Exemption from compulsory registration preserves non registration of multi state co operative shares and specified debentures subject to security exceptions. Section 59 exempts instruments relating to shares in multi State co operative societies from the registration clauses in section 17(1)(b) and (c) of the Registration Act, and exempts debentures and endorsements on transfer of such debentures provided the debentures do not create or affect any right or interest in immovable property, except where the debenture holder is entitled to security under a registered instrument by which the society has mortgaged or transferred immovable property to trustees for debenture holders.