All officers, British and Hindusthani, serving in the army, navy, marine, or air force at the commencement of this constitution, shall retain all their existing rights as to salaries, allowances or pensions provided they take oath to be loyal to the Federation, or shall receive such compensation for the loss of any of them as the Council of Ministers may consider just and equitable, or as they would have received in like circumstances if the Federation had not been established.