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 ($10.00) for every month, and major fraction thereof, of active service in the military or naval forces of the United States, 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 any one of the periods as set forth in section two of the act¹ shall be two hundred dollars. No veteran who served less than sixty 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 his separation from service, but no veteran shall be entitled to receive compensation under this act in a sum to exceed two hundred dollars ($200.00).