From the date of ratification of this act, the mayor shall, until appointment of a town manager receive a salary of two thousand dollars ($2,000) per year and after appointment of a town manager the mayor shall receive the sum of thirty dollars ($30.00) for each regular and special meeting attended, not to exceed the sum of one thousand two hundred dollars ($1,200) per year. Each commissioner shall from the date of ratification of this act receive the sum of twenty-five dollars ($25.00) for each regular and special meeting attended, not to exceed the sum of one thousand ($1,000) per year. The board of commissioners shall have authority to alter the compensation herein fixed as by general law provided.