(1) The salaries and allowances payable to, and other terms and conditions of service (including pension, gratuity and other retirement benefits), of the 1[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 1[Chairperson], 2[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 office as the 1[Chairperson], 2[Vice-Chairperson] or other Member.