Duration of the Corporation.

(1) The Corporation, unless sooner dissolved under section 490, shall continue for five years from the date appointed for its first meeting and no longer: (2) An election to constitute the Corporation shall be completed— (i) before the expiry of its duration specified in sub-section (1); (ii) 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.