Under the Madhya Pradesh Municipal Corporation Act, 1956, which one of the following statements is not correct about the Municipal Accounts Committee?

1
The committee is compulsorily constituted at 1st meeting of the corporation in each financial year.
2
The committee shall consist of 7 members.
3
The members of the committee are elected by the elected Councillors of the Corporation from amongst themselves.
4
Chairman of the committee is elected within the members of the committee.

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