Duration of Corporation

1. (1) The Corporation, unless sooner dissolved under section

420 of this Act, shall continue for five years from the date appointed for its first meeting.

1. (2) An election to constitute the 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 section for constituting the Corporation for such period.
2. (3) A Corporation constituted upon its dissolution 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 (1) - had it not been so dissolved.