Extension or Reduction of Payments.

37. If any member who has obtained a loan from the Society shall be desirous of reducing or extending the term of years for which the loan is made, and shall give notice of such his desire to the Board, and shall pay all fines and subscriptions due and all legal survey and other charges due by him to the Society, it shall be lawful for the Board to reduce or increase the term of years for which the loan is made, with such corresponding increase or reduction of the monthly payment as the case may require, for any period not exceeding twelve years from the time of the application.