(1) The salaries and allowance payable to, and other terms and conditions of service (including pension, gratuity and other retirement benefits) of, the Chairperson, Vice-Chairperson and other Members shall be such as may be prescribed.
     (2) Notwithstanding anything contained in sub-section (1), a person who, immediately before the date of assuming office as the Chairperson, Vice-Chairperson or other Member, was in service of Government shall be deemed to have retired from service on the date on which he enters upon as the Chairperson, Vice-Chairperson or other Member, as the case may be.