In case of the death, or insanity, or lunacy of any borrowing member having a share or shares in this Association, and upon the application of the widow, wife, or legal or other apparent representative of such deceased, lunatic, or insane member, the Board of Directors, at their discretion, may allow such widow, wife, or representative to redeem the whole, or any portion, of the property held by the Association as security for such shares, upon payment of a sum equal to the present value of the future monthly payments due to the Association on account of such shares; and, upon such payment being made, together with all fines and expenses due in respect of such shares, the Board of Directors shall direct the Trustees to release the property held as security for such share or shares, and deliver up the deeds relating thereto.