law: Chartered Accountants Act, 1949 
  14.  Duration and dissolution of Council
  (1) The duration of any Council constituted under this Act shall
  
  be three years from the date of its first meeting, on the expiry of which it
  
  shall stand dissolved and a new Council constituted in accordance with the
  
  provisions of this Act.
  (2) Notwithstanding the expiration of the duration of a Council
  
  (hereinafter referred to as the former Council), the former Council shall
  
  continue to exercise its functions until a new Council is constituted in
  
  accordance with the provisions of this Act, and on such constitution, the
  
  former Council shall stand dissolved.