agricultural credit cooperative society or the state co-operative Bank shall have priority over any claim of the Government arising from a loan granted subsequent to the execution of the mortgage.