Explanation:

• The Commonwealth of Nations, generally known as the Commonwealth is a political association of 54 member states, nearly all former territories of the British Empire.
• The current Commonwealth of Nations was formally constituted by the London Declaration in 1949, which modernised the community and established the member states as “free and equal”.
• The Commonwealth comprises 54 countries, across all continents. The members have a combined population of 2.4 billion people, almost a third of the world population, of whom 1.37 billion live in India or 94% live in Asia and Africa combined. Hence statement 2nd is incorrect.