Compensation shall be payable under this act to any veteran a legal resident of this Commonwealth, and shall be computed on the basis of ten dollars ($10) for every month and major fraction thereof of active service within the United States, and fifteen dollars ($15) for every month and major fraction thereof of active service without the United States in the military or naval forces of the United States, or of any of her allies, as shown by the service or other record of the veteran, except that the compensation of a veteran who died in active military service during the period set forth in section two of this act¹ shall be five hundred dollars ($500). No veteran who served less than sixty (60) days active service shall be entitled to receive any compensation under this act. Any veteran who was in active service during the periods specified shall be allowed the per monthly compensation, as designated, until the second day of March, one thousand nine hundred forty-six, but no veteran shall be entitled to receive compensation under this act in a sum to exceed five hundred dollars ($500).