The salaries of the members of the Council first elected under this Charter shall be three hundred ($300) dollars per year, except the Council President who shall receive seven hundred fifty ($750) dollars per year; provided, however, that the adoption of this amendment shall not be construed as changing the salaries of the present members of  Council. Thereafter the Council may, by ordinance passed in any even numbered year, change the salary of members of the Council thereafter elected. The salary of a member of the Council shall be paid in equal monthly installments.
   For each absence of a member from regular meetings of the Council, unless authorized by a two-thirds vote of all members thereof, there shall be deducted a sum equal to two percent (2%) of the annual salary of each member. Absence from ten (10) consecutive regular meetings shall operate to vacate the seat of a member unless such absence be authorized by the Council. (Amended 11-6-62)