Term of office of and honorarium to President and Vice-President.

(1) The term of office of President or Vice-President shall be five years or the residue of the term of his office as a member whichever is less. (2) An outgoing President and Vice-President shall if otherwise qualified, be eligible for re-election. (3) The President and Vice-President shall be entitled to the payment of such honorarium and allowances for attendance at meeting of the municipality and its committees at such rate as may be prescribed by the State Government from time to time.