Given below are two statements:
Statement I: The vice-chancellor of a University is an executive head who is vested with administrative as well as academic responsibilities.
Statement II: For a charismatic leadership attribute in a vice-chancellor both transactional as well as transformational leadership competencies are needed.
In the 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 correct but Statement II is false
4. Statement I is incorrect but Statement II is true