Explanation:

• Recently, the Asiatic Society of Mumbai, which was started by and for white European men in the early 19th century, elected the first woman president in the 215 years of its existence. Prof Vispi Balaporia, visiting faculty at Mumbai’s Jai Hind College, an institution where she was earlier Vice Principal and Head of the Department of English, will head the institution that is a treasure house of remarkable historical artefacts.
• The Asiatic Society of Mumbai forms part of the network of institutions created by the British to generate, systematize and disseminate knowledge of India and East: a vast and cumulative body of information, learning and knowledge which became constituted into the field of Indology. Hence statement 1 is not correct.
• In 1841, the Society started publishing a journal titled Journal of the Bombay Branch of the Royal Asiatic Society (RAS) which continues to be published under the name Journal of the Asiatic Society of Mumbai. That was also the year the Society began admitting Indians as members. In 1954, it became separate from RAS and renamed itself as The Asiatic Society of Bombay and in 2002 "The Asiatic Society of Mumbai."
• The business of the Society is managed by office bearers comprising of a President, 4 Vice Presidents, a Secretary and a Managing Committee of 15 members, all of whom are elected by the General Body. All are honorary posts. The Governor of Maharashtra is the ex officio Chief Patron of the Society.
• In August 1917 Annie Besant was made the President of the Calcutta Session of the Indian National Congress. Hence statement 2 is not correct.