44. A municipality may, by by-law subject to approval by the Commission municipale du Québec, grant as a retirement indemnity, to any person:
(a) who was a member of the council on 1 January 1972 and later ceased to be so;
(b) who, on such date, was at least sixty years of age;
(c) who had been a member of the council for at least the eight years which preceded the date of his ceasing to hold office, and
(d) who did not benefit, as a member of the council, by any pension plan,
a gratuity equivalent to 10% of the total of the pensionable salary received by such person while he was a member of the council.