Which one of the following is not correct about the Panchayats as laid down in Part IX of the Constitution of India?

The act provides for a five-year term of office to the panchayat at every level. However, it can be dissolved before the completion of its term.the state legislature shall provide for the reservation of offices of chairperson in the panchayat at the village or any other level for the SCs and STs. The state legislature may make provisions with respect to the maintenance of accounts by the panchayats and the auditing of such accounts.