Statement 1 is incorrect: The Election Commission of India is currently a three-member body, consisting of the Chief Election Commissioner and two Election Commissioners. While its composition has varied in the past (single-member or multi-member with different numbers), it is not a five-member body. Statement 2 is incorrect: The Election Commission of India, not the Union Ministry of Home Affairs, is responsible for deciding the election schedule for both general elections and bye-elections. The Ministry of Law and Justice is the nodal ministry for the ECI regarding legislative matters, but the schedule is the ECI's prerogative. Statement 3 is correct: A key function of the Election Commission of India is to settle disputes related to splits and mergers of recognised political parties. This is based on the Election Symbols (Reservation and Allotment) Order.