With reference to the duration of Panchayat, consider the following statements:

1. The tenure of every Panchayat shall be for five years from the date of its first meeting.

2. The panchayat is dissolved in accordance with the procedure defined under the Constitution 73rd Amendment.

3. A Panchayat reconstituted after premature dissolution shall continue only for the remainder of the term.

Which of the statements given above are not correct?