Section 1: Age limit for all statutory corporations pensionable officers, etc.

(1) The retiring age limit for all pensionable officers of statutory corporations shall be sixty years.
(2) It shall be lawful for any relevant authority by an instrument or in the manner prescribed (by the rules of any statutory corporation relating to the conditions of service of its staff) to require any pensionable officer of such corporation under its authority, or in relation to which it is empowered to deal with matters concerning the conditions of service of the staff of such corporation, to retire from the service of the corporation on his attainment of the age of 55 years.
(3) It is hereby declared that if before the commencement of this Act a pensionable officer of a statutory corporation was retired compulsorily on his attainment of the age of 55 years and before his attainment of the age of sixty years without any grounds being specified for the retirement, the officer shall not be deemed to have retired from the service of the corporation nor be treated as having been retired in consequence of the abolition of his office, but shall instead be deemed to have retired from the service of the corporation at the age of sixty years; and accordingly, he shall be entitled to a grant of pension, gratuity, compensation, allowance or other superannuation benefit which shall be determined and calculated in accordance with the scheme provided by the corporation for such grant.
(4) The foregoing provisions of this section shall have effect notwithstanding anything whatsoever to the contrary, particularly anything to the contrary in any enactment, law, regulation, rule, bye-law, order or any other instrument prescribed in relation to the conditions of service of the staff of such corporation or otherwise provided for, and such enactment, law or instrument shall be construed subject as provided under this Act with any necessary modifications.