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<h1>Section 27 exempts certain co-op society shares and debentures from mandatory registration unless involving immovable property rights.</h1> Section 27 of the Co-operative Societies Act, 1912, provides that certain instruments related to shares and debentures of a registered society are exempt from compulsory registration under the Indian Registration Act, 1908. This exemption applies to instruments concerning shares, debentures not affecting immovable property rights, and any endorsements or transfers of such debentures. The provision ensures that these financial instruments can be executed without the need for registration, except when the debentures involve security interests in immovable property through a registered instrument.