(1) Before the first election after the coming into operation of this Act, 2 of the members of the Vestry shall go out of office, and thereafter in every succeeding year before the holding of an election.
(2) The 2 members to go out of office under the provisions of the preceding section shall be—
(a) in the case of a newly established Vestry, those who received the smallest number of votes at their election as such members, or in the event of an equality of votes by drawing lots;
(b) in all other cases, the members oldest in office.
(3) Any retiring member of a Vestry shall be eligible for re-election.