The Chancellor, Chief Justice and Associate Judges in office at and immediately before the time this amended Article IV of this Constitution becomes effective shall hold their respective offices until the expiration of their terms respectively and shall receive the compensation provided by law. They shall, however, be hereafter designated as follows:
The Chancellor shall continue to be designated as Chancellor;
The Chief Justice shall hereafter be designated as President Judge of the Superior Court and of the Orphans' Court;
The Associate Judges shall hereafter be designated as Associate Judges of the Superior Court and of the Orphans' Court.
The Vice-Chancellor in office at and immediately before the time this amended Article IV of this Constitution becomes effective shall hold his office until the expiration of the period of twelve years from the date of the commission for the office of Vice-Chancellor held by him at the time this amended Article IV of this Constitution becomes effective and shall receive the compensation provided by law. He shall continue to be designated as Vice-Chancellor.