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12.—(1) In the case of a part-time officer to whom this Part of this Schedule applies, compensation under the said Part for loss of office shall be awarded by way of a lump sum payment which shall not exceed an amount calculated as follows, namely:—
two-fifths of the net emoluments of the office the officer has lost for every completed year of service after the first seven such years and before the officer attains the age of sixty years, but not exceeding a sum equal to twice the net emoluments of the said office, less one-fifth of the said net emoluments for every completed year of service after the officer attains the age of sixty years:
(2) The minimum lump sum payment shall be—
(a)if the officer suffers loss of office after attaining the age of sixty years and before attaining the age of sixty-five years, three-fifths of the net emoluments of the office he has lost;
(b)if the officer suffers loss of office after attaining the age of sixty-five years and before attaining the age of sixty-seven years, two-fifths of the net emoluments of the office he has lost;
(c)if the officer suffers loss of office after attaining the age of sixty-seven years, one-fifth of the net emoluments of the office he has lost.
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