The term of office of the President shall be a period of five years concurrent with the life of Parliament referred to in section 143; or

1. a lesser period where the President earlier dissolves Parliament in terms of section 143; or
2. a longer period where the life of Parliament referred to in section 143 is extended under section 143(2) or (3) in which event the term of office of the President shall terminate on the expiration of such lesser or longer period, as the case may be: Provided that the President shall continue in office until the person elected as President at the next election of President enters office.