Final answer:
When chlorine reacts with cold dilute NaOH, it produces sodium chloride and sodium hypochlorite, along with water as a byproduct.
Step-by-step explanation:
The reaction between chlorine and cold dilute NaOH solution does not produce a single product but rather a mixture of sodium chloride (NaCl) and sodium hypochlorite (NaClO). This can be represented by the chemical equation:
Cl2 + 2NaOH → NaCl + NaClO + H2O
From the given options, the correct answer is Option 2: Formation of sodium hypochlorite and water. It is important to note that hydrogen gas is not produced in this reaction. Instead, water is formed along with the sodium compounds.