Which one of the following statements about ‘Lok Adalat’ is incorrect ?
1. Under the Legal Services Authorities Act of 1987, Lok Adalats have been given a statutory status.
2. Lok Adalats can be constituted of serving or retired judicial persons only.
3. Every award made by the Lok Adalat is final and binding on the parties.
4. The award passed by the Lok Adalat is deemed to be a decree of a civil court.