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:

Provided that the lump sum payment awarded under this paragraph shall, in the case of an officer to whom sub-paragraph (2) of this paragraph applies, not be less than the minimum set out in the said sub-paragraph unless the determining authority in the exercise of their discretion under paragraph 9 of this Schedule so determine.