(3) The emoluments and other terms and conditions of service of the Finance Officer shall be such as may be prescribed by the Executive Council from time to time: Provided that the Finance Officer shall retire on attaining the age of sixty- two years: Provided further that the Finance Officer shall, notwithstanding his attaining the age of sixty- two years, continue in office until his successor is appointed and enters upon his office or until the expiry of a period of one year, whichever is earlier.