(1) A legislator who is entitled to a retiring allowance under this Act may, at that legislator's option exercisable in accordance with subsection (2), be paid instead of retiring allowance at a rate provided for in section 7, an allowance at a rate of 3/4 of the retiring allowance provided for under section 8 together with a gratuity equal to 121/2 times the amount of the reduction made in the retiring allowance.
(2) The option referred to in subsection (1) shall be exercised by notice in writing to the appropriate Minister within 30 days of the date on which the legislator concerned ceases to be a member or within a further period as the appropriate Minister may allow.