Consider the following statements regarding the duration of Municipalities.

1. Every municipality is given a 5-year term of office under the act. It can, however, be disbanded before the end of its tenure.

2. If the remaining period (for which the dissolved municipality would have lasted) is shorter than six months, no election for creating the new municipality for that period is required.

3. A municipality formed as a result of a municipality's dissolution before the end of its term, is limited to the period for which the dissolved municipality would have lasted if it had not been dissolved.

4. A municipality may not be given an opportunity to be heard before it is dissolved.

Which of the statements given above is/are correct?