With reference to the terms “Sovereign” and “Republic” in the Preamble, consider the following statements:

1. Sovereignty means that India is free to conduct its internal and external affairs without any superior external authority.
2. Membership of the Commonwealth and the United Nations does not, by itself, limit India’s sovereignty.
3. A republic merely requires an elected head of State and does not exclude the existence of a privileged class.
4. A sovereign State may acquire foreign territory or cede part of its territory to another State.

Which of the statements given above are correct?