Registration of Mortgages and Leases in Favour of Land Development Banks -

Notwithstanding anything contained in the Registration Act, 1908 (Central Act 16 of 1908), it shall not be necessary to register mortgages or leases executed in favour of the Land Development Banks, provided that the Land Development Bank concerned sends within such time and in such manner as may be prescribed, a copy of the instrument whereby immovable property is mortgaged or let out 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 or let out is situate, and such Registering Officer shall file a copy or copies, as the case may be, in his Book No. 1 prescribed under section 51 of the Registration Act, 1908 (Central Act 16 of 1908)