46. Notwithstanding paragraph g of section 1, the council of a municipality may, by by-law, for the purposes of Divisions VI and VII as well as sections 43, 44, 45 and 49, prescribe that the pensionable salary should be established, with regard to the office, according to the remuneration in force for the members of the council on 1 January 1978 or on the prior date when the participant or the person ceased to be member of the council.
The by-law contemplated in the first paragraph has effect in respect of any redemption, transfer or retirement indemnity derived from the application of this act from or after 1 January 1975 as well as, where that is the case, in respect of any payment of pension or retirement indemnity made under this act from or after 1 January 1975.
The clerk or the secretary-treasurer of the municipality must send to the Commission a copy of the by-law accompanied with a certificate of the date of its coming into force.
A person wishing to avail himself of this section must so notify the Commission within 180 days from the coming into force of the by-law.