The President may, by Proclamation published in the Gazette, declare that a state of public emergency exists in Sri Lanka or any part thereof, where—

(a) the security of Sri Lanka or any part thereof is threatened by war, external aggression, armed rebellion, or grave acts of terrorism (National Emergency); or

(b) the Government of a Province cannot be carried on in accordance with the provisions of the Constitution (President’s Rule); or

(c) the financial stability or credit of Sri Lanka or any part thereof is threatened (Financial Emergency).