Consider the following about Primary Agricultural Credit Societies (PACS):

1. PACS are the ground-level cooperative credit institutions that provide short-term, and medium-term agricultural loans to the farmers for the various agricultural and farming activities.

2. The first Primary agricultural Credit Society (PACS) was formed in the year 1904. 

3. Primary Agricultural Credit Societies confers equal rights to all its members without considering their holding of share and their social standing.

How many of the above statements is/are correct?