Effect of failure to fix compensation of officer prior to commencement of term

term. Where any public body is required by KRS 64.480 to 64.740 to fix the compensation of an officer, and of his deputies and assistants, for terms commencing after June 30, 1950, not later than the first Monday in May in the year in which such officers are elected, and the body fails to do so, the compensation of the officer, and of his deputies and assistants, shall be the same as for the preceding term.