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Any person who hereafter acquires tenure in a key position may, upon reasonable notice, be retired from active service in such position by action of the governing body of the municipality at any time after he has reached the age of seventy years, or prior to that age if he has become so incapacitated as substantially to prevent him from performing the duties of his office. The Committee on Certification of Local Officers shall adopt reasonable regulations for giving notice of intention to retire a key official, for establishing a procedure for determining incapacity and for recalling retired persons to temporary or part-time service in connection with the work of their respective offices. L.1950, c. 211, p. 528, s. 13, eff. June 8, 1950.