1. 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 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 Society as security for such shares upon payment of a sum equal to the present value of the future monthly payments due to the Society on account of such shares; and upon such payment being made, together with all fines and expenses due in respect of such page 23 share, 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.