What is/are true in reference to the Finance Commission?

(i) There are total 5 members in Commission

(ii) At least one member of Commission must be Judge of High Court or Supreme Court 

(iii) The Chairman of Commission cannot be reappointed

(iv) First Chairman of Commission was K. Santhanam

1
(i), (ii) and (iv)
2
(i), (ii) and (iii)
3
(i) and (iii)
4
Only (i)

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