Explanation:

The Permanent Court of Arbitration was established in 1899 and is headquartered in the Hague, Netherlands.

• It is an intergovernmental organization dedicated to serve the international community in the field of dispute resolution and to facilitate arbitration and other forms of dispute resolution between States.

It has a three-part organizational structure consisting of

• Administrative Council - to oversee its policies and budgets,
• Members of the Court - a panel of independent potential arbitrators, and
• International Bureau - its Secretariat, headed by the Secretary-General.
• It has a Financial Assistance Fund, which aims at helping developing countries meet part of the costs involved in international arbitration or other means of dispute settlement offered by the PCA.

Hence option 2nd is correct.