If the President of India exercises his power as provided under Article 356 of the Constitution in respect of a particular state, then Option 2 is correct - The powers of the Legislature of that State shall be exercisable by or under the authority of the Parliament.

Article 356 of the Indian Constitution deals with the provision of the imposition of President`s rule in a state in case of failure of the constitutional machinery of that state. This article empowers the President to take direct control of the state`s administration and governance in case of failure of the state`s constitutional machinery.

When the President of India imposes President`s rule in a state under Article 356, it means that the state`s Governor has reported to the President that there is a situation in which the governance of the state cannot be carried out in accordance with the provisions of the Constitution. This report could be based on various grounds such as the state government`s failure to fulfill its constitutional obligations, breakdown of law and order, or financial instability.

In such a scenario, the President of India takes over the administration of the state, and the powers of the Legislature of that state shall be exercisable by or under the authority of the Parliament. This means that the state legislative assembly is suspended, and the Parliament assumes the power to make laws for the state.

However, it is important to note that the suspension of the state legislative assembly does not result in the automatic dissolution of the assembly. The state legislative assembly can be revived if the President revokes the imposition of President`s rule before the expiry of the six-month period.

Additionally, Article 19 of the Indian Constitution deals with the fundamental right to freedom of speech and expression, and it is not suspended in case of the imposition of President`s rule in a state. Therefore, option 3 is incorrect.

Lastly, while the President can make laws relating to that State, it is only done under the authority of the Parliament and in consultation with the Governor of the State. The President does not have the power to unilaterally make laws for the State. Therefore, option 4 is also incorrect.

In conclusion, when the President of India exercises his power as provided under Article 356 of the Constitution in respect of a particular state, the powers of the Legislature of that State shall be exercisable by or under the authority of the Parliament.