Which one of the following statements is not correct regarding the Office of the Vice President of India?

The Vice President is elected by an electoral college consisting of the elected members of both the Houses of the Parliament.

The Vice President is elected in accordance with the system of proportional representation by means of single transferable vote.

The Vice President shall not be a member of either House of the Parliament or of a House of the Legislature of any State.

The Vice President of India shall be ex officio Chairman of the Council of States and shall not hold any office of profit.