Evaluate the accuracy of the following systemic shifts in legislative and financial power that occur during an active National Emergency:
1. The President acquires the authority to promulgate ordinances regarding State List subjects if the central Parliament is in recess.
2. The President possesses the constitutional power to completely cancel the mandatory transfer of financial revenues from the Centre to the states.
3. The President holds the unilateral executive authority to indefinitely extend the term of the Lok Sabha beyond its standard five-year mandate.