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The Pamphlet Collection of Sir Robert Stout: Volume 7

Death or Lunacy of Borrowing Members

Death or Lunacy of Borrowing Members.

39. In case of the death, or insanity, or lunacy of any borrowing member having a share or shares in this Society, and upon the application of the widow, wife, or legal, or other apparent representative of such deceased, lunatic, or insane member, the Board, at their discretion, may allow such widow, wife, or representative to redeem the whole or any portion of the property held by the Society as security for such shares, upon payment of a sum equal to the present value of the future monthly payments duo to the Society on account of such shares, such present value to be estimated according to a more favourable scale than that provided for in Rule 38; and upon such payment bring made, together with all fines and expenses due in respect of such shares, the Board shall direct the Trustees to release the property hold as security for such share or shares, and deliver up the needs relating thereto.