Section 20

Section 44 of the principal Act is amended by substituting for subsection (1) the following subsection:

“(1)  Where deposit liabilities of a deposit-taking member

(referred to in this section as the “transferring member”) are transferred to and assumed by a person who is not a deposit-taking member, such deposits, less any withdrawals from the deposits, shall be deemed to be and continue to be insured by the

Corporation up to such limit as prescribed under subsection 42(2), for the remainder of the assessment year, or until maturity or full withdrawal, whichever is earlier, after the date of transfer and assumption.”.