If the President of India exercises his power as provided under Article 356 of the Constitution in respect of a particular State, then

Article 356 of the Constitution deals with the imposition of President's Rule in a state due to the failure of constitutional machinery. When the President exercises this power, the immediate and most significant consequence regarding the state's legislative powers is that: The powers of the Legislature of that State shall be exercisable by or under the authority of the Parliament. This means that Parliament effectively takes over the legislative functions of the state. The President does not directly make laws; rather, Parliament may confer the power to make laws for the state on the President, or Parliament itself can make such laws. Other options are incorrect: The Assembly of the State is not automatically dissolved; it can be suspended first and then dissolved later by the President. Article 19 (which deals with fundamental freedoms) is suspended during a National Emergency (under Article 352), not specifically during President's Rule (Article 356).