Duration of Corporations

Duration of Corporations.

1. (1) Every Corporation, unless sooner dissolved under any law for the time being in force, shall continue for five years from the date appointed for its first meeting and no longer.
2. (2) No amendment of any law for the time being in force shall have the effect of causing dissolution of a Corporation at any level, which is functioning immediately before such amendment, till the expiration of its duration specified in sub-section (1).
3. (3) An election to constitute a Corporation shall be completed—
   • (a) before the expiry of its duration specified in sub-section (1);
   • (b) before the expiration of a period of six months from the date of its dissolution: Provided that where the remainder of the period for which the dissolved Corporation would have continued is less than six months, it shall not be necessary to hold any election under this sub-section for constituting the Corporation for such period.
4. (4) A Corporation constituted upon the dissolution of a Corporation before the expiration of its duration shall continue only for the remainder of the period for which the dissolved Corporation would have continued under sub-section
5. (1) had it not been so dissolved.