Any institution entitled to a share in consequence of the liquidation or deregistration or assignment under the law relating to insolvency or controlling statute of the estate of the member shall, upon such evidence being produced as may from time to time be required by the directors, have the right either to be registered as a member in respect of the share or, instead of being registered itself, to make such transfer of the share as the deregistered or insolvent institution could have made, but the directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by the deceased or insolvent or debtor who has assigned his or her estate before the death, insolvency or assignment, but nothing herein contained shall release the estate of a deceased joint shareholder from any liability in respect of shares which had been jointly held by it with other institutions.