Explanation:

Both statements are correct.

• Panchayati Raj Institutions (PRIs) refer to the system of ‘Rural Local Self-Governance’ in India i.e. a system of governance of Rural Areas through the representatives elected by the people. They have been established in all States as the third tier of government, aiming to build democracy at the grassroots level. 

• The minimum age to contest elections and become a member of a Panchayat is 21 years.

• If a Panchayat is prematurely dissolved, the reconstituted Panchayat serves only for the remainder of the term of the original Panchayat, not the full five-year term, as per the provisions of the 73rd Constitutional Amendment Act, 1992. 

Hence option 3rd is correct.