What happens when a proclamation of national emergency is in operation?

1) The President can issue ordinances on the state subjects also, if the Parliament is not in session.

2) The President can either reduce or cancel the transfer of finances from Centre to the states.

3) The six Fundamental Rights under Article 19 are automatically suspended.

4) However, every such order [in statement (2) and (3)] of the President has to be laid before both the Houses of Parliament.

Select the correct answer using the code given below: