A simple, safe approach is to make the time-lapse from a sequence of still photos rather than trying to record it directly in-camera.

Basic workflow:

1. Put the camera on a tripod so the framing stays fixed.
2. Take photos at regular intervals for the duration you want. You can do this manually, or use an interval method only if your camera officially supports it.
3. Import the image sequence into video-editing software and export it as a video. Community suggestions mentioned VirtualDub for assembling the frames.

About CHDK: it may offer interval/timelapse features on some Canon PowerShot models, but it is unofficial firmware. Since support for the SX540 HS is uncertain, avoiding it is the safest choice if you want an official route.

So yes, there is a straightforward way: shoot a series of evenly spaced photos, then combine them into a video on your computer.