A borrower may repay a loan and all arrears of interest and fines thereon, or one share thereof, at any stated monthly meeting, or at any other time; but when not made at a stated meeting, he shall pay interest up to the first monthly meeting after such payment. He may repay his loan in full, thereby relieving his shares from liability upon the pledge thereof made to the association, or by partial payments in sums of $50, or multiple thereof, and the same shall be endorsed upon his note, or, by a proper notice and direction as to its application, he may have the withdrawal value of any share freed from pledge by part or full payment applied in payment or part payment of his loan.