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Section 20
Not deemed to be secured
: Notwithstanding anything contained in section 19, the following deposits shall not be deemed to be secured:-
(a) A natural person who is considered an officer of a protected member organization in accordance with the prevailing law relating to companies, an auditor who has been auditing the accounts of a protected member organization for the past three years, a founder of a protected member organization or a shareholder who owns five percent or more of the shares in his or her family's name, deposited in a deposit account Amount of Deposit, Explanation: For the purpose of this section, "family" means husband, wife, son, daughter, adopted son, adopted daughter, father, mother, step-mother and the term "family" means dependent brother, brother, sister and Also refers to sister.
(b) the proceeds of any criminal activity by any person,
(c) Deposits received on or after the date of financial liquidation or liquidation or cancellation of license in accordance with prevailing law.
(a) A natural person who is considered an officer of a protected member organization in accordance with the prevailing law relating to companies, an auditor who has been auditing the accounts of a protected member organization for the past three years, a founder of a protected member organization or a shareholder who owns five percent or more of the shares in his or her family's name, deposited in a deposit account Amount of Deposit, Explanation: For the purpose of this section, "family" means husband, wife, son, daughter, adopted son, adopted daughter, father, mother, step-mother and the term "family" means dependent brother, brother, sister and Also refers to sister.
(b) the proceeds of any criminal activity by any person,
(c) Deposits received on or after the date of financial liquidation or liquidation or cancellation of license in accordance with prevailing law.