State whether the following statements are True or False with reasons: (3) Where prescribed limitation period expires on 15th August, the suit may be instituted on the next date when Court reopens.

True - As per Section 4 of the Limitation Act, 1963, where the prescribed period for any suit, appeal or application expires on a day when the court is closed, the suit, appeal or application may be instituted, preferred or made on the day when the court reopens.