(a)   A Compensation Commission is hereby created which shall determine the salaries of the Mayor and the members of Council. The Commission shall consist of five members who are registered electors of the City appointed by the Mayor subject to confirmation by Council. The terms of office shall be five years except that the members first appointed shall each be appointed for one, two, three, four and five years. All first members shall be appointed within thirty days after the effective date of this Charter amendment. Thereafter, members shall be appointed before October 1 of the year of appointment. Vacancies shall be filled for the remainder of the unexpired term. No member or employee of the legislative, judicial or executive branch of any level of government or members of the immediate family of such member or employee shall be eligible to be a member of the Commission.
   (b)   The Commission shall determine the annual salary of the Mayor and the members of Council which determination shall be the annual salaries, unless the legislative body, by resolution adopted by a majority of Council, rejects them. The determination of the Commission shall be binding thirty days following its filing with the Clerk of Council, unless rejected by Council. In the case of rejections, the existing salary shall prevail. All salaries shall go into effect on December 1 of the year in which they are filed.
   (c)   The Commission shall meet in 1975 and every odd numbered year thereafter and shall make their determination of such salaries prior to March 1 of said year.  (Amended 11-5-74)