(1) A society and, subject to the rules of the society, a branch may advance to a member of at least three years standing any sum not exceeding 1/2 of the amount of an assurance on his or her life, on the written security of himself or herself and 2 satisfactory sureties for repayment.
(2) The amount so advanced, with all interest thereon, may be deducted from the sum assured, without prejudice in the meantime to the operation of the security.