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      Consider the following statements in respect of Financial Commission:

1. It is mandatory to appoint a Finance Commission every five years.

2. Finance Commission lays down the principles governing grant-in-aid to states.

3. Finance Minister is the ex-officio Chairperson of the Finance Commission.

4. The award given by the Finance Commission is binding on Central and State governments.

Which of the above statements are correct?

A) 1, 2, 3 and 4  

B)        1, 2 and 4

C) 1, 2 and 3         

D)        1, 3 and 4