Duration of corporation.

(1) The corporation, unless sooner dissolved, shall continue for five years from the date appointed for its first meeting after each ordinary election and no longer and the said period of five years shall operate as a dissolution of the corporation. (2) An election to constitute the corporation shall be completed,— (a) before the expiry of its duration specified in sub-section (1); or (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.