With reference to Trade Union Act, 1926, which among the following statements is/are correct?

1. It recognised trade unions as legal associations.

2. It laid down conditions for registration and regulation of trade union activities.

3. It secured immunity both civil and criminal for trade unions from prosecution for legitimate activities.

4. It made compulsory the appointment of Courts of Inquiry and Consultation Boards for settling Industrial bodies.

Select the correct answer using the codes given below.