Option 1 states that one Governor can act as Governor of more than one State. This statement is correct. In certain situations, the President of India may appoint the same person as Governor of two or more States.

Option 2 states that the Governor has the power to grant pardons, reprieves, and remission of punishment to persons convicted under the State Law. This statement is correct. The Governor acts as the representative of the President and has the power to grant pardons, reprieves, remission of punishment, and suspension, remission, or commutation of sentences.

Option 3 states that the Governor is appointed by the President on the recommendation of the Chief Minister of the respective State. This statement is incorrect. The Governor is appointed by the President of India, but the recommendation is made by the Union Cabinet, not the Chief Minister of the respective State.

Therefore, the correct answer is option 1, which states that statements 1 and 2 are correct. However, it should be noted that statement 3 is incorrect as the appointment of the Governor does not require the recommendation of the Chief Minister.