Exemption from compulsory registration for society shares and debenture transfers unless tied to immovable property security. Exemption from compulsory registration covers instruments relating to shares in a registered society even if the society's assets include immovable property; it also covers debentures of the society unless those debentures affect rights in immovable property, except where they entitle holders to security under a registered instrument by which the society has mortgaged or transferred immovable property to trustees for debenture holders; endorsements or transfers of such debentures are similarly exempt.