Explanation:

3rd option is correct because President cannot assume to himself the powers vested in the concerned state high court or suspend the provisions of the constitution relating to it. In other words, the constitutional position, powers, status and functions of the concerned state high court remain same even during the President's rule.
1st option is incorrect. Law making function of the State legislature is affected because after President's rule, the Parliament can delegate the power to make laws for the state to the President or to any other authority specified by him in this regard.
2nd option is incorrect. Executive functions of the State Government are taken up by President of India.
4th option is also incorrect. During President's rule, the state executive is dismissed and the state legislature is either suspended or dissolved.