To answer this question, let's examine each statement one by one in the context of Community Reserves as per the Wildlife Protection Act, 1972:

1. "The Chief Wildlife Warden of the State becomes the governing authority of such a forest." - This statement is incorrect. The management and maintenance of a Community Reserve fall under a Community Reserve Management Committee defined under the act, not the Chief Wildlife Warden of the State.

2. "Hunting is not allowed in such an area." - This statement is correct. Any form of hunting or poaching, harming biodiversity, capturing, poisoning, and setting traps or snares are prohibited within a Community Reserve.

3. "People of such an area are allowed to collect non-timber forest produce." - This statement is also correct. Community Reserves are typically areas adjacent to National Parks and Wildlife Sanctuaries which are co-managed by local communities and the Forest Department. People of such areas are allowed to sustainably collect non-timber forest produce, but not timber, which loosely translates to any product or natural resource obtained from forests that does not necessitate felling trees.

4. "People of such an area are allowed traditional agricultural practices." - This statement is correct as well. Traditional agricultural practices are allowed in a Community Reserve as long as they do not negatively impact biodiversity conservation.

So, counting out the correct responses, we can reason that three out of four statements are correct.

Therefore, the correct answer is "Only three".