Given below are two statements:

Statement I: Deemed Universities can frame their own guidelines regarding admission and fees and can grant degrees.

Statement II: The Governor of the state is the chancellor of deemed universities.

In light of the above statements, choose the correct answer from the options given below:

1
Both Statement I and Statement II are true. 
2
Both Statement I and Statement II are false.
3
Statement I is true but Statement II is false.
4
Statement I is false but Statement II is true.

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