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<SEC-DOCUMENT>0000943663-06-000273.txt : 20060901
<SEC-HEADER>0000943663-06-000273.hdr.sgml : 20060901
<ACCEPTANCE-DATETIME>20060901132156
ACCESSION NUMBER:		0000943663-06-000273
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20060901
DATE AS OF CHANGE:		20060901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN ASIA-PACIFIC INCOME FUND INC
		CENTRAL INDEX KEY:			0000790500
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04611
		FILM NUMBER:		061070959

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		2129688800

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN ASIA PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEN ASIA-PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA PRIME INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>posami.htm
<DESCRIPTION>FORM N-2
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>DECHERT </TITLE>
</HEAD>
<BODY VLINK="#800080">

<FONT SIZE=2><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">As filed
with the Securities and Exchange Commission on September 1, 2006.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">File No. 811-04611</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<U><P ALIGN="RIGHT" style="margin-top: 0; margin-bottom: 0"></P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Washington, D.C. 20549</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</FONT><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">FORM N-2</P>
<FONT SIZE=2><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Registration Statement Under the Investment Company Act of 1940</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Amendment No. 36</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Exact name of Registrant as Specified in Charter)</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">800 Scudders Mill Road</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Plainsboro, NJ 08536</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER">Registrant's telephone number, including Area Code: (800) 522-5465</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Mr. Christian Pittard </P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Aberdeen Asset Management Inc. </P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">1735 Market Street, 37th Floor </P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Philadelphia, PA 19103 </P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Name and Address of Agent for Service) </P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Copies to:</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Sander M. Bieber, Esq.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Dechert LLP</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">1775 I Street, NW</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Washington, DC  20006</P>
<P ALIGN="CENTER"></P>
<P>If any securities being registered on this form will be offered on a delayed
or continuous basis in reliance on Rule 415 under the Securities Act of 1933,
other than securities offered in connection with a dividend reinvestment plan,
check the following box&nbsp; [&nbsp; ]<P>It is proposed that this filing will become effective (check appropriate box)<P>[&nbsp; ] when declared effective pursuant to Section 8(c)</P>

<P>The following boxes should only be included and completed if the registrant is a registered closed-end management investment company or business development company which makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act and is making this filing in accordance with Rule 486 under the Securities Act.</P>

<P>[X] immediately upon filing pursuant to paragraph (b)</P>
</FONT>
<B><P ALIGN="CENTER"></P>
<hr><P ALIGN="left"></P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">PART C</P>
</B><P ALIGN="CENTER"></P>
<P>Registrant's Certificate of Notice dated January 5, 2006, filed herewith as Exhibit (a)(21).</P>

<P>Registrant's Certificate of Notice dated August 14, 2006, filed herewith as Exhibit (a)(22).</P>

<P>Registrant's Bylaws as amended and restated as of June 7, 2006, filed herewith as Exhibit (b).</P>

<P>Registrant's Form of Stock Certificate for Registrant's Common Stock, filed herewith as Exhibit (d)(7)</P>

<P>Registrant's Dividend and Reinvestment Cash Purchase Plan, filed herewith as Exhibit (e).</P>

<P>Registrant's Management Agreement with Aberdeen Asset Management Asia Limited, dated March 8, 2004, filed herewith as Exhibit (g)(1). </P>

<P>Registrant's Investment Advisory Agreement among Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited, dated March 8, 2004, filed herewith as Exhibit (g)(2).</P>

<P>Second Amendment to Custodian Contract between Registrant and State Street Bank and Trust Company, dated as of July 8, 2005, filed herewith as Exhibit (j)(5).</P>

<P>Registrant's Administration Agreement with Aberdeen Asset Management Inc., dated September 30, 2004, filed herewith as Exhibit (k)(18).</P>

<P>Sub-Administration Agreement between Aberdeen Asset Management Inc. and Princeton Administrators, L.P., dated September 30, 2004, filed herewith as Exhibit (k)(19).</P>

<P>Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated July 19, 2004, filed herewith as Exhibit (k)(20).</P>

<P>Amendment to Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated November 10, 2004, filed herewith as Exhibit (k)(21).</P>

<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Manager, filed herewith as Exhibit (m)(1).</P>

<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Adviser, filed herewith as Exhibit (m)(2).</P>

<P>Code of Ethics for Registrant, filed herewith as Exhibit (r)(1).</P>

<P>Code of Ethics for Investment Manager and Investment Adviser, filed herewith as Exhibit (r)(2).</P>

<B><hr><P ALIGN="CENTER">SIGNATURES</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</B><P ALIGN="JUSTIFY">Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Amendment No. 36 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the District of Columbia, on the
1<SUP>st</SUP> day of September, 2006.  </P>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<P>ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<U><P>    *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<P>Martin J. Gilbert </TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<I><P>President and Director</I></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<P ALIGN="RIGHT">By:</TD>
<TD WIDTH="63%" VALIGN="TOP">
<U><P>/s/ Victoria M. Szybillo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<P>Victoria M. Szybillo</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="63%" VALIGN="TOP">
<P>as Attorney-in-Fact for Martin J. Gilbert</TD>
</TR>
</TABLE>


<P>* Pursuant to a power of attorney filed herewith. </P>

<b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">POWER OF ATTORNEY</p>
<p ALIGN="JUSTIFY"></p>
</b>
<p ALIGN="left">KNOW ALL PERSONS BY THESE PRESENTS, that each of the
undersigned constitutes and appoints Sander M. Bieber, David J. Harris, Wendy
Fox, Jennifer O. Epstein and Victoria M. Szybillo and each of them, as his or
her true and lawful attorney-in-fact and agent with full power of substitution
and resubstitution for such attorney-in-fact in such attorney-in-fact's name,
place, and stead, in any and all capacities, to sign any and all registration
statements, exemptive applications, no-action letter requests and other
regulatory filings made applicable to <b>ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</b>
(the &quot;Fund&quot;), and any amendments, exhibits, or supplements thereto, and to file
and/or withdraw the same, with all other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto each said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done, as fully to all intents
and purposes as he or she might or could do in person in his or her capacity as
a Director or Officer of the Fund, hereby ratifying and confirming all that each
said attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">IN WITNESS WHEREOF, the undersigned has duly executed this
Power of Attorney on the date indicated below.</p>
<p ALIGN="JUSTIFY"></p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u><b>
    <p ALIGN="JUSTIFY">Name</b></u></td>
    <td WIDTH="51%" VALIGN="TOP"><u><b>
    <p ALIGN="JUSTIFY">Title</b></u></td>
    <td WIDTH="18%" VALIGN="TOP"><u><b>
    <p ALIGN="JUSTIFY">Date</b></u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Martin J. Gilbert<br>
    </u>Martin J. Gilbert</td>
    <td WIDTH="51%" VALIGN="TOP">President and Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/Christian Pittard<br>
    </u>Christian Pittard</td>
    <td WIDTH="51%" VALIGN="TOP">Assistant Secretary and Principal Financial and
    Accounting Officer</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Anthony E. Aaronson<br>
    </u>Anthony E. Aaronson</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ David L. Elsum<br>
    </u>David L. Elsum</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ P. Gerald Malone<br>
    </u>P. Gerald Malone</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Neville J. Miles<br>
    </u>Neville J. Miles</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ William J. Potter<br>
    </u>Willam J. Potter</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Peter D. Sacks<br>
    </u>Peter D. Sacks</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Anton E. Schrafl<br>
    </u>Anton E. Schrafl</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ John T. Sheehy<br>
    </u>John T. Sheehy</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 8, 2005</u></td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP"><u>/s/ Brian M. Sherman<br>
    </u>Brian M. Sherman</td>
    <td WIDTH="51%" VALIGN="TOP">Director</td>
    <td WIDTH="18%" VALIGN="TOP"><u>June 27, 2005</u></td>
  </tr>
</table>
<p ALIGN="JUSTIFY"></p>


<P>&nbsp;</P>

<hr>

<B><P ALIGN="CENTER">EXHIBIT INDEX</P></B>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=648 height="554">
<TR><TD WIDTH="15%" VALIGN="TOP" height="38">
<U><P>Exhibit</U></TD>
<TD WIDTH="6%" VALIGN="TOP" height="38">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP" height="38">
<U><P>Description</P>
</U><P ALIGN="CENTER"></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" height="19">
<P>(a)(21)</TD>
<TD WIDTH="6%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
<P>Registrant's Certificate of Notice dated January 5, 2006</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" height="19">
<P>(a)(22)</TD>
<TD WIDTH="6%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
<P>Registrant's Certificate of Notice dated August 14, 2006</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=19>
<P>(b)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=19>
<P>Registrant's Bylaws as amended and restated as of June 7, 2006.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=19>
<P>(d)(7)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=19>
<P>Registrant's Form of Stock Certificate for Registrant's Common Stock</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=19>
<P>(e)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=19>
<P>Registrant's Dividend and Reinvestment Cash Purchase Plan.</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(g)(1)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Registrant's Management Agreement with Aberdeen Asset Management Asia Limited, dated March 8, 2004.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(g)(2)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Registrant's Investment Advisory Agreement among Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited, dated March 8, 2004.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(j)(5)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Second Amendment to Custodian Contract between Registrant and State Street Bank and Trust Company, dated as of July 8, 2005.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(k)(18)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Registrant's Administration Agreement with Aberdeen Asset Management Inc., dated September 30, 2004.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=37>
<P>(k)(19)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=37><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=37>
<P>Sub-Administration Agreement between Aberdeen Asset Management Inc. and Princeton Administrators, L.P., dated September 30, 2004.</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(k)(20)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated July 19, 2004.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(k)(21)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Amendment to Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated November 10, 2004.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(m)(1)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Manager.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<P>(m)(2)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=38>
<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Adviser.</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=20>
<P>(r)(1)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=20>
<P>Code of Ethics for Registrant.</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=26>
<P>(r)(2)</TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="79%" VALIGN="TOP" HEIGHT=26>
<P>Code of Ethics for Investment Manager and Investment Adviser.</TD>
</TR>
</TABLE>

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<TYPE>EX-99.2A CHARTER
<SEQUENCE>2
<FILENAME>posamiexa21.htm
<DESCRIPTION>CERTIFICATE OF NOTICE
<TEXT>
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<font SIZE="3">
<p ALIGN="RIGHT">Exhibit (a)(21)</p>
</font><b><u>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER"><a NAME="_DV_M0"></a>ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</p>
<p ALIGN="CENTER"></p>
</u>
<p ALIGN="CENTER">CERTIFICATE OF NOTICE</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY"><u>FIRST</u>: Aberdeen Asia-Pacific Income Fund, Inc., a
Maryland corporation (the &quot;Corporation&quot;), certifies that:</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY"><u>SECOND</u>: There has been a change to facts ascertainable
outside of the charter (the &quot;Charter&quot;) of the Corporation within the meaning of
Section 2-105(b) of the Maryland General Corporation Law (the &quot;MGCL&quot;) relating
to the Auction Market Preferred Stock (&quot;AMPS&quot;). </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY"><u>THIRD</u>: The change to the facts ascertainable outside
of the Charter is as set forth below:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">On December 13, 2005, in light of written confirmation from
Moody's Investors Service and Standard &amp; Poor's that surprise quarterly audits
of the calculation of the AMPS Basic Maintenance Amount (as defined in the
Charter) were no longer required, provided an annual audit as of the last
Valuation Date (as defined in the Charter) of the Corporation's fiscal year end
is performed, the Board of Directors (the &quot;Board&quot;) of the Corporation, in
accordance with its powers under Article SIXTH, Section (1)(b) of the Charter,
determined that the definition of &quot;Quarterly Surprise Valuation Date&quot; in Article
SIXTH, Section 1 of the Corporation's Charter, which currently means &quot;so long as
any shares of AMPS are Outstanding, any Valuation Date during the quarter ended
January, April, July or October of each year&quot; be modified and deemed to reflect
that an annual audit rather than quarterly surprise audits are now required. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Accordingly, &quot;Quarterly Surprise Valuation Date&quot; is now
deemed to mean &quot;so long as any shares of AMPS are Outstanding, (i) any Valuation
Date during the quarter ended January, April, July or October of each year, or
(ii) the last Valuation Date of each fiscal year of the Corporation, provided
that that the Corporation complies with the then current requirements of each
Rating Agency in this regard.&quot; </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">All references to Quarterly Surprise Valuation Date in the
Charter will henceforth be interpreted in accordance with this Board
determination. The terms of the AMPS and the rights of the beneficial owners of
the AMPS are not changed by this Certificate of Notice.</p>
<p ALIGN="CENTER"></p>
</dir>
</dir>
</dir>
</dir>
<u>
<p ALIGN="JUSTIFY">FOURTH</u>: This Certificate of Notice is being filed at the
election of the Corporation pursuant to Section 1-207.1 of the MGCL and is not a
part of the Charter of the Corporation.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY"><a NAME="_DV_M48"></a>IN WITNESS WHEREOF, the Corporation has
caused this Certificate of Notice to be executed in its name and on its behalf
by its President and attested by its Secretary this 5<sup>th</sup> day of
<a NAME="_DV_M49"></a>January, 2006.</p>
<p ALIGN="JUSTIFY"><a NAME="_DV_IPM0"></a></p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638" height="196">
<tr>
<td WIDTH="39%" VALIGN="TOP" height="19"><a NAME="_DV_M50"></a>ATTEST:</td>
<td WIDTH="61%" VALIGN="TOP" height="19">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</td>
</tr>
<tr>
<td WIDTH="39%" VALIGN="TOP" height="19">&nbsp;</td>
<td WIDTH="61%" VALIGN="TOP" height="19">&nbsp;</td>
</tr>
<tr>
<td WIDTH="39%" VALIGN="TOP" height="17"></td>
<td WIDTH="61%" VALIGN="TOP" height="17"></td>
</tr>
<tr>
<td WIDTH="39%" VALIGN="TOP" height="19"><u>/s/ Alan R. Goodson</u></td>
<td WIDTH="61%" VALIGN="TOP" height="19">By: <u>/s/ Martin J. Gilbert</u></td>
</tr>
<tr>
<td WIDTH="39%" VALIGN="TOP" height="19">Alan R. Goodson</td>
<td WIDTH="61%" VALIGN="TOP" height="19">
<p ALIGN="JUSTIFY">Martin J. Gilbert</td>
</tr>
<tr>
<td WIDTH="39%" VALIGN="TOP" height="19">Secretary</td>
<td WIDTH="61%" VALIGN="TOP" height="19">President</td>
</tr>
</table>
<p ALIGN="JUSTIFY"></p>
<font SIZE="1">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>12207492.4</font> </p>

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<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>3
<FILENAME>posamiexa22.htm
<DESCRIPTION>CERTIFICATE OF NOTICE
<TEXT>
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<FONT SIZE=3><P ALIGN="RIGHT">Exhibit (a)(22)</P>
<P ALIGN="RIGHT"></P>
<B><U><P ALIGN="CENTER"><A NAME="_DV_M0"></A>ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</P>
<P ALIGN="CENTER"></P>
</U><P ALIGN="CENTER">CERTIFICATE OF NOTICE</P>
</B><P ALIGN="JUSTIFY"></P>
<P>&#9;&#9;<U>FIRST</U>:  Aberdeen Asia-Pacific Income Fund, Inc., a Maryland corporation (the "Corporation"), certifies that:</P>

<P>&#9;&#9;<U>SECOND</U>:  There has been a change to facts ascertainable outside of the charter (the "Charter") of the Corporation within the meaning of Section 2-105(b) of the Maryland General Corporation Law (the "MGCL") relating to the Auction Market Preferred Stock ("AMPS").</P>

<P>&#9;&#9;<U>THIRD</U>:  The change to the facts ascertainable outside of the Charter is as set forth below:  </P>
<DIR>
<DIR>

<P>&#9;On June 7, 2006, the Board of Directors of the Corporation determined, in accordance with its powers under Article SIXTH, Section 1(b) of the Charter, that it is in the best interests of the Corporation to modify certain of the definitions contained in Article SIXTH, Section 1(a) of the Charter in order to clarify the meanings of those terms and to reflect changes to the identities of the Fund's service providers or the way particular service providers are described.  Accordingly:  </P>
<P ALIGN="JUSTIFY"></P>
<P>&#9;1.&#9;The terms listed below shall now be deemed to have the definitions set forth below in their entirety: </P>
<DIR>
<DIR>

<P>&#9;"'AA' Composite Commercial Paper Rate," on any Valuation Date, means (i) the Interest Equivalent of the rate on commercial paper placed on behalf of issuers whose corporate bonds are rated "AA" by S&amp;P or "Aa" by Moody's, or the equivalent of such rating by another nationally recognized rating agency or any Substitute Rating Agency, as such rate is made available on a discount basis or otherwise by the Federal Reserve Bank of New York for the Business Day immediately preceding such date, or (ii) in the event that the Federal Reserve Bank of New York does not make available such a rate, then the arithmetic average of the Interest Equivalent of the rate on commercial paper placed on behalf of such issuers, as quoted to the Auction Agent on a discount basis or otherwise by the Commercial Paper Dealers for the close of business on the Business Day immediately preceding such date.  If any Commercial Paper Dealer does not quote a rate required to determine the "AA" Composite Commercial Paper Rate, the "A
A" Composite Commercial Paper Rate will be determined on the basis of the quotation or quotations furnished by any Substitute Commercial Paper Dealer or Substitute Commercial Paper Dealers selected by the Corporation to provide such rate or rates not being supplied by the Commercial Paper Dealer. If the number of Dividend Period Days shall be (i) 7 or more but fewer than 49 days, such rate shall be the Interest Equivalent on the 30-day rate on such commercial paper; (ii) 49 or more but fewer than 70 days, such rate shall be the Interest Equivalent of the 60-day rate on such commercial paper; (iii) 70 or more days but fewer than 85 days, such rate shall be the arithmetic average of the Interest Equivalent on the 60-day and 90-day rates on such commercial paper; (iv) 85 or more days but fewer than 99 days, such rate shall be the Interest Equivalent of the 90-day rate on such commercial paper; (v) 99 or more days but fewer then 120 days, such rate shall be the arithmetic average of the Interest Equivalent of th
e 90-day and 120-day rates on such commercial paper; (vi) 120 or more days but fewer than 141 days, such rate shall be the Interest Equivalent of the 120-day rate on such commercial paper; (vii) 141 or more days but fewer than 162 days, such rate shall be the arithmetic average of the Interest Equivalent of the 120-day and 180-day rates on such commercial paper; and (viii) 162 or more days but fewer than 183 days, such rate shall be the Interest Equivalent of the 180-day rate on such commercial paper.</P>
<P ALIGN="JUSTIFY"></P>
<P>&#9;"Administrator" shall mean Aberdeen Asset Management Inc. or any successor administrator to the Corporation who acts in such capacity.</P>

<P>&#9;"AMPS Basic Maintenance Amount" means, as of any Valuation Date, the dollar amount equal to the sum of (i) the product of the number of shares of AMPS Outstanding on such Valuation Date multiplied by the sum of (A) $25,000 and (B) any applicable redemption premium attributable to the designation of a Premium Call Period; (ii) the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each share of AMPS Outstanding, in each case, to (but not including) the end of the current Dividend Period that follows such Valuation Date; (iii) the aggregate Projected Dividend Amount; (iv) the aggregate principal amount of any then-outstanding indebtedness of the Corporation for money borrowed; (v) the amount of anticipated expenses of the Corporation for the 90 days subsequent to such Valuation Date; (vi) the aggregate amount of termination values (equivalent to the present value of future cash flows over the remaining life of the contract) or each AMPS Interest Rate Sw
ap then in effect; and (vii) the greater of $50,000 or the Corporation's current liabilities as of such Valuation Date not otherwise reflected in any of (i) through (vi) above.</P>
<P ALIGN="JUSTIFY"></P>
</FONT><P>&#9;<FONT SIZE=3>"AMPS Basic Maintenance Report" means a report executed by the Corporation with respect to the valuation (in U.S. dollars) of the Eligible Portfolio Property, as described in paragraph 7(b) of this Article Sixth;
<u>provided</u>, that all or any portion of any such report may be prepared by the Custodian, Aberdeen Asset Management Limited, the Administrator and/or Aberdeen Asset Management Asia Limited;
<u>provided</u> <u>further</u> that such AMPS Basic Maintenance Report may be delivered to the Auction Agent and the Rating Agencies in summary form, however, the Corporation shall retain a copy of the full AMPS Basic Maintenance Report in its files and make such report available to its Independent Accountants and the Rating Agencies upon their request.</P>

<P>&#9;"AMPS Interest Rate Swap" means a contractual agreement whereby the Corporation contracts with an Eligible AMPS Interest Rate Swap Counterparty to engage, for a period of time not to exceed five years, in an interest rate swap with a notional value of up to 100% of the value of the aggregate liquidation preference of all of the AMPS (in any and all series) Outstanding at the time the interest rate swap commences.  The Corporation may not enter into an AMPS Interest Rate Swap if, once the transaction has been consummated, the total of all outstanding AMPS Interest Rate Swaps have a notional value of more than 100% of the aggregate liquidation preference of all of the AMPS (in any and all series) then Outstanding.  If the Corporation fails to maintain the AMPS Basic Maintenance Amount (as required by paragraph 7 hereof) as of each Valuation Date, and will not be able to cure such failure by the AMPS Basic Maintenance Cure Date, the Corporation must terminate any then-outstanding AMPS Interest Rate Swaps
 by the close of business on the AMPS Basic Maintenance Cure Date.  If any of the shares of AMPS are redeemed by the Corporation for any reason other than the failure to maintain the AMPS Basic Maintenance Amount, the Corporation must terminate a portion of the then outstanding AMPS Interest Rate Swaps in the amount necessary to assure that the total of all outstanding AMPS Interest Rate Swaps have a notional value of not more than 100% of the aggregate liquidation preference of all of the AMPS (in any and all series) Outstanding following the redemption of AMPS.  Assets segregated or earmarked by the Corporation to cover the AMPS Interest Rate Swaps may not be included in the determination of Eligible Portfolio Property.</P>

<P>&#9;"Eligible AMPS Interest Rate Swap Counterparty" means (i) with respect to S&amp;P, a counterparty with at least an A- long-term rating from S&amp;P, provided, however, that any counterparty with a long-term rating from S&amp;P of A or below must also have a short-term rating from S&amp;P of at least A-1; and further provided that a counterparty shall be deemed to have any higher long-term or short-term rating(s) assigned by S&amp;P to any guarantor(s) of the counterparty's obligations under a swap agreement; and (ii) with respect to Moody's, a counterparty with at least an A3 long-term rating from Moody's. In the event that an Eligible AMPS Interest Rate Swap Counterparty's ratings are downgraded below the respective levels set forth in the previous sentence, the counterparty will cease to be an Eligible AMPS Interest Rate Swap Counterparty and the counterparty must be replaced promptly. In the event that an Eligible AMPS Interest Rate Swap Counterparty terminates a swap early for reasons related to i
ts rating status (other than a downgrade), the counterparty will cease to be an Eligible AMPS Interest Rate Swap Counterparty and the counterparty must be replaced promptly. </P>

<P>&#9;"Eligible Portfolio Property" means Australian Bank Bills, Australian Currency, Australian Convertible or Exchangeable Eurobonds, Australian Eurobonds, Australian Government Securities, Australian Semi-Government Securities, Cash, New Zealand Government Securities, U.S. Government Obligations, Repurchase Agreements, Brady Bonds, Asian Yankee Bonds, AMPS Interest Rate Swaps (to the extent they are "in the money"), Short Term Money Market Instruments, FNMA Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, and GNMA Graduated Payment Securities and, if the calculation is being made for S&amp;P, Australian Corporate Bonds;
<u>provided</u>, (i) if the determination is being made by Moody's, (x) that no more than 20% in the aggregate of the total Discounted Value of Eligible Portfolio Property shall consist of Australian Government and/or Australian Semi-Government Securities with a current outstanding issue size less than A$150,000,000 and/or New Zealand Government Securities with a current outstanding issue size less than NZ$150,000,000; and (y) not more than 10% in the aggregate of the total Discounted Value of Eligible Portfolio Property shall consist of Australian Semi-Government Securities described under item 12 of such definition and (ii) if the determination is being made for S&amp;P, (x) that no Australian Government Securities or Australian Semi-Government Securities contained in Eligible Portfolio Property shall have a current outstanding issue size less than A$10,000,000 (as determined on each Quarterly Surprise Valuation Date); (y) that no New Zealand Government Securities contained in Eligible Portfolio Property s
hall have a current outstanding issue size less than NZ$10,000,000 (as determined on each Quarterly Surprise Valuation Date); and (z) that not more than 10% in the aggregate of the total Discounted Value of the Eligible Portfolio Property shall consist of Australian Semi-Government Securities issued by any single issuer (except that in the case of New South Wales Treasury Corporation, such percentage shall be 25%) and that not more than 20% in the aggregate of the total Market Value of the Eligible Portfolio Property shall consist of Australian Semi-Government Securities guaranteed by any single state (except that in the case of each of Victoria and New South Wales, such percentage shall be 25%). Notwithstanding the above, no asset that is then segregated to cover an AMPS Interest Rate Swap may be deemed to be Eligible Portfolio Property. The Board of Directors shall have the authority to specify from time to time other assets as Eligible Portfolio Property if the Rating Agencies advise the Corporation in wr
iting that the specification will not adversely affect their respective then-current ratings of the AMPS; it being understood that the components of Eligible Portfolio Property may differ between or among the Rating Agencies. </P>

<P>&#9;"Independent Accountant" means a nationally recognized accountant, or firm of accountants, that is, with respect to the Corporation, an independent registered public accountant or firm of independent registered public accountants under the Securities Act of 1933, as amended.</P>

<P>&#9;"Investment Manager" means Aberdeen Asset Management Asia Limited or any successor manager to the Corporation who acts in such capacity in conformance with Section 15 of the Investment Company Act.</P>

<P>&#9;"Moody's" means Moody's Investors Service, Inc. or its successors. Any specific references to Moody's or requirements imposed by Moody's shall only apply for so long as Moody's provides a rating with respect to the AMPS.</P>

<P>&#9;"Non-Payment Period Rate" means, initially, 300% of the applicable Reference Rate provided that the Board of Directors of the Corporation shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors of the Corporation determines and the Rating Agencies then rating the AMPS advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the AMPS. </P>

<P>&#9;"Pricing Service" shall mean any of FT Interactive, Reuters Information Services, Inc., Telerate Systems, Inc., Bloomberg L.P. or any other pricing service designated by the Board of Directors of the Corporation provided the Corporation obtains written assurance from the Rating Agencies then rating the AMPS that such designation will not impair the rating then assigned by the respective Rating Agency to the AMPS. </P>

<P>&#9;"Rating" means a rating assigned by a Rating Agency to a particular security or to a particular issuer;
<u>provided</u>, <u>however</u>, in the case of S&amp;P, a particular unrated security will be deemed to have received the rating S&amp;P has assigned to a rated debt security if S&amp;P shall have received a letter from the President, Vice President, or Treasurer of the Corporation certifying that the unrated issue is identical to the rated issue in respect of (i) its terms, (ii) its ranking, (iii) its issuer and (iv) guarantees and any other support mechanisms provided by the issuer or any third party to enhance the credit of the rated security. </P>

<P>&#9;"Rating Agency" or "Rating Agencies" means Moody's and S&amp;P or any Successor Rating Agency so long as such rating agency is then rating the AMPS. </P>

<P>&#9;"S&amp;P" means Standard &amp; Poor's Rating Group or its successors. Any specific references to S&amp;P or requirements imposed by S&amp;P shall only apply for so long as S&amp;P provides a rating with respect to the AMPS. </P>

<P>&#9;"Short Term Money Market Instruments" means the following kinds of instruments, if on the date of purchase or other acquisition by the Corporation of such instrument the remaining term to maturity thereof is not more than 30 days: </P>

<P>&#9;&#9;(a)  demand deposits in, certificates of deposit of, (in the case of S&amp;P only) bankers' acceptances issued by, and standby letters of credit or other similar instruments issued by, any depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation ("FDIC") or the Savings Association Insurance Fund, administered by the FDIC,
<u>provided</u> <u>that</u>, at the time of the Corporation's investment therein, the commercial paper or other unsecured short term debt obligations of such depository institution are rated Prime-1 by Moody's and A-1+ by S&amp;P and are issued by institutions whose long term debt obligations are rated at least A2 by Moody's; and </P>

<P>&#9;&#9;(b)  commercial paper rated at the time of the Corporation's investment therein Prime-1 by Moody's and A-1+ by S&amp;P and issued by institutions whose long term debt obligations are rated at least A-2 by Moody's;
<u>provided</u>, <u>however</u>, that in the case of Moody's such commercial paper must have a maturity of 270 days or less.</P>
</DIR>
</DIR>

<P>&#9;2.&#9;The following row (and related footnote) shall now be deemed to be included in the definition of "Discount Factor:"</P>
</DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE CELLSPACING=0 BORDER=1 CELLPADDING=7 WIDTH=520 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD VALIGN="TOP" COLSPAN=4 HEIGHT=16>
<FONT SIZE=3>
<B><P>AMPS Interest Rate Swaps:</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=3><P>&lt;= 100% liquidation value of outstanding AMPS</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=3><P>&lt;= 5 years</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=3><P ALIGN="CENTER">(13)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=3><P ALIGN="CENTER">1.0526(14)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P>(13)   With respect to Moody's, the discount factors below will be applied based on the current rating of the Eligible AMPS Interest Rate Swap Counterparty and the remaining term of the AMPS Interest Rate Swap, in each case to the extent the AMPS Interest Rate Swap is "in the money" based on the then-current marked to market valuation of the AMPS Interest Rate Swap provided by the Eligible AMPS Interest Rate Swap Counterparty.</P>
<B><P ALIGN="JUSTIFY"></P></B></FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE CELLSPACING=0 BORDER=1 CELLPADDING=7 WIDTH=440 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2>
<B><P>Term to Maturity</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2>
<B><P ALIGN="CENTER">Aaa</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2>
<B><P ALIGN="CENTER">Aa</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2>
<B><P ALIGN="CENTER">A</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="JUSTIFY">1 year or less</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER">1.09</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER">1.12</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER">1.15</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">1-2 years</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.15</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.18</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.22</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">2-3 years</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.20</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.23</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.27</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">3-4 years</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.26</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.29</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.33</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">4-5 years</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.32</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.35</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1.39</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>

<P>&#9;To the extent that the AMPS Interest Rate Swap is "out of the money," 100% of the Market Value of the AMPS Interest Rate Swap will be deemed a current liability of the Corporation for purposes of calculating the AMPS Basic Maintenance Amount and will not be included in Eligible Portfolio Property.  If the AMPS Interest Rate Swap pays interest in other than U.S. dollars the applicable Moody's currency conversion rate must also be applied.</P>
</FONT><FONT SIZE=3></DIR>

<P>All references to the defined terms identified above in the Charter will henceforth be interpreted in accordance with this Board determination.  The terms of the AMPS and the rights of the beneficial owners of the AMPS are not changed by this Certificate of Notice.</P>
<U></DIR>
</DIR>

<P>FOURTH</U>:&#9;This Certificate of Notice is being filed at the election of the Corporation pursuant to Section 1-207.1 of the MGCL.</P>

<P><A NAME="_DV_M48"></A>&#9;&#9;IN WITNESS WHEREOF, the Corporation has caused this Certificate of Notice to be executed in its name and on its behalf by its Vice President and attested by its Secretary and Assistant Treasurer this 14<SUP>th</SUP> day of <A NAME="_DV_M49"></A>August, 2006.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_IPM0"></A></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P><A NAME="_DV_M50"></A>ATTEST:</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<U><FONT SIZE=3><P>/s/ Alan Goodson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>By:&#9;<U>/s/ Beverley Hendry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P>Alan Goodson</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">&#9;Beverley Hendry</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P>Secretary and Assistant Treasurer</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>&#9;Vice President</FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99.2B BYLAWS
<SEQUENCE>4
<FILENAME>posamiexb.htm
<DESCRIPTION>BYLAWS
<TEXT>
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<p ALIGN="RIGHT">Exhibit (b)</p>
<b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">&nbsp;</p>
</b>
<p ALIGN="CENTER">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</p>
<p ALIGN="CENTER">A Maryland Corporation</p>
<p ALIGN="CENTER">BYLAWS</p>
<p ALIGN="CENTER">Amended and Restated</p>
<p ALIGN="CENTER">as of June 7, 2006</p>
<b>
<p ALIGN="CENTER"><a NAME="mpTableOfContents">TABLE OF CONTENTS</p>
</a></b><a NAME="mpTableOfContents"><b>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Page</p>
</b>
<p>ARTICLE I NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</p>
<p>Section 1. Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</p>
<p>Section 2. Principal Offices&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</p>
<p>Section 3. Seal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</p>
<p>ARTICLE II STOCKHOLDERS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</p>
<p>Section 1. Place of Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</p>
<p>Section 2. Annual Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</p>
<p>Section 3. Special Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</p>
<p>Section 4. Notice of Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3</p>
<p>Section 5. Quorum; Adjournment of Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3</p>
<p>Section 6. Voting and Inspector&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4</p>
<p>Section 7. Stockholders Entitled to Vote&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5</p>
<p>Section 8. Validity of Proxies, Ballots&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5</p>
<p>Section 9. Conduct of Stockholders' Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</p>
<p>Section 10. Action Without a Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</p>
<p>Section 11. Stockholder Proposals.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</p>
<p>ARTICLE III BOARD OF DIRECTORS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9</p>
<p>Section 1. Powers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9</p>
<p>Section 2. Number; Terms; Qualifications&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10</p>
<p>Section 3. Election&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14</p>
<p>Section 4. Vacancies and Newly Created Directorships.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14</p>
<p>Section 5. Removal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15</p>
<p>Section 6. Place of Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15</p>
<p>Section 7. Annual and Regular Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
16</p>
<p>Section 8. Special Meetings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
16</p>
<p>Section 9. Waiver of Notice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
17</p>
<p>Section 10. Quorum and Voting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
17</p>
<p>Section 11. Action Without a Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
17</p>
<p>Section 12. Compensation of Directors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18</p>
<p>Section 13. Authorization for Independent Directors to Retain Employees and
Advisers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18</p>
<p>ARTICLE IV COMMITTEES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18</p>
<p>Section 1. Organization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18</p>
<p>Section 2. Proceedings and Quorum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19</p>
<p>ARTICLE V OFFICERS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19</p>
<p>Section 1. General&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19</p>
<p>Section 2. Election, Tenure and Qualifications&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19</p>
<p>Section 3. Removal and Resignation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20</p>
<p>Section 4. President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20</p>
<p>Section 5. Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20</p>
<p>Section 6. Treasurer and Assistant Treasurers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21</p>
<p>Section 7. Secretary and Assistant Secretaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21</p>
<p>Section 8. Subordinate Officers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22</p>
<p>Section 9. Remuneration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22</p>
<p>Section 10. Surety Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22</p>
<p>ARTICLE VI CAPITAL STOCK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23</p>
<p>Section 1. Certificates of Stock&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23</p>
<p>Section 2. Transfer of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23</p>
<p>Section 3. Stock Ledgers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23</p>
<p>Section 4. Transfer Agents and Registrars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24</p>
<p>Section 5. Fixing of Record Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24</p>
<p>Section 6. Lost, Stolen or Destroyed Certificates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</p>
<p>ARTICLE VII FISCAL YEAR AND ACCOUNTANT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</p>
<p>Section 1. Fiscal Year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</p>
<p>Section 2. Accountant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</p>
<p>ARTICLE VIII CUSTODY OF SECURITIES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26</p>
<p>Section 1. Employment of a Custodian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26</p>
<p>Section 2. Termination of Custodian Agreement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26</p>
<p>ARTICLE IX INDEMNIFICATION AND ADVANCEMENT OF EXPENSES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
27</p>
<p>Section 1. Indemnification of Directors and Officers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
27</p>
<p>Section 2. Advances&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
27</p>
<p>Section 3. Procedure&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
28</p>
<p>Section 4. Indemnification of Employees and Agents&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29</p>
<p>Section 5. Other Rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29</p>
<p>Section 6. Amendments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29</p>
<p>Section 7. Insurance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29</p>
<p>ARTICLE X AMENDMENTS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
30</p>
<p>Section 1. General&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
30</p>
</a>
<p>&nbsp;</p>
<b>
<p ALIGN="CENTER">BYLAWS</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">OF</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">(A MARYLAND CORPORATION)</p>
</b></font>
<p ALIGN="CENTER"></p>
<b><u><font SIZE="2">
<p ALIGN="CENTER"><a NAME="_Toc94514621">ARTICLE I</p>
<p ALIGN="CENTER"></p>
</u>
<p ALIGN="CENTER">NAME OF CORPORATION, LOCATION OF</p>
<u>
<p ALIGN="CENTER">OFFICES AND SEAL</a></p>
</b></u><b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514622">Section 1.</u> <u>Name</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The name of the Corporation is
Aberdeen Asia-Pacific Income Fund, Inc.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514623">Section 2.</b></u> <b><u>Principal
Offices</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The
principal office of the Corporation in the State of Maryland shall be located in
Baltimore, Maryland. The Corporation may, in addition, establish and maintain
such other offices and places of business as the Board of Directors may, from
time to time, determine.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514624">Section 3.</b></u> <b><u>Seal</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The corporate seal of the
Corporation shall be circular in form and shall bear the name of the
Corporation, the year of its incorporation, and the word &quot;Maryland.&quot; The form of
the seal shall be subject to alteration by the Board of Directors and the seal
may be used by causing it or a facsimile to be impressed or affixed or printed
or otherwise reproduced. Any officer or Director of the Corporation shall have
authority to affix the corporate seal of the Corporation to any document
requiring the same.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514625">ARTICLE II</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">STOCKHOLDERS</a></p>
</b></u>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514626">Section 1.</b></u> <b><u>Place of
Meeting</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">All
meetings of the stockholders shall be held at the principal office of the
Corporation in the State of Maryland or at such other place within the United
States as may from time to time be designated by the Board of Directors and
stated in the notice of such meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514627">Section 2.</b></u> <b><u>Annual
Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">An
annual meeting of stockholders for election of Directors and the transaction of
such other business as may properly come before the meeting shall be held at
such time and place within the United States as the Board of Directors, or any
duly constituted committee of the Board, shall select between March 6 and April
5.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514628">Section 3.</b></u> <b><u>Special
Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
Special meetings of stockholders may be called at any time by the President or a
majority of the Board of Directors and shall be held at such time and place as
may be stated in the notice of the meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Special meetings of the stockholders shall be called by the
Secretary upon receipt of the written request of the holders of shares entitled
to not less than a majority of all the votes entitled to be cast at such
meeting, provided that (1) the information specified in Article II, Section 11
is given; and (2) the stockholders requesting such meeting shall have paid to
the Corporation the reasonably estimated cost of preparing and mailing the
notice thereof, which the Secretary shall determine and specify to such
stockholders. No special meeting shall be called upon the request of
stockholders to consider any matter which is substantially the same as a matter
voted upon at any special meeting of the stockholders held during the preceding
12 months, unless requested by the holders of a majority of all shares entitled
to be voted at such meeting.</p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514629">Section 4.</b></u> <b><u>Notice of
Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
The Secretary shall cause written or printed notice of the place, date and hour,
and, in the case of a special meeting, the purpose or purposes for which the
meeting is called, to be given, not less than 10 and not more than 90 days
before the date of the meeting, to each stockholder entitled to vote at, or
entitled to notice of, such meeting by leaving the same with such stockholder or
at such stockholder's residence or usual place of business or by mailing it,
postage prepaid, and addressed to such stockholder at his address as it appears
on the records of the Corporation at the time of such mailing, or by
transmitting it to the stockholder by electronic mail to any electronic mail
address of the stockholder or by any other electronic means. If mailed, notice
shall be deemed to be given when deposited in the United States mail addressed
to the stockholder as aforesaid. Notice of any stockholders' meeting need not be
given to any stockholder who shall sign a written waiver of such notice either
before or after the time of such meeting, which waiver shall be filed with the
records of such meeting, or to any stockholder who is present at such meeting in
person or by proxy. Notice of adjournment of a stockholders' meeting to another
time or place need not be given if such time and place are announced at the
meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514630">Section 5.</b></u> <b><u>Quorum;
Adjournment of Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The presence at any stockholders' meeting, in person or by proxy,
of stockholders entitled to cast a majority of all votes entitled to be cast
constitutes a quorum for the transaction of business. In the absence of a
quorum, (a) the chairman of the meeting or (b) the stockholders entitled to vote
at such meeting, present in person or by proxy, by a vote of a majority of the
votes validly cast, may adjourn the meeting from time to time to a date not more
than 120 days after the original record date without notice other than
announcement at the meeting. Any business that might have been transacted at the
meeting originally called may be transacted at any such adjourned meeting at
which a quorum is present.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514631">Section 6.</b></u> <b><u>Voting and
Inspector</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
Unless otherwise provided by the Charter, at each stockholders' meeting, each
stockholder entitled to vote thereat shall be entitled to one vote for each
share of stock of the Corporation validly issued and outstanding and standing in
his name on the books of the Corporation on the record date fixed in accordance
with Section 5 of Article VI hereof (and each stockholder of record holding
fractional shares, if any, shall have proportionate voting rights). Stockholders
may vote their shares owned of record either in person or by proxy appointed by
instrument in writing subscribed by such stockholder or his duly authorized
attorney. Except as otherwise specifically provided in the Charter or these
bylaws or as required by provisions of the Investment Company Act of 1940, as
amended from time to time (&quot;1940 Act&quot;), all matters shall be decided by a vote
of the majority of all votes validly cast at a meeting at which a quorum is
present. The vote upon any question shall be by ballot whenever requested by any
person entitled to vote, but, unless such a request is made, voting may be
conducted in any way approved by the meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">At any election of Directors, the Chairman of the meeting
may, and upon the request of the holders of ten percent (10%) of the stock
entitled to vote at such election shall, appoint one inspector of election who
shall first subscribe an oath or affirmation to execute faithfully the duties of
inspector at such election with strict impartiality and according to the best of
his ability, and shall after the election make a certificate of the result of
the vote taken. No candidate for the office of Director shall be appointed such
Inspector.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514632">Section 7.</b></u> <b><u>Stockholders
Entitled to Vote</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">If the Board of Directors sets a record date for the
determination of stockholders entitled to notice of or to vote at any
stockholders' meeting in accordance with Section 5 of Article VI hereof, each
stockholder of the Corporation shall be entitled to vote, in person or by proxy,
each share of stock standing in his name on the books of the Corporation on such
record date. If no record date has been fixed, the record date for the
determination of stockholders entitled to notice of or to vote at a meeting of
stockholders shall be the later of the close of business on the day on which
notice of the meeting is mailed or the thirtieth day before the meeting, or, if
notice is waived by all stockholders, at the close of business on the tenth day
next preceding the day on which the meeting is held.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514633">Section 8.</b></u> <b><u>Validity of
Proxies, Ballots</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The right to vote by proxy shall exist only if the instrument
authorizing such proxy to act shall have been signed by the stockholder or by
his duly authorized attorney. Unless a proxy provides otherwise, it shall not be
valid more than eleven months after its date. At every meeting of the
stockholders, all proxies shall be received and taken in charge of and all
ballots shall be received and canvassed by the Secretary of the Corporation or
the person acting as Secretary of the meeting before being voted, who shall
decide all questions touching the qualification of voters, the validity of the
proxies and the acceptance or rejection of votes, unless an inspector of
election has been appointed by the Chairman of the meeting in which event such
inspector of election shall decide all such questions. A proxy with respect to
stock held in the name of two or more persons shall be valid if executed by one
of them unless at or prior to exercise of such proxy the Corporation receives a
specific written notice to the contrary from any one of them. A proxy purporting
to be executed by on or behalf of a stockholder shall be deemed valid unless
challenged at or prior to its exercise.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514634">Section 9.</b></u> <b><u>Conduct of
Stockholders' Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The meetings of the stockholders shall be presided over by the
President, or if he is not present, by the Chairman, or if he is not present, by
any Vice President, or if none of them is present, then by any other officer of
the Corporation appointed by the President to act on his behalf shall preside
over the meeting. The Secretary of the Corporation, if present, shall act as a
Secretary of such meeting, or if he is not present, an Assistant Secretary shall
so act; if neither the Secretary nor any Assistant Secretary is present, then
any such person appointed by the Secretary to act on his behalf shall act as the
Secretary of such meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514635">Section 10.</b></u> <b><u>Action
Without a Meeting</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Any action to be taken by stockholders may be taken without a
meeting to the fullest extent permitted by law.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514636">Section 11.</b></u> <b><u>Stockholder
Proposals.</a></p>
</font><font FACE="Times New Roman Bold,Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY"></p>
</b></u></font><font SIZE="2">
<p ALIGN="JUSTIFY">(a) No business proposed by a stockholder to be considered at
an annual meeting of stockholders shall be considered by the stockholders at
that meeting unless no less than 90 days nor more than 120 days prior to the
first anniversary date (&quot;anniversary date&quot;) of the annual meeting for the
preceding year, or, with respect to annual meetings not scheduled to be held
within a period that commences 30 days before the anniversary date and ends 30
days after the anniversary date, by the later of the close of business on the
date 90 days prior to such meeting or 14 days following the date such meeting is
first publicly announced or disclosed, the Secretary of the Corporation receives
a written notice from the stockholder proposing a business matter to be
considered at an annual meeting that sets forth the information required by
Section 11(c) of this Article II.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(b) No business matter shall be considered at a special
meeting of stockholders unless such matter is specifically listed as a purpose
of the special meeting and listed as a matter proposed to be acted on at the
special meeting pursuant to the Corporation's notice of meeting.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(i) In the event a special meeting is called at the request
of stockholders, pursuant to Section 3 of this Article II, the written request
shall be delivered to the Secretary of the Corporation, and shall state the
business proposed by stockholders to be the purpose of the meeting and the
matters proposed to be acted upon, and shall set forth the information required
by Section 11(c) of this Article II.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(ii) In the event the Corporation calls a special meeting of
stockholders for the purpose of electing one or more directors to the Board of
Directors, any stockholder may nominate a person or persons (as the case may be)
for election to such position(s) as specified in the Corporation's notice of
meeting, if the stockholder delivers a written notice to the Secretary of the
Corporation, which shall set forth the information required by Section 11(c) of
this Article II, not later than the close of business 21 days following the day
on which the date of the special meeting and the nominees proposed by the Board
of Directors to be elected at such meeting are publicly announced or disclosed.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(c) The written notice or written request to the Secretary of
the Corporation, required to be provided pursuant to Section 11(a) or 11(b) of
this Article II, shall include the following information: (1) the nature of the
proposed business with reasonable particularity, including the exact text of any
proposal to be presented for adoption, and the reasons for conducting that
business at the meeting of stockholders, (2) with respect to each such
stockholder, that stockholder's name and address (as they appear on the records
of the Corporation), business address and telephone number, residence address
and telephone number, and the number of shares of each class of stock of the
Corporation beneficially owned by that stockholder, (3) any interest of the
stockholder in the proposed business, (4) the name or names of each person
nominated by the stockholder to be elected or reelected as a director, if any,
and (5) with respect to each nominee, that nominee's name, business address and
telephone number, and residence address and telephone number, the number of
shares, if any, of each class of stock of the Corporation owned directly and
beneficially by that nominee, and all information relating to that nominee that
is required to be disclosed in solicitations of proxies for elections of
directors, or is otherwise required, pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (&quot;Exchange Act&quot;) (or any provisions
of law subsequently replacing Regulation 14A), together with a notarized letter
signed by the nominee stating his or her acceptance of the nomination by that
stockholder, stating his or her intention to serve as director if elected, and
consenting to being named as a nominee for director in any proxy statement
relating to such election.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(d) The chairman of the annual or special meeting shall
determine whether notice of matters proposed to be brought before a meeting has
been duly given in the manner provided by this Section 11. If the facts warrant,
the chairman shall declare to the meeting that business has not been properly
brought before the meeting in accordance with the provisions of this Section 11,
and, it, therefore, shall not be considered or transacted.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(e) The requirement of the Corporation to include in the
Corporation's proxy statement a stockholder proposal shall be governed by Rule
14a-8 under the Exchange Act (or any provisions of law subsequently replacing
Rule 14a-8) (&quot;Rule 14a-8&quot;). Accordingly, the deadline for including a
stockholder proposal in the Corporation's proxy statement shall be governed by
Rule 14a-8.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(f) The adjournment of an annual or special meeting, or any
announcement thereof, shall not commence a new period for the giving of notice
as provided in this Section 11. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(g) For purposes of this Section 11, a meeting date shall be
deemed to have been &quot;publicly announced or disclosed&quot; if such date is disclosed
in a press release disseminated by the Corporation to a national news service or
contained in a document publicly filed by the Corporation with the Securities
and Exchange Commission.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514637">ARTICLE III</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">BOARD OF DIRECTOR</a>S</p>
</b></u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514638"></p>
<b><u>
<p ALIGN="JUSTIFY">Section 1.</b></u> <b><u>Powers</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">Except as otherwise provided by
law, by the Charter or by these bylaws, the business and affairs of the
Corporation shall be managed under the direction of, and all the powers of the
Corporation shall be exercised by or under authority of, its Board of Directors.</a>
The Board of Directors shall designate a Chairman of the Board of Directors who
shall preside at all Directors' meetings, and who shall exercise such powers and
perform such other duties as from time to time may be assigned to him by the
Board of Directors.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514639">Section 2.</b></u> <b><u>Number;
Terms; Qualifications</b></u>.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">(a) <u>Number of Directors</u>. The Board of Directors shall
consist of no fewer than three, nor more than twenty-seven Directors, as
specified by resolution of the majority of the entire Board of Directors,
provided that at least 75% of the entire Board of Directors, including the
Chairman, shall be persons who are not &quot;interested persons&quot; of the Corporation
or its Investment Manager or Investment Adviser (&quot;Independent Directors&quot;), as
the term &quot;interested person&quot; is defined in the 1940 Act. The total number of
Directors of the Corporation may be fixed only by a vote of the Board of
Directors.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(b) <u>Terms of Directors</u>. <u></p>
</u>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(i) <u>Directors Elected by Common Stockholders</u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The Directors elected by common
stockholders shall be divided into three classes, as nearly equal in number as
possible, and shall be designated as Class I, Class II, and Class III Directors,
respectively. The Class I Directors to be originally elected for a term expiring
at the annual meeting held in 1989 for the 1988 fiscal year. The Class II
Directors to be originally elected for a term expiring at the annual meeting
held in 1990 for the 1989 fiscal year. The Class III Directors to be originally
elected for a term expiring at the annual meeting held in 1991 for the 1990
fiscal year. After expiration of the terms of office specified for such
Directors, the Directors of each class shall serve for terms of three (3) years,
or, when filling a vacancy, for the unexpired portion of such term and until
their successors are elected and have qualified.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(ii) <u>Directors Elected by Preferred Stockholders</u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">At any meeting of stockholders
of the Corporation at which Directors are to be elected, the holders of
preferred stock of all series, voting separately as a single class, shall be
entitled to elect two members of the Board of Directors, and the holders of
common stock, voting separately as a single class, shall be entitled to elect
the balance of the members of the Board of Directors.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">If at any time dividends on any outstanding preferred stock
of any series shall be unpaid in an amount equal to two full years' dividends,
the number of Directors constituting the Board of Directors shall automatically
be increased by the smallest number that, together with the two Directors
elected by the holders of preferred stock pursuant to the preceding paragraph,
will constitute a majority of such increased number; and at a special meeting of
stockholders, which shall be called and held as soon as practicable, and at all
subsequent meetings at which Directors are to be elected, the holders of
preferred stock of all series voting separately as a single class shall be
entitled to elect the smallest number of additional Directors of the Corporation
who, together with the two Directors elected by the holders of preferred stock
pursuant to the preceding paragraph, will constitute a majority of the total
number of Directors of the Corporation so increased. The terms of office of the
persons who are Directors at the time of that election shall continue. If the
Corporation thereafter shall pay, or declare and set apart for payment, in full
all dividends payable on all outstanding shares of preferred stock of all series
for all past dividend periods, the voting rights stated in this paragraph shall
cease, and the terms of office of all additional Directors elected by the
holders of preferred stock (but not of the Directors elected by the holders of
common stock or the two Directors regularly elected by the holders of preferred
stock) shall terminate automatically. At all subsequent meetings of stockholders
at which Directors are to be elected, the holders of shares of preferred stock
and of common stock shall have the right to elect the members of the Board of
Directors as stated in the preceding paragraph, subject to the revesting of the
rights of the holders of the preferred stock as provided in the first sentence
of this paragraph in the event of any subsequent arrearage in the payment of two
full years' dividends on the shares of preferred stock of any series.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(c) <u>Qualifications of Directors</u>. (1) To qualify as a
nominee for a directorship, each candidate, at the time of nomination, must
possess at least the following specific minimum qualifications: (i) a nominee
shall have at least five years' experience in either investment management,
economics, public accounting or Australian business; (ii) a nominee shall have a
college undergraduate or graduate degree in economics, finance, business
administration, accounting or engineering, or a professional degree in law,
engineering, or medicine from an accredited university or college in the United
States, Australia, the United Kingdom, Canada or New Zealand, or the equivalent
degree from an equivalent institution of higher learning in another country; and
(iii) a nominee shall not have violated any provision of the U.S. federal or
state securities laws, or comparable laws of another country.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(2) The Nominating and Corporate Governance Committee of the
Board of Directors, in its sole discretion, shall determine whether an
individual satisfies the foregoing qualifications. Any individual who does not
satisfy the qualifications set forth under the foregoing provision of this
section shall not be eligible for nomination or election as a director.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(3) The Nominating and Corporate Governance Committee of the
Board of Directors shall apply the Fund's Conflict of Interest and Corporate
Opportunities Policy adopted by the Board on September 13, 2004 as subsequently
amended or modified (the &quot;Policy&quot;) as a standard in selecting nominees to ensure
that (i) an incumbent nominee shall not have violated any provision of the
Policy, and (ii) an individual who is not an incumbent Director shall not have a
relationship, hold any position or office or otherwise engage in any activity
that would result in a violation of the Policy if the individual were elected as
a Director.</p>
<p ALIGN="JUSTIFY">(4) In addition, no person shall be qualified to be a
director unless the Nominating and Corporate Governance Committee, in
consultation with counsel to the Corporation, has determined that such person,
if elected as a director, would not cause the Corporation to be in violation of,
or not in compliance with, applicable law, regulation or regulatory
interpretation, or the Corporation's charter (as amended and supplemented from
time to time), or any general policy adopted by the Board of Directors regarding
either retirement age or the percentage of &quot;interested persons&quot; (as defined in
the 1940 Act) and non-interested persons to comprise the Corporation's Board of
Directors. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(5) The provisions of subsections (1) and (2) of this section
shall not apply to the nomination for an additional term of any person who was a
director of the Corporation as of September 13, 2004, the date of the adoption
of subsections (1) and (2).</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(6) The Nominating and Corporate Governance Committee of the
Board of Directors shall apply the Fund's Retirement Policy, as in effect from
time to time, as a standard in selecting nominees.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514640">Section 3.</b></u> <b><u>Election</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">At the first annual meeting of
stockholders and at each annual meeting thereafter, Directors to be elected by
common stockholders and Directors to be elected by preferred stockholders shall
be elected by vote of the holders of a majority of the shares of each respective
class of stock present in person or by proxy and entitled to vote thereon.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514641">Section 4.</b></u> <b><u>Vacancies and
Newly Created Directorships</b></u>.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(a) <u>Directors Elected by Common Stockholders</u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">Any vacancy, by reason of death,
resignation, removal or otherwise, in the office of any Director elected by the
holders of shares of common stock, or any vacancy resulting from an increase in
the number of Directors elected by the holders of shares of common stock, may be
filled solely by the affirmative vote of a majority of the remaining Directors
(or Director) so elected, even if the remaining directors so elected do not
constitute a quorum.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(b) <u>Directors Elected by Preferred Stockholders</u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">Any vacancy, by reason of death,
resignation, removal or otherwise, in the office of any Director elected by the
holders of shares of preferred stock, or (subject to the provisions of Section
2(b) of Article III) any vacancy resulting from an increase in the number of
Directors elected by the holders of shares of preferred stock, may be filled
solely by the remaining Directors (or Director) so elected, even if the
remaining Directors so elected do not constitute a quorum; provided, however, if
preferred stock of any series is issued and, at the time of such issuance, no
existing Directors have been elected by preferred stockholders, then a majority
of the Corporation's Directors, whether or not sufficient to constitute a
quorum, may fill such vacancy or vacancies.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(c) Notwithstanding the foregoing, the provisions in (a) and
(b) above, are contingent upon the condition that immediately after filling any
such vacancy, at least two-thirds (2/3) of the total Directors then holding
office shall have been elected to such office by the stockholders of the
Corporation. In the event that at any time, other than the time preceding the
first annual stockholders' meeting, less than a majority of the total Directors
of the Corporation holding office at that time were elected by the stockholders,
a meeting of the stockholders shall be held promptly and in any event within 60
days for the purpose of electing Directors to fill any existing vacancies in the
Board of Directors unless the Securities and Exchange Commission shall by order
extend such period.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514642">Section 5.</b></u> <b><u>Removal</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">At any meeting of stockholders
duly called and at which a quorum is present, the stockholders of any class of
stock may, by the affirmative vote of the holders of at least two-thirds (2/3)
of the votes entitled to be cast thereon, remove for cause any Director or
Directors of the class from office.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514643">Section 6.</b></u> <b><u>Place of
Meeting</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The
Directors may hold their meetings, have one or more offices, and keep the books
of the Corporation, outside the State of Maryland, and within or without the
United States of America, at any office or offices of the Corporation or at any
other place as they may from time to time by resolution determine, or in the
case of meetings, as they may from time to time by resolution determine or as
shall be specified or fixed in the respective notices or waivers of notice
thereof; provided, however, that Board meetings shall not be held in Australia.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514644">Section 7.</b></u> <b><u>Annual and
Regular Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The annual meeting of the Board of Directors for choosing
officers and transacting other proper business shall be the next regularly
scheduled Board Meeting following the annual stockholders' meeting, at such time
and place as the Board may determine. The Board of Directors from time to time
may provide by resolution for the holding of regular meetings and fix their time
and place as the Board of Directors may determine. Notice of such annual and
regular meetings need not be in writing, provided that notice of any change in
the time or place of such meetings shall be communicated promptly to each
Director not present at the meeting at which such change was made in the manner
provided in Section 8 of this Article III for notice of special meetings.
Members of the Board of Directors or any committee designated thereby may
participate in a meeting of such Board or committee by means of a conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other at the same time, and
participation by such means shall constitute presence in person at a meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514645">Section 8.</b></u> <b><u>Special
Meetings</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
Special meetings of the Board of Directors may be held at any time or place and
for any purpose when called by the President, the Secretary or two or more of
the Directors. Notice of special meetings, stating the time and place, shall be
communicated to each Director personally by telephone or transmitted to him by
telegraph, telefax, telex, cable, wireless, electronic mail or any other
electronic method, at least one day before the meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514646">Section 9.</b></u> <b><u>Waiver of
Notice</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">No
notice of any meeting of the Board of Directors or a committee of the Board need
be given to any Director who is present at the meeting or who waives notice of
such meeting in writing (which waiver shall be filed with the records of such
meeting), either before or after the meeting.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514647">Section 10.</b></u> <b><u>Quorum and
Voting</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">At
all meetings of the Board of Directors, the presence of a majority of the number
of Directors then in office shall constitute a quorum for the transaction of
business. In the absence of a quorum, a majority of the Directors present may
adjourn the meeting, from time to time, until a quorum shall be present. The
action of a majority of the Directors present at a meeting at which a quorum is
present shall be the action of the Board of Directors, unless the concurrence of
a greater proportion is required for such action by law, by the Charter or by
these bylaws.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514648">Section 11.</b></u> <b><u>Action
Without a Meeting</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Any action required or permitted to be taken at any meeting of
the Board of Directors or of any committee thereof may be taken without a
meeting if a written consent to such action is signed by all members of the
Board or of such committee, as the case may be, and such written consent is
filed with the minutes of proceedings of the Board or committee.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514649">Section 12.</b></u> <b><u>Compensation
of Directors</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Directors shall be entitled to receive such compensation from the
Corporation for their services as may from time to time be determined by
resolution of the Board of Directors.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY">Section 13.</b></u> <b><u>Authorization for Independent
Directors to Retain Employees and Advisers</b></u>.</font><font SIZE="2"
COLOR="#ff0000"> </font><font SIZE="2">Independent Directors are authorized, at
the expense of the Fund, to hire employees and to retain advisers and experts
necessary to carry out their duties.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY">Section 14.</b></u> <b><u>Director Emeritus</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The Nominating and Corporate
Governance Committee of the Board may select a director emeritus to serve for a
one-year term in accordance with the Corporation's Director Emeritus Policy, as
in effect from time to time.</p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514650">ARTICLE IV</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">COMMITTEES</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514651">Section 1.</b></u> <b><u>Organization</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">By resolution adopted by the
Board of Directors, the Board may designate one or more committees, including an
Executive Committee, composed of two or more Directors. The Chairmen of such
committees shall be elected by the Board of Directors. The Board of Directors
shall have the power at any time to change the members of such committees and to
fill vacancies in the committees. The Board may delegate to these committees any
of its powers, except the power to authorize the issuance of stock (other than
as provided in the next sentence), declare a dividend or distribution on stock,
recommend to stockholders any action requiring stockholder approval, amend these
bylaws, or approve any merger or share exchange which does not require
stockholder approval. If the Board of Directors has given general authorization
for the issuance of stock, a committee of the Board, in accordance with a
general formula or method specified by the Board by resolution or by adoption of
a stock option or other plan, may fix the terms of stock subject to
classification or reclassification and the terms on which any stock may be
issued, including all terms and conditions required or permitted to be
established or authorized by the Board of Directors.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514652">Section 2.</b></u> <b><u>Proceedings
and Quorum</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
In the absence of an appropriate resolution of the Board of Directors, each
committee, consistent with law, may adopt such rules and regulations governing
its proceedings, quorum and manner of acting as it shall deem proper and
desirable. In the event any member of any committee is absent from any meeting,
the members thereof present at the meeting, whether or not they constitute a
quorum, may appoint a member of the Board of Directors to act in the place of
such absent member.</a></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514653"></p>
<p ALIGN="CENTER">ARTICLE V</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">OFFICERS</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514654">Section 1.</b></u> <b><u>General</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The officers of the Corporation
shall be a President, a Secretary and a Treasurer, and may include one or more
Vice Presidents, Assistant Secretaries or Assistant Treasurers, and such other
officers as may be appointed in accordance with the provisions of Section 8 of
this Article.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514655">Section 2.</b></u> <b><u>Election,
Tenure and Qualifications</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The officers of the Corporation, except those appointed as
provided in Section 8 of this Article V, shall be elected by the Board of
Directors at its first meeting or such meetings as shall be held prior to its
first annual meeting, and thereafter annually at its annual meeting. If any
officers are not chosen at any annual meeting, such officers may be chosen at
any subsequent regular or special meeting of the Board. Except as otherwise
provided in this Article V, each officer chosen by the Board of Directors shall
hold office until the next annual meeting of the Board of Directors and until
his successor shall have been elected and qualified. Any person may hold one or
more offices of the Corporation except the offices of President and Vice
President.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514656">Section 3.</b></u> <b><u>Removal and
Resignation</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Whenever in the judgment of the Board of Directors the best
interest of the Corporation will be served thereby, any officer may be removed
from office by the vote of a majority of the members of the Board of Directors
given at a regular meeting or any special meeting called for such purpose. Any
officer may resign his office at any time by delivering a written resignation to
the Board of Directors, the President, the Secretary, or any Assistant
Secretary. Unless otherwise specified therein, such resignation shall take
effect upon delivery.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514657">Section 4.</b></u> <b><u>President</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The President shall be the chief
executive officer of the Corporation and he shall preside at all stockholders'
meetings. Subject to the supervision of the Board of Directors, he shall have
general charge of the business, affairs and property of the Corporation and
general supervision over its officers, employees and agents. Except as the Board
of Directors may otherwise order, he may sign in the name and on behalf of the
Corporation all deeds, bonds, contracts, or agreements. He shall exercise such
other powers and perform such other duties as from time to time may be assigned
to him by the Board of Directors.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514659">Section 5.</b></u> <b><u>Vice
President</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
The Board of Directors may from time to time elect one or more Vice Presidents
who shall have such powers and perform such duties as from time to time may be
assigned to them by the Board of Directors or the President. At the request or
in the absence or disability of the President, the Vice President (or, if there
are two or more Vice Presidents, then the senior of the Vice Presidents present
and able to act) may perform all the duties of the President and, when so
acting, shall have all the powers of and be subject to all the restrictions upon
the President.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514660">Section 6.</b></u> <b><u>Treasurer and
Assistant Treasurers</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The Treasurer shall be the principal financial and accounting
officer of the Corporation and shall have general charge of the finances and
books of account of the Corporation. Except as otherwise provided by the Board
of Directors, he shall have general supervision of the funds and property of the
Corporation and of the performance by the Custodian of its duties with respect
thereto. He shall render to the Board of Directors, whenever directed by the
Board, an account of the financial condition of the Corporation and of all his
transactions as Treasurer; and as soon as possible after the close of each
fiscal year he shall make and submit to the Board of Directors a like report for
such fiscal year. He shall perform all acts incidental to the office of
Treasurer, subject to the control of the Board of Directors.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Any Assistant Treasurer may perform such duties of the
Treasurer as the Treasurer or the Board of Directors may assign, and, in the
absence of the Treasurer, he may perform all the duties of the Treasurer.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514661">Section 7.</b></u> <b><u>Secretary and
Assistant Secretaries</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The Secretary shall attend to the giving and serving of all
notices of the Corporation and shall record all proceedings of the meetings of
the stockholders and Directors in books to be kept for that purpose. He shall
keep in safe custody the seal of the Corporation, and shall have charge of the
records of the Corporation, including the stock books and such other books and
papers as the Board of Directors may direct and such books, reports,
certificates and other documents required by law to be kept, all of which shall
at all reasonable times be open to inspection by any Director. He shall perform
such other duties as appertain to his office or as may be required by the Board
of Directors.</a></p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Any Assistant Secretary may perform such duties of the
Secretary as the Secretary or the Board of Directors may assign, and, in the
absence of the Secretary, he may perform all the duties of the Secretary.</p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514662">Section 8.</b></u> <b><u>Subordinate
Officers</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
The Board of Directors from time to time may appoint such other officers or
agents as it may deem advisable, each of whom shall have such title, hold office
for such period, have such authority and perform such duties as the Board of
Directors may determine. The Board of Directors from time to time may delegate
to one or more officers or agents the power to appoint any such subordinate
officers or agents and to prescribe their respective rights, terms of office,
authorities and duties.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514663">Section 9.</b></u> <b><u>Remuneration</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The salaries or other
compensation of the officers of the Corporation shall be fixed from time to time
by resolution of the Board of Directors, except that the Board of Directors may
by resolution delegate to any person or group of persons the power to fix the
salaries or other compensation of any subordinate officers or agents appointed
in accordance with the provisions of Section 8 of this Article V.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514664">Section 10.</b></u> <b><u>Surety Bonds</b></u>.
The Board of Directors may require any officer or agent of the Corporation to
execute a bond (including, without limitation, any bond required by the 1940
Act, and the rules and regulations of the Securities and Exchange Commission) to
the Corporation in such sum and with such surety or sureties as the Board of
Directors may determine, conditioned upon the faithful performance of his duties
to the Corporation, including responsibility for negligence and for the
accounting of any of the Corporation's property, funds or securities that may
come into his hands.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514665">ARTICLE VI</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">CAPITAL STOCK</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514666">Section 1.</b></u> <b><u>Certificates
of Stock</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
The interest of each stockholder of the Corporation shall be evidenced by
certificates for shares of stock in such form as the Board of Directors may from
time to time prescribe. No certificate shall be valid unless it is signed by the
President or a Vice President and countersigned by the Secretary or an Assistant
Secretary or the Treasurer or an Assistant Treasurer of the Corporation and
sealed with its seal, or bears the facsimile signatures of such officers and a
facsimile of such seal.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514667">Section 2.</b></u> <b><u>Transfer of
Shares</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">
Shares of the Corporation shall be transferable on the books of the Corporation
by the holder thereof in person or by his duly authorized attorney or legal
representative upon surrender and cancellation of a certificate or certificates
for the same number of shares of the same class, duly endorsed or accompanied by
proper instruments of assignment and transfer, with such proof of the
authenticity of the signature as the Corporation or its agents may reasonably
require. The shares of stock of the Corporation may be freely transferred, and
the Board of Directors may, from time to time, adopt rules and regulations with
reference to the method of transfer of the shares of stock of the Corporation.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514668">Section 3.</b></u> <b><u>Stock Ledgers</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The stock ledgers of the
Corporation, containing the names and addresses of the stockholders and the
number of shares held by them respectively, shall be kept at the principal
offices of the Corporation or, if the Corporation employs a transfer agent, at
the offices of the transfer agent of the Corporation.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514669">Section 4.</b></u> <b><u>Transfer
Agents and Registrars</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The Board of Directors may from time to time appoint or remove
transfer agents and/or registrars of transfers of shares of stock of the
Corporation, and it may appoint the same person as both transfer agent and
registrar. Upon any such appointment being made all certificates representing
shares of capital stock thereafter issued shall be countersigned by one of such
transfer agents or by one of such registrars of transfers or by both and shall
not be valid unless so countersigned. If the same person shall be both transfer
agent and registrar, only one countersignature by such person shall be required.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514670">Section 5.</b></u> <b><u>Fixing of
Record Date</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The Board of Directors may fix in advance a date as a record date
for the determination of the stockholders entitled to notice of, or to vote at,
any stockholders' meeting or any adjournment thereof, or to express consent to
corporate action in writing without a meeting, or to receive payment of any
dividend or other distribution or to be allotted any other rights, or for the
purpose of any other lawful action, provided that (1) such record date shall not
exceed 90 days preceding the date on which the particular action requiring such
determination will be taken; (2) the transfer books shall remain open regardless
of the fixing of a record date; (3) in the case of a meeting of stockholders,
the record date shall be at least 10 days before the date of the meeting; and
(4) in the event a dividend or other distribution is declared, the record date
for stockholders entitled to a dividend or distribution shall be at least 10
days after the date on which the dividend is declared (declaration date).</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514671">Section 6.</b></u> <b><u>Lost, Stolen
or Destroyed Certificates</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Before issuing a new certificate for stock of the Corporation
alleged to have been lost, stolen or destroyed, the Board of Directors or any
officer authorized by the Board may, in its discretion, require the owner of the
lost, stolen or destroyed certificate (or his legal representative) to give the
Corporation a bond or other indemnity, in such form and in such amount as the
Board or any such officer may direct and with such surety or sureties as may be
satisfactory to the Board or any such officer, sufficient to indemnify the
Corporation against any claim that may be made against it on account of the
alleged loss, theft or destruction of any such certificate or the issuance of
such new certificate.</a></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514672"></p>
<p ALIGN="CENTER">ARTICLE VII</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">FISCAL YEAR AND ACCOUNTANT</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514673">Section 1.</b></u> <b><u>Fiscal Year</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The fiscal year of the
Corporation shall, unless otherwise ordered by the Board of Directors, be twelve
calendar months ending on the 31st day of October.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514674">Section 2.</b></u> <b><u>Accountant</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">The Corporation shall employ an
independent public accountant or a firm of independent public accountants as its
Accountants to examine the accounts of the Corporation and to sign and certify
financial statements filed by the Corporation. The employment of the Accountant
shall be conditioned upon the right of the Corporation to terminate the
employment forthwith without any penalty by vote of a majority of the
outstanding voting securities at any stockholders' meeting called for that
purpose.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514675">ARTICLE VIII</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">CUSTODY OF SECURITIES</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514676">Section 1.</b></u> <b><u>Employment of
a Custodian</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">The Corporation shall place and at all times maintain in the
custody of a Custodian (including any sub-custodian for the Custodian) all
funds, securities and similar investments owned by the Corporation. The
Custodian (and any sub-custodian) shall be a bank or trust company of good
standing having a capital, surplus and undivided profits aggregating not less
than fifty million dollars ($50,000,000) or such other financial institution as
shall be permitted by rule or order of the United States Securities and Exchange
Commission. The Custodian shall be appointed from time to time by the Board of
Directors, which shall fix its remuneration.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514677">Section 2.</b></u> <b><u>Termination
of Custodian Agreement</b></u>.</font><font SIZE="2" COLOR="#ff0000"> </font>
<font SIZE="2">Upon termination of the agreement for services with the Custodian
or inability of the Custodian to continue to serve, the Board of Directors shall
promptly appoint a successor Custodian, but in the event that no successor
Custodian can be found who has the required qualifications and is willing to
serve, the Board of Directors shall call as promptly as possible a special
meeting of the stockholders to determine whether the Corporation shall function
without a Custodian or shall be liquidated. If so directed by vote of the
holders of a majority of the outstanding shares of stock of the Corporation, the
Custodian shall deliver and pay over all property of the Corporation held by it
as specified in such vote.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514678">ARTICLE IX</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">INDEMNIFICATION AND ADVANCEMENT OF EXPENSES</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514679">Section 1.</b></u> <b><u>
Indemnification of Directors and Officers</u>.</b> The Corporation shall
indemnify its Directors and officers to the fullest extent permitted by the
Maryland General Corporation Law and the 1940 Act. The Corporation shall
indemnify its Directors and officers who, while serving as Directors or
officers, also serve at the request of the Corporation as a director, officer,
partner, trustee, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust, other enterprise or employee benefit plan to
the fullest extent consistent with law. The indemnification and other rights
provided by this Article shall continue as to a person who has ceased to be a
Director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person. This Article shall not protect any such person
against any liability to the Corporation or any stockholder thereof to which
such person would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the
conduct of his office (&quot;disabling conduct&quot;).</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514680">Section 2.</b></u> <b><u>Advances</u>.</b>
Any current or former Director or officer of the Corporation seeking
indemnification within the scope of this Article shall be entitled to advances
from the Corporation for payment of the reasonable expenses incurred by him in
connection with the matter as to which he is seeking indemnification in the
manner and to the fullest extent permissible under the Maryland General
Corporation Law and the 1940 Act, without a preliminary determination of
entitlement to indemnification (except as provided below). The person seeking
advances shall provide to the Corporation a written affirmation of his good
faith belief that the standard of conduct necessary for indemnification by the
Corporation has been met and a written undertaking to repay any such advance if
it should ultimately be determined that the standard of conduct has not been
met. In addition, at least one of the following additional conditions shall be
met: (i) the person seeking advances shall provide security in form and amount
acceptable to the Corporation for his undertaking; (ii) the Corporation is
insured against losses arising by reason of the advance; or (iii) a majority of
a quorum of Directors of the Corporation who are neither &quot;interested persons&quot; as
defined in section 2(a)(19) of the 1940 Act nor parties to the proceeding
(&quot;disinterested non-party directors&quot;), or independent legal counsel, in a
written opinion, shall have determined, based on a review of facts readily
available to the Corporation at the time the advance is proposed to be made,
that there is reason to believe that the person seeking indemnification will
ultimately be found to be entitled to indemnification.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514681">Section 3.</b></u> <b><u>Procedure</u>.</b>
At the request of any person claiming indemnification under this Article, the
Board of Directors shall determine, or cause to be determined, in a manner
consistent with the Maryland General Corporation Law and the 1940 Act, whether
the standards required by this Article have been met. Indemnification shall be
made only following: (i) a final decision on the merits by a court or other body
before whom the proceeding was brought that the person to be indemnified was not
liable by reason of disabling conduct or (ii) in the absence of such a decision,
a reasonable determination, based upon a review of the facts, that the person to
be indemnified was not liable by reason of disabling conduct by (A) the vote of
a majority of a quorum of disinterested non-party directors or (B) an
independent legal counsel in a written opinion.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514682">Section 4.</b></u> <b><u>
Indemnification of Employees and Agents</u>.</b> Employees and agents who are
not officers or Directors of the Corporation and each Director Emeritus may be
indemnified, and reasonable expenses may be advanced to such employee, agent or
Director Emeritus, as may be provided by action of the Board of Directors or by
contract, subject to any limitations imposed by the 1940 Act.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514683">Section 5.</b></u> <b><u>Other Rights</u>.</b>
The Board of Directors may make further provision consistent with law for
indemnification and advance of expenses to any Director, Director Emeritus,
officer, employee or agent by resolution, agreement or otherwise. The
indemnification provided by this Article shall not be deemed exclusive of any
other right, with respect to indemnification or otherwise, to which those
seeking indemnification may be entitled under any insurance or other agreement
or resolution of stockholders or disinterested directors or otherwise.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514684">Section 6.</b></u> <b><u>Amendments</u>.</b>
References in the Article are to the Maryland General Corporation Law and to the
Investment Company Act of 1940, as amended. Neither the amendment nor repeal of
this Article IX, nor the adoption or amendment of any other provision of the
bylaws or Charter of the Corporation inconsistent with this Article IX, shall
apply to or affect in any respect the applicability of this Article IX with
respect to any act or failure to act which occurred prior to such amendment,
repeal or adoption. </a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514685">Section 7.</b></u> <b><u>Insurance</u>.</b>
The Corporation may purchase and maintain insurance on behalf of any person who
is or was a Director, Director Emeritus, officer, employee or agent of the
Corporation or who, while a Director, Director Emeritus, officer, employee or
agent of the Corporation, is or was serving at the request of the Corporation as
a Director, officer, partner, trustee, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust, other enterprise or
employee benefit plan, against any liability asserted against and incurred by
such person in any such capacity or arising out of such person's position;
provided that no insurance may be purchased by the Corporation on behalf of any
person against any liability to the Corporation or to its stockholders to which
he would otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his
office.</a></p>
<p ALIGN="JUSTIFY"></p>
<b><u>
<p ALIGN="CENTER"><a NAME="_Toc94514686">ARTICLE X</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">AMENDMENTS</a></p>
<p ALIGN="CENTER"></p>
<p ALIGN="JUSTIFY"><a NAME="_Toc94514687">Section 1.</b></u> <b><u>General</b></u>.</font><font
SIZE="2" COLOR="#ff0000"> </font><font SIZE="2">Except as otherwise provided in
the Charter or any Articles Supplementary of the Fund, and as provided in the
next succeeding sentence, all bylaws of the Corporation, whether adopted by the
Board of Directors or the stockholders, shall be subject to amendment,
alteration or repeal, and new bylaws may be made by the affirmative vote of a
majority of either: (a) the holders of record of the outstanding shares of stock
of the Corporation entitled to vote, at any annual or special meeting, the
notice or waiver of notice of which shall have specified or summarized the
proposed amendment, alteration, repeal or new bylaw; or (b) the Directors, at
any regular or special meeting the notice or waiver of notice of which shall
have specified or summarized the proposed amendment, alteration, repeal or new
bylaw. The provisions of Article III, Section 2 of the bylaws shall be subject
to amendment, alterations or repeal by the affirmative vote of either: (i) the
holders of record of 75% of each class of the outstanding shares of stock of the
Corporation entitled to vote, at any annual or special meeting, the notice or
waiver of notice of which shall have specified or summarized the proposed
amendment, alteration or repeal; or (ii) 75% of the Directors, at a regular or
special meeting the notice or waiver of notice of which shall have specified or
summarized the proposed amendment, alteration or repeal.</a></p>
</font>

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<DOCUMENT>
<TYPE>EX-99.2D HOLDERS RTS
<SEQUENCE>5
<FILENAME>posamiexd7.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
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<p ALIGN="RIGHT">Exhibit (d)(7)</p>
<p>[FACE OF CERTIFICATE]</p>
<p>COMMON STOCK</p>
<p>PAR VALUE $.01 PER SHARE</p>
<p>NUMBER</p>
<p>INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND</p>
<p>[LOGO]</p>
<p>Aberdeen Asia-Pacific Income Fund, Inc.</p>
<p>COMMON STOCK</p>
<p>PAR VALUE $.01 PER SHARE</p>
<p>SHARES</p>
<p>SEE REVERSE FOR CERTAIN DEFINITIONS</p>
<p>CUSIP 003009 10 7</p>
<p>This Certifies that</p>
<p>is the owner of</p>
<p>FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $.01 PAR VALUE PER
SHARE, OF</p>
<p>ABERDEEN ASIA-PACIFIC INCOME FUND, INC. (the &quot;Corporation&quot;) transferable on
the books of the Corporation by the holder hereof in person or by its duly
authorized attorney upon surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby are issued and shall be subject to
all of the provisions of the Charter and Bylaws of the Corporation, each as from
time to time amended, to all of which the holder by acceptance hereof assents.
This Certificate is not valid until countersigned and registered by the Transfer
Agent and Registrar.</p>
<p>Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.</p>
<p>Dated:</p>
<p>COUNTERSIGNED AND REGISTERED:</p>
<p>THE BANK OF NEW YORK</p>
<p>TRANSFER AGENT AND REGISTRAR</p>
<p>BY:</p>
<p>/sig/</p>
<p>AUTHORIZED SIGNATURE</p>
<p>[SEAL]</p>
<p>/sig/</p>
<p>President</p>
<p>/sig/</p>
<p>Treasurer</p>
<p>&nbsp;</p>
<p>[REVERSE OF CERTIFICATE]</p>
<p>The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:</p>
<p>TEN COM - as tenants in common</p>
<p>TEN ENT - as tenants by the entireties</p>
<p>JT TEN - as joint tenants with right of survivorship and not as tenants in
common</p>
<p>UNIF GIFT MIN ACT - _____(Cust)_____ Custodian _____(Minor)_____ under
Uniform Gifts to Minors Act _____(State)_____</p>
<p>Additional abbreviations may also be used though not in the above list.</p>
<p>The Corporation will furnish to any stockholder, on request and without
charge, a full statement of the information required by Section 2-211(b) of the
Corporations and Associations Article of the Annotated Code of Maryland with
respect to the designations and any preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, and terms and conditions of redemption of the
stock of each class which the Corporation has authority to issue and, if the
Corporation is authorized to issue any preferred or special class in series, (i)
the differences in the relative rights and preferences between the shares of
each series to the extent set, and (ii) the authority of the Board of Directors
to set such rights and preferences of subsequent series. The foregoing summary
does not purport to be complete and is subject to and qualified in its entirety
by reference to the Charter of the Corporation, a copy of which will be sent
without charge to each stockholder who so requests. Such request must be made to
the Secretary of the Corporation at its principal office or to the Transfer
Agent.</p>
<p>&nbsp;</p>
<p>For value Received, _____ hereby sells, assigns and transfers unto</p>
<p>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE</p>
<p>
______________________________________________________________________________</p>
<p>
_______________________________________________________________________________</p>
<p>PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE, INCLUDING ZIP CODE</p>
<p>
_______________________________________________________________________________</p>
<p>
_______________________________________________________________________________</p>
<p>
________________________________________________________________________Shares
of the Common Stock of the Corporation represented by this Certificate and do
hereby irrevocably constitute and appoint</p>
<p>
________________________________________________________________________attorney
to transfer the said shares of Common Stock on the books of the Corporation with
full power of substitution in the premises.</p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="686">
<tr>
<td WIDTH="50%" VALIGN="TOP">Dated_____________________</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">_____________________________________</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
</table>
<p>KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED,
THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE
OF A REPLACEMENT CERTIFICATE.</p>
<p>[VERTICALLY IN RIGHT MARGIN ON REVERSE OF CERTIFICATE]</p>
<p>NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.</p>
<p></p>

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<DOCUMENT>
<TYPE>EX-99.2E DIV REIN PL
<SEQUENCE>6
<FILENAME>posamiexe.htm
<DESCRIPTION>DRIP
<TEXT>
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<p ALIGN="CENTER"></p>
<center>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">
<p ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit (e)<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">
[LOGO of Aberdeen Asia-Pacific Income Fund, Inc.]<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><b><font SIZE="2">
<p ALIGN="CENTER">ABERDEEN<br>
ASIA-PACIFIC INCOME FUND, INC.</p>
</b>
<p ALIGN="CENTER">800 Scudders Mill Road</p>
<p ALIGN="CENTER">Plainsboro, NJ 08536</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Investment Manager</p>
<b>
<p ALIGN="CENTER">ABERDEEN ASSET<br>
MANAGEMENT ASIA LIMITED</p>
</b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Investment Adviser</p>
<b>
<p ALIGN="CENTER">ABERDEEN ASSET MANAGEMENT<br>
LIMITED</p>
</b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Administrator</p>
<b>
<p ALIGN="CENTER">ABERDEEN ASSET</p>
<p ALIGN="CENTER">MANAGEMENT INC.</p>
</b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Shareholder Inquiries to:</p>
<b>
<p ALIGN="CENTER">ABERDEEN ASIA-PACIFIC<br>
INCOME FUND, INC.<br>
DIVIDEND REINVESTMENT &amp;<br>
CASH PURCHASE PLAN</p>
<p ALIGN="CENTER">The Bank of New York</p>
<p ALIGN="CENTER">Shareholder Relations Department</p>
<p ALIGN="CENTER">P.O. Box 11258</p>
<p ALIGN="CENTER">Church Street Station</p>
<p ALIGN="CENTER">New York, NY 10286</p>
<p ALIGN="CENTER">Telephone 1-800-432-8224</p>
<p ALIGN="CENTER">International 1-610-382-7833</b></font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="7">
<p ALIGN="RIGHT">Dividend Reinvestment And Cash Purchase Plan</font></td>
</tr>
</table>
</center>
<p></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="41%" VALIGN="TOP">
<p ALIGN="CENTER">&nbsp;<p ALIGN="CENTER"><font size="2">[LOGO of Aberdeen
Asia-Pacific Income Fund, Inc.]</font><p ALIGN="CENTER">&nbsp;</td>
</tr>
<tr>
<td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="41%" VALIGN="TOP"><font SIZE="1">Dear Shareholder,
<p>We are pleased that you have chosen to invest in the Aberdeen Asia-Pacific
Income Fund, Inc. (the &quot;Fund&quot;) and write to advise you of the Fund's Dividend
Reinvestment and Cash Purchase Plan (the &quot;Plan&quot;). This Plan is designed for the
reinvestment of your distributions in shares of the Fund. The Plan also allows
you to make additional voluntary cash investments in Fund shares through The
Bank of New York (the &quot;Bank&quot;), the Plan Agent, at reduced costs.</p>
<p>The Plan is designed to help you get the best results from your investment by
putting the money you make back to work promptly.</p>
<p>The features of the Plan are described in this brochure. Enrolling in the
Plan is quick and easy. This service is entirely voluntary and subject to the
Terms and Conditions of the Plan. You may join or withdraw from the Plan at any
time.</p>
<p>If you decide to use this service, the Bank, as your Plan Agent, will
automatically invest your distributions in shares of the Fund for your account.</p>
<p>We invite you to review the Plan. If you wish to participate and your shares
are held in your own name, simply complete and mail the Enrollment Form in the
enclosed, pre-addressed envelope or telephone the Plan Agent at 1-800-432-8224.</p>
<b>
<p>If your shares are held in the name of a brokerage firm, bank or other
nominee, you should contact your nominee to see if it will participate in the
Plan on your behalf.</p>
<p>If you wish to participate in the Plan, but your brokerage firm, bank, or
other nominee is unable to participate on your behalf, you should request your
nominee to re-register your shares in your own name. This will enable you to
participate in the Plan.</b> If you already participate in the Fund's Dividend
Reinvestment and Cash Purchase Plan and wish to take advantage of the
opportunity to make additional voluntary cash investments, please note that the
Plan Account Statement you receive each month contains a convenient form that
lets you forward cash to the Plan Agent. The following pages contain more
information and details about the Plan. We encourage you to review this
information carefully. </p>
<dir>
<dir>
<dir>
<dir>
<dir>
<p>Sincerely, </p>

<p><u>/s/ Martin Gilbert</u></p>

<p>Martin Gilbert</p>
<p>President</p>
</dir>
</dir>
</dir>
</dir>
</dir>
</font></td>
</tr>
</table>
<p>&nbsp;</p>
<p ALIGN="CENTER"></p>
<center>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="45%" VALIGN="TOP"><b><font SIZE="3">
<p ALIGN="JUSTIFY">How do participating shareholders benefit?</p>
</b>
<p ALIGN="JUSTIFY">o<b> Build holdings</b> - Once you choose to participate in
the Plan, you will build holdings in the Fund easily and automatically, at
either no brokerage cost to you or at reduced brokerage costs.</p>
<p ALIGN="JUSTIFY">o<b> Easy record keeping</b> - You will receive a detailed
Plan Account Statement from the Bank, your Plan Agent, showing total
distributions, additional cash investments, date of investment, shares acquired,
price per share, and total shares of record held by you and by the Plan Agent
for you.</p>
<p ALIGN="JUSTIFY">o<b> Convenient investing</b> - As long as you participate in
the Plan, the Bank will hold the shares it has acquired for you in
non-certificated form. This convenience provides added protection against loss,
theft, or inadvertent destruction of certificates.</p>
<b>
<p ALIGN="JUSTIFY">What is the Dividend Reinvestment and Cash Purchase Plan? </p>
</b>
<p ALIGN="JUSTIFY">The Dividend Reinvestment and Cash Purchase Plan offers
shareholders of Aberdeen Asia-Pacific Income Fund, Inc. a prompt and simple way
to reinvest their distributions in shares of the Fund.</p>
<p ALIGN="JUSTIFY">The Plan also allows you to make voluntary cash investments
in Fund shares through the Plan Agent. The Bank acts as Plan Agent for
shareholders in administering the Plan. The complete Terms and Conditions of the
Plan appear later in this brochure.</p>
<b>
<p ALIGN="JUSTIFY">Who can participate in the Plan? </p>
</b>
<p ALIGN="JUSTIFY">Any shareholder of Common Stock of Aberdeen Asia-Pacific
Income Fund, Inc. may enroll in the Plan.</p>
<p ALIGN="JUSTIFY">If you own shares in your own name, you can participate
directly in the Plan. If your shares are held in the name of a brokerage firm,
bank, or other nominee, you should instruct your nominee to participate on your
behalf.</p>
<i>
<p ALIGN="JUSTIFY">If you wish to participate in the Plan, but your brokerage
firm, bank or other nominee is unable to participate on your behalf, you should
request your nominee to re-register your shares in your own name. This will
enable you to participate in the Plan.</p>
</i><b>
<p ALIGN="JUSTIFY">What does the Plan offer? </p>
</b>
<p ALIGN="JUSTIFY">The Plan has two components: reinvestment of distributions
and a voluntary cash investment feature.</font></td>
<td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="3">
<p ALIGN="JUSTIFY">o <b>Reinvestment of distributions</p>
<dir>
</b>
<p ALIGN="JUSTIFY">By participating in the Plan, your distributions will be
invested for you promptly, thereby automatically increasing your holdings in the
Fund. If the Fund declares a distribution payable in stock to shareholders who
are not Plan participants, you will receive that distribution in newly issued
shares of Common Stock on identical terms and conditions. In every other case,
you will receive shares on the following basis: If the market price of the
Fund's Common Stock plus any brokerage commission is equal to or exceeds the net
asset value per share, you will receive newly issued shares of Common Stock
valued at the greater of net asset value or 95% of the then current market
price. If, on the other hand, the net asset value per share exceeds the market
price plus any applicable brokerage commission, the Plan Agent will buy shares
on the open market. If the market price plus any applicable brokerage commission
exceeds net asset value before the Plan Agent has completed its purchases, the
Fund will issue new shares to complete the program. All reinvestments are in
full and fractional shares carried to four decimal places.</p>
</dir>
<p ALIGN="JUSTIFY">o <b>Voluntary cash investments</p>
<dir>
</b>
<p ALIGN="JUSTIFY">You have the option of making additional voluntary cash
investments in Fund shares through the Plan Agent. You may invest as frequently
as monthly by using the form that accompanies the Plan Account Statement you
receive each month updating your reinvestments. Additional voluntary investments
must be at least $100 per transaction with a maximum of $10,000, and an
aggregate annual limit of $120,000. If you hold shares in your own name, you
should deal directly with the Plan Agent. Please send your check to the
following address: </p>
</dir>
<b>
<p ALIGN="CENTER">The Bank of New York<br>
PO Box 1958<br>
Newark, NJ 07101<br>
Telephone 1-800-432-8224<br>
International 1-610-382-7833</p>
<dir>
</b>
<p ALIGN="JUSTIFY">In order to avoid unnecessary accumulation of funds and to
realize lower brokerage commissions and reduced transaction fees, you are urged
to send voluntary cash investments so they are received by the Plan Agent on the
business day prior to the investment date. The investment date is the 15th day
of the month, but if such date is not a business day, the preceding business
day. Voluntary cash investments received</p>
</dir>
</font></td>
</tr>
</table>
</center>
<p></p>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="3">
<p ALIGN="JUSTIFY">after 12:00 noon, Eastern time, on the business day prior to
the investment date will be held by the Plan Agent until the next month's
investment date. No interest will be paid on such funds held by the Plan Agent.
You may withdraw a voluntary cash investment by written notice if the notice is
received by the Bank not less than 48 hours before the investment date.
Voluntary cash investments must be made by check drawn on a U.S. bank, in U.S.
currency, payable to &quot;The Bank of New York - Aberdeen Asia-Pacific Income Fund,
Inc. Plan.&quot; Cash, third party checks, money orders or travelers checks will not
be accepted. In the event your voluntary cash investment check is returned
unpaid for any reason, you will be charged a $20.00 return fee. Further, the
Bank will immediately remove from your account shares which were pur-chased in
anticipation of the collection of such funds. These shares will be sold to
recover any uncollected funds. If the net proceeds of the sale of such shares
are insufficient to recover in full the uncollected amounts plus the return fee,
the Bank reserves the right to sell such additional shares from any of your
accounts main-tained by the Bank as may be necessary to recover the uncollected
balance in full.</p>
<b>
<p ALIGN="JUSTIFY">Can I deposit my share certificates with the Plan Agent? </p>
</b>
<p ALIGN="JUSTIFY">You may elect to deposit your Aberdeen Asia-Pacific Income
Fund, Inc. share certificates into your Plan account with the Plan Agent at any
time, at no cost to you. The Plan Agent will credit these shares to your Plan
account in book-entry form. To deposit your share certificates, send them via
registered mail, return receipt requested, to the Bank at the following address:
</p>
<b>
<p ALIGN="CENTER">The Bank of New York<br>
Investment Services Department<br>
PO Box 1958<br>
Newark, NJ 07101-1958</p>
</b>
<p ALIGN="JUSTIFY">Please include along with your share certificates either </p>
<p ALIGN="JUSTIFY">(1) if you have not yet enrolled in the Plan, your completed,
signed Enrollment Form, or (2) if you are already a Plan participant, the
tear-off portion of your Plan Account Statement. In each case, please include
written instructions regarding the deposit. Please do not sign the stock
certificate(s). It is recommended that you insure the package containing your
share certificates for 2% of the value of the shares.</p>
<p ALIGN="JUSTIFY"></font></td>
<td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="45%" VALIGN="TOP"><b><font SIZE="3">
<p ALIGN="JUSTIFY">Is there a cost to participate? </p>
</b>
<p ALIGN="JUSTIFY">There is no direct charge to participants for reinvesting
distributions, since the Plan Agent's fees are paid by the Fund. There are no
brokerage charges for shares issued directly by the Fund. However, whenever
shares are purchased on the American or Pacific Stock Exchanges or otherwise on
the open market, each participant will pay a pro-rata portion of the associated
brokerage commissions. Brokerage charges for purchasing shares through the Plan
are expected to be less than the usual brokerage charges for individual
transactions because the Plan Agent will purchase stock for all participants in
blocks. This results in lower commissions for each individual participant.</p>
<p ALIGN="JUSTIFY">Purchases and sales may be made through a broker affiliated
with the Plan Agent.</p>
<b>
<p ALIGN="JUSTIFY">What are the tax implications for participants? </p>
</b>
<p ALIGN="JUSTIFY">You will receive tax information annually for your personal
records and to help you prepare your federal income tax return. The automatic
reinvestment of distributions does not relieve you of any income tax which may
be payable on distributions.</p>
<b>
<p ALIGN="JUSTIFY">Once enrolled in the Plan, may I withdraw from it? </p>
</b>
<p ALIGN="JUSTIFY">You may withdraw from the Plan without penalty at any time by
providing notice to the Bank. You may withdraw all or just a portion of your
shares and, by giving proper notice to the Bank, receive cash in lieu of a
return of shares. Requests for withdrawals or Plan terminations may be made in
writing, by telephone, or via the internet by visiting The Bank of New York's
website at www.stockbny.com. Withdrawals and terminations of participation will
be effective as specified in Paragraph 12 of the Terms and Conditions of the
Plan.</p>
<p ALIGN="JUSTIFY">If you do not request cash, you will receive stock
certificates issued in your name for all full shares. The Bank will convert any
fractional shares you hold at the time of your withdrawal to cash at the then
current market price. If the transaction fees and commissions exceed the
proceeds from the sale of a fractional share, you will receive a transaction
advice instead of a check. If you request cash, the Bank will sell your shares
and send you the proceeds, less a service fee of $10.00 (subject to change) and
brokerage commission of $0.10 per share.</font></td>
</tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table BORDER CELLSPACING="1" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="45%" VALIGN="TOP"><b><font SIZE="3">
<p ALIGN="JUSTIFY">Whom should I contact for additional information?</p>
</b>
<p ALIGN="JUSTIFY">If you hold shares in your own name, please address all
notices, correspondence, questions, or other communications regarding the Plan
to: </p>
<b>
<p ALIGN="CENTER">The Bank of New York<br>
Shareholder Relations Department<br>
P.O. Box 11258<br>
Church Street Station<br>
New York, NY 10286<br>
Telephone 1-800-432-8224<br>
International 1-610-382-7833</p>
</b>
<p ALIGN="JUSTIFY">If your shares are not held in your name, you should contact
your brokerage firm, bank, or other nominee for more information and to see if
your nominee will participate in the Plan on your behalf.</p>
<b>
<p>How do I Enroll?</p>
</b>
<p ALIGN="JUSTIFY">To enroll in the Fund's Dividend Reinvestment and Cash
Purchase Plan, please review the Terms and Conditions in this brochure. Then all
you need to do is complete and sign the enclosed Enrollment Form and mail it in
the enclosed, pre-addressed envelope to the Plan Agent.</p>
<p ALIGN="JUSTIFY">Your reinvestments will begin with the next distribution
payable after the Plan Agent receives your authorization, in writing, provided
it is received prior to the record date. You may also exercise the voluntary
cash investment option at the next appropriate date. Should your authorization
arrive after the record date, your participation in the Plan will begin with the
following distribution.</p>
<i>
<p ALIGN="JUSTIFY">Either Aberdeen Asia-Pacific Income Fund, Inc. or The Bank of
New York may amend or terminate the Plan. Participants will generally receive
written notice at least 90 days before the effective date of any amendment. In
the case of termination, participants will receive written notice at least 90
days before the record date of any subsequent distribution by the Fund.</i></font></td>
<td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="45%" VALIGN="TOP"><b><font SIZE="1">
<p ALIGN="CENTER">Aberdeen Asia-Pacific Income Fund, Inc<br>
Terms and Conditions of the<br>
Dividend Reinvestment and<br>
Cash Purchase Plan (the &quot;Plan&quot;)</p>
</b>
<p>It is my intention to receive all distributions in the form of Common Stock
of Aberdeen Asia-Pacific Income Fund, Inc. (the &quot;Fund&quot;) on the following Terms
and Conditions: </p>
<p>1. The Bank of New York will act as Plan Agent for me, and will open an
account for me under the Plan in the same name as my present shares are
registered, and put into effect for me the reinvestment option of the Plan as of
the first record date for a distribution and the cash investment option of the
Plan as of the next appropriate date (as provided in paragraph 5 below) after
you receive the Enrollment Form duly executed by me.</p>
<p>2. (a) Whenever the Fund declares a distribution payable in cash, I elect to
receive shares of the Fund's Common Stock. The number of shares I receive and
the price per share will be calculated in the manner described in clauses (b)
and (c) of this paragraph 2 as determined on the date the distribution becomes
payable, or such other date as may be specified by the Fund's Board of Directors
(the &quot;Valuation Date&quot;).</p>
<p>(b) If the market price of the Fund's Common Stock plus any applicable
brokerage commission is equal to or exceeds the net asset value per share on the
Valuation Date, I will receive newly issued shares of Common Stock valued at the
greater of the net asset value per share or 95% of the then current market
price. I will receive the distribution entirely in shares of Common Stock and
the Plan Agent will automatically credit the shares of Common Stock, including
fractions, in my account.</p>
<p>(c) If the net asset value per share of the Common Stock on the Valuation
Date exceeds the market price of the Common Stock at such time plus any
applicable brokerage commission, the Plan Agent will, as my purchasing agent,
buy shares of Common Stock on the open market, on the American or Pacific Stock
Exchanges or elsewhere, for my account during the purchase period described
below. If, before the Plan Agent has completed its purchases, the market price
plus any applicable brokerage commission exceeds the net asset value per share
as last determined, the Plan Agent will suspend making open market purchases and
will invest the balance available in newly issued shares valued at the greater
of net asset value per share as last so determined or 95% of the then current
market value. In any case in which the Plan Agent is unable to invest the full
distribution amount in open market purchases during the purchase period, the
Plan Agent will invest the balance available in newly issued shares of Common
Stock valued at the greater of the net asset value per share or 95% of the then
current market value as determined on the last business day during the purchase
period. The Plan Agent will apply all cash received as a distribution to
purchase shares of Common Stock on the open market or from the Fund as soon as
practicable after the payment date of the distribution, but in no event later
</font><font SIZE="3"></font></td>
</tr>
</table>
<font SIZE="3">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
</font>
<table BORDER CELLSPACING="1" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="1">than 30 days after such date, except
where necessary to comply with applicable provisions of the federal securities
laws.<p>3. Whenever the Fund declares a distribution payable in shares to
shareholders who are not Plan participants (or in shares by such
non-participants who do not affirmatively elect to take cash), I elect to
receive the distribution in newly issued shares of Common Stock on terms and
conditions identical to those applicable to non-participants as such terms and
conditions are established by the Fund's Board of Directors.</p>
<p>4. For all purposes of the Plan: (a) the market price of the Fund's Common
Stock on a particular date shall be the last sales price on the American Stock
Exchange at the close of business on that date, or if there is no sale on the
American Stock Exchange on that date, then the mean between the closing bid and
asked quotations for such stock on the American Stock Exchange on such date, and
(b) the net asset value per share of the Fund's Common Stock on a particular
date shall be as determined by or on behalf of the Fund.</p>
<p>5. I understand that monthly I have the option of sending additional
voluntary funds, in any amount of at least $100 per transaction with a maximum
of $10,000 per month, and with an aggregate annual maximum of $120,000, for the
purchase of shares of the Fund's Common Stock on the open market for my account.
In order to avoid unnecessary accumulation of funds and to realize lower
brokerage commissions and reduced transaction fees, voluntary cash investments
should be received by the Plan Agent on the business day prior to the investment
date. The investment date is the 15th day of the month, but if such date is not
a business day, the preceding business day. Voluntary cash investments received
after 12:00 noon, Eastern time, on the business day prior to the investment date
will be held by the Plan Agent until the next month's investment date. Voluntary
cash investments will not be made more than 45 days after an investment date
except where termporary curtailment or suspension of purchases is necessary to
comply with applicable provisions of the federal securities laws. No interest
will be paid on such funds held by the Plan Agent. Any voluntary cash investment
may be withdrawn by written notice if notice is received by the Plan Agent not
less than 48 hours before the investment date.</p>
<p>6. Voluntary cash investments and other open market purchases provided for
above may be made on any securities exchange where the Fund's Common Stock is
traded, in the over-the-counter market or in a negotiated transaction and may be
on such terms as to price, delivery and otherwise as the Plan Agent shall
determine. Uninvested funds held by the Plan Agent will not bear interest, and
it is understood that, in any event, the Plan Agent shall have no liability in
connection with any inability to purchase shares, or with the timing of any
purchases effected. The Plan Agent shall have no responsibility for the value of
the shares of the Common Stock of the Fund acquired for my account. For the
purposes of cash investments, the Plan Agent may commingle my</font></td>
<td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="1">funds with those of other
shareholders of the Fund, and the average price (including brokerage
commissions) of all shares purchased by the Plan Agent shall be the price per
share allocable to me in connection therewith. Purchases and sales may be made
through a broker affiliated with the Plan Agent.<p>7. Voluntary cash investments
must be made by check drawn on a U.S. bank, in U.S. currency, payable to &quot;The
Bank of New York - Aberdeen Asia-Pacific Income Fund, Inc. Plan.&quot; Cash, third
party checks, money orders or travelers checks will not be accepted. Voluntary
cash investments are made on the 15th day of each month, or if such date is not
a business day, the investment will be made on the preceding business day. In
the event that my voluntary cash investment check is returned unpaid for any
reason, I will be charged a $20.00 return fee. Further, the Plan Agent will
immediately remove from my account shares which were purchased in anticipation
of the collection of such funds. These shares will be sold to recover any
uncollected funds. If the net proceeds of the sale of such shares are
insufficient to recover in full the uncollected amounts plus the return fee, the
Plan Agent reserves the right to sell such additional shares from any of my
accounts maintained by the Plan Agent as may be necessary to recover in full the
uncollected balance.</p>
<p>8. The Plan Agent will confirm to me each acquisition made for my account as
soon as practicable but not later than 60 days after the date thereof. Although
I may from time to time have an undivided fractional interest (computed to four
decimal places) in a share of Common Stock of the Fund, no certificates for
fractional shares will be issued. However, distributions on fractional shares
will be credited to my account.</p>
<p>9. Any stock distributions or split shares distributed by the Fund on shares
held by the Plan Agent for me will be credited to my account. In the event that
the Fund makes available to its shareholders rights to purchase additional
shares or other securities, the shares held for me under the Plan will be added
to other shares held by me in calculating the number of rights to be issued to
me.</p>
<p>10. In the case of the issuance of a certificate for all full shares, and a
sale of the fraction, the sales fee will apply only to the fractional share
transaction. The sales fee payable will be the lesser of $10 or the net proceeds
from the sale of the fractional share. If the transaction fee and commissions
exceed the proceeds from the sale of a fractional share, I will receive a
transaction advice instead of a check.</p>
<p>11. The service fee for handling distributions will be paid by the Fund. I
will be charged a pro-rata share of brokerage commissions on all open market
purchases.</p>
<p>12. I may withdraw shares from my account or terminate my account under the
Plan by notifying the Plan Agent in writing, via the internet by visiting The
Bank of New York's website at www.stockbny.com, or pursuant to telephonic</font></td>
</tr>
</table>
<font SIZE="3">
<p>&nbsp;</p>
<p>&nbsp;</p>
</font>
<table BORDER CELLSPACING="1" CELLPADDING="7" WIDTH="734">
<tr>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="1">procedures established by the Plan
Agent. The Plan may be terminated by the Plan Agent or the Fund upon notice in
writing mailed to me at least 90 days prior to any record date for the payment
of any distribution by the Fund. I have the option of receiving cash in lieu of
shares upon any withdrawal or termination, although there shall be a service fee
of $10, plus a $0.10 per share commission charged for liquidations or partial
liquidations thereof. In addition, if I do not wish to completely terminate my
interest in the Plan, I may request a partial withdrawal of shares. Unless
otherwise specified, upon any withdrawal or termination or partial withdrawal,
the Plan Agent will cause to be delivered to me without charge a certificate or
certificates for the appropriate number of full shares and a cash adjustment for
any fractional shares (valued at the market value of the shares at the time of
withdrawal or termination) less transaction fees and brokerage commissions from
the sale of my fractional shares.<p>13. I may deposit my certificated shares of
the Fund with the Plan Agent for safekeeping. These shares will be credited to
my Plan account in book-entry form.</p>
<p>14. These Terms and Conditions may be amended or supplemented by the Plan
Agent or the Fund at any time or times but, except when necessary or appropriate
to comply with applicable law or the rules or policies of the Securities and
Exchange Commission or any other regulatory authority, only by mailing to me the
appropriate written notice at least 90 days prior to the effective date thereof.
The amendment or supplement shall be deemed to be accepted by me unless, prior
to the effective date thereof, the Plan Agent receives written notice of the
termination of my account under the Plan. Any such amendment may include an
appointment by the Plan Agent in its place and stead of a successor plan agent
under these Terms and Conditions, with full power and authority to perform all
or any of the acts to be performed by the Plan Agent under these Terms and
Conditions. Upon any such appointment of any plan agent for the purpose of
receiving distributions, the Fund will be authorized to pay such successor plan
agent, for my account, all distributions payable on Common Stock of the Fund
held in my name or under the Plan for retention or application by the successor
plan agent as provided in these Terms and Conditions.</p>
<p>15. The Plan Agent shall at all times act in good faith and agrees to use its
best efforts within reasonable limits to insure the accuracy of all services
performed under this agreement and to comply with applicable law, but assumes no
responsibility and shall not be liable for loss or damage due to errors unless
such error is caused by the Plan Agent's negligence, bad faith, or willful
misconduct or that of its employees.</p>
<p>16. I agree to notify the Plan Agent promptly in writing of any change of
address. Notices to me may be sent by the Plan Agent by letter addressed to me
as shown on the records of the Plan Agent.</font></td>
<td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="45%" VALIGN="TOP"><font SIZE="1">17. This agreement and the account
established hereunder for me shall be governed by and construed in accordance
with the laws of the State of New York and the rules and regulations of the
Securities and Exchange Commission, as they may be changed or amended from time
to time.</font></td>
</tr>
</table>

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<TYPE>EX-99.2G ADVSR CONTR
<SEQUENCE>7
<FILENAME>posamiexg1.htm
<DESCRIPTION>MANAGEMENT AGREEMENT
<TEXT>
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<font SIZE="2">
<p ALIGN="right">Exhibit (g)(1)</p>
<b>
<p ALIGN="CENTER">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">MANAGEMENT AGREEMENT </p>
<p ALIGN="CENTER"></p>
<p style="text-indent: 35">AGREEMENT </b>dated as of March 8, 2004, between
Aberdeen Asia-Pacific Income Fund, Inc. (the &quot;Fund&quot;), a Maryland corporation
registered under the Investment Company Act of 1940, as amended (the &quot;1940
Act&quot;), and Aberdeen Asset Management Asia Limited, a Singapore corporation
(&quot;AAMAL&quot; or the &quot;Investment Manager&quot;). </p>
<p style="text-indent: 35"><b>WHEREAS</b>, the&nbsp; Fund is a closed-end
management investment company; and </p>
<p style="text-indent: 35"><b>WHEREAS, </b>the Fund engages in the business of
investing its assets in the manner and in accordance with its stated current
investment objective and restrictions; </p>
<p style="text-indent: 35"><b>WHEREAS</b>, the Fund (then known as The First
Australia Prime Income Fund, Inc.) entered into a management agreement dated
December 22, 2000 (the &quot;Former Management Agreement&quot;) with Aberdeen Asset
Managers (C.I.) Limited (then known as EquitiLink International Management
Limited), a Jersey, Channel Islands corporation (&quot;AAMCIL&quot;);</p>
<p style="text-indent: 35"><b>WHEREAS</b>, in&nbsp; December 2003, the Board of
Directors of the Fund approved the transfer by AAMCIL to AAMAL of the rights and
obligations of AAMCIL under the Former Management Agreement (the &quot;Transfer&quot;);</p>
<p style="text-indent: 35"><b>WHEREAS</b>, the Transfer would not be deemed an
&quot;assignment&quot; of the Former Management Agreement under the 1940 Act, based upon
factors including: (1) both before and after the Transfer, Aberdeen Asset
Management PLC will continue to indirectly own 100% of, and to control, AAMCIL
and AAMAL; (2) the persons providing day-to-day portfolio management of the Fund
prior to the Transfer will continue to provide such services after the Transfer;
(3) AAMAL and its personnel have, since 2001, been providing portfolio
management, research and trading services to the Fund pursuant to a Memorandum
of Understanding, as amended, to which AAMAL, AAMCIL and Aberdeen Asset
Management Limited (the Fund's Investment Adviser) are parties; (4) the Transfer
will have no material impact on the investment management of the Fund's
portfolio; (5) the nature and quality of the investment management services to
be provided to the Fund by AAMAL will not be materially different from those
provided to the Fund by AAMCIL; (6) the Transfer is not intended to, and will
not result in, any change in the fundamental investment processes, investment
strategies or investment techniques currently employed by portfolio managers and
investment professionals in providing investment advisory services to the Fund;
and (7) the Transfer will not result in any change in the terms of the Former
Management Agreement, other than in the name of the investment manager.</p>
<p style="text-indent: 35"><b>NOW THEREFORE</b>, in consideration of the
premises and mutual covenants herein contained, the parties agree as follows:
</p>
<p style="text-indent: 35">1. <b>Obligations. </p>
</b>
<p style="text-indent: 35">1.1&nbsp;&nbsp;&nbsp; The Investment Manager will
manage, in accordance with the Fund's stated investment objective, policies and
limitations and subject to the supervision of the Fund's Board of Directors, the
Fund's investments and will make investment decisions on behalf of the Fund
including the selection of and placing of orders with brokers and dealers to
execute portfolio transactions on behalf of the Fund. The Investment Manager
shall give the Fund the benefit of the Investment Manager's best judgment and
efforts in rendering services under this Agreement. </p>
<p style="text-indent: 35">1.2&nbsp;&nbsp;&nbsp; The Fund will pay the
Investment Manager a fee at the annual rate of 0.65% of the Fund's average
weekly net assets applicable to shares of common stock and shares of preferred
stock up to $200 million, 0.60% of such assets between $200 million and $500
million, 0.55% of such assets between $500 and $900 million, 0.50% of such
assets between $900 million and $1,750 million and 0.45% of such assets in
excess of $1,750 million, computed based upon net asset value applicable to
shares of common stock and shares of preferred stock at the end of each week and
payable at the end of each calendar month. </p>
<p style="text-indent: 35">1.3&nbsp;&nbsp;&nbsp; In rendering the services
required under this Agreement, the Investment Manager may, at its expense,
employ, consult or associate with itself such person or persons as it believes
necessary to assist it in carrying out its obligations under this Agreement.
However, the Investment Manager may not retain any person or company that would
be an &quot;investment adviser,&quot; as that term is defined in the 1940 Act, to the Fund
unless (i) the Fund is a party to the contract with such person or company and
(ii) such contract is approved by a majority of the Fund's Board of Directors
and a majority of Directors who are not parties to any agreement or contract
with such company and who are not &quot;interested persons,&quot; as defined in the 1940
Act, of the Fund, the Investment Manager, or any such person or company retained
by the Investment Manager, and is approved by the vote of a majority of the
outstanding voting securities of the Fund to the extent required by the 1940
Act. </p>
<p style="text-indent: 35">2. <b>&nbsp;&nbsp; Expenses</b>. The Investment
Manager shall bear all expenses of its employees, except as provided in the
following sentence, and overhead incurred in connection with its duties under
this Agreement and shall pay all salaries and fees of the Fund's Directors and
officers who are interested persons (as defined in the 1940 Act) of the
Investment Manager. The Fund will bear all of its own expenses, including:
expenses of organizing the Fund; fees of the Fund's Directors who are not
interested persons (as defined in the 1940 Act) of any other party;
out-of-pocket expenses for all Directors and officers of the Fund, including
expenses incurred by the Investment Manager's employees, who serve as Directors
and officers of the Fund, which may be reimbursed by the Fund under the Fund's
policy governing reimbursement of Fund-related expenses; and other expenses
incurred by the Fund in connection with meetings of Directors and shareholders;
interest expense; taxes and governmental fees including any original issue taxes
or transfer taxes applicable to the sale or delivery of shares or certificates
therefor; brokerage commissions and other expenses incurred in acquiring or
disposing of the Fund's portfolio securities; expenses in connection with the
issuance, offering, distribution, sale or underwriting of securities issued by
the Fund; expenses of registering and qualifying the Fund's shares for sale with
the Securities and Exchange Commission and in various states and foreign
jurisdictions; auditing, accounting, insurance and legal costs; custodian,
dividend disbursing and transfer agent expenses; and the expenses of
shareholders' meetings and of the preparation and distribution of proxies and
reports to shareholders. </p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp; <b>Liability.</b> The Investment
Manager shall not be liable for any error of judgment or for any loss suffered
by the Fund in connection with the matters to which this Agreement relates,
except a loss resulting from a breach of fiduciary duty with respect to receipt
of compensation for services (in which case any award of damages shall be
limited to the period and the amount set forth in Section 36(b)(3) of the 1940
Act) or a loss resulting from willful misfeasance, bad faith or gross negligence
on its part in the performance of, or from reckless disregard by it of its
obligations and duties under, this Agreement. </p>
<p style="text-indent: 35">4. <b>&nbsp;&nbsp; Services Not Exclusive</b>. It is
understood that the services of the Investment Manager are not deemed to be
exclusive, and nothing in this Agreement shall prevent the Investment Manager or
any affiliate, from providing similar services to other investment companies and
other clients (whether or not their investment objectives and policies are
similar to those of the Fund) or from engaging in other activities. When other
clients of the Investment Manager desire to purchase or sell a security at the
same time such security is purchased or sold for the Fund, such purchases and
sales will be allocated among the Investment Manager's clients, including the
Fund, in a manner that is fair and equitable in the judgment of the Investment
Manager in the exercise of its fiduciary obligations to the Fund and to such
other clients. </p>
<p style="text-indent: 35">5. <b>&nbsp;&nbsp; Duration and Termination</b>. This
Agreement shall be effective as of the date first above written, and shall
continue in effect until December 22, 2004. If not sooner terminated, this
Agreement shall continue in effect with respect to the Fund for successive
periods of twelve months thereafter, provided that each such continuance shall
be specifically approved annually by the vote of a majority of the Fund's Board
of Directors who are not parties to this Agreement or interested persons (as
defined in the 1940 Act) of any such party, cast in person at a meeting called
for the purpose of voting on such approval and either (a) the vote of a majority
of the outstanding voting securities of the Fund, or (b) the vote of a majority
of the Fund's entire Board of Directors. Notwithstanding the foregoing, this
Agreement may be terminated with respect to the Fund at any time, without the
payment of any penalty, by a vote of a majority of the Fund's Board of Directors
or a majority of the outstanding voting securities of the Fund upon at least
sixty (60) days' written notice to the Investment Manager or by the Investment
Manager upon at least ninety (90) days' written notice to the Fund. This
Agreement shall automatically terminate in the event of its assignment (as
defined in the 1940 Act). </p>
<p style="text-indent: 35">6.&nbsp;&nbsp;&nbsp; <b>Miscellaneous</b>. </p>
<p style="text-indent: 35">6.1&nbsp;&nbsp;&nbsp; This Agreement shall be
construed in accordance with the laws of the State of New York, provided that
nothing herein shall be construed as being inconsistent with the 1940 Act and
any rules, regulations and orders thereunder. </p>
<p style="text-indent: 35">6.2&nbsp;&nbsp;&nbsp; The captions in this Agreement
are included for convenience only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. </p>
<p style="text-indent: 35">6.3&nbsp;&nbsp;&nbsp; If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to
that extent, the provisions of this Agreement shall be deemed to be severable.
</p>
<p style="text-indent: 35">6.4&nbsp;&nbsp;&nbsp; Nothing herein shall be
construed as constituting the Investment Manager an agent of the Fund. </p>
<p style="text-indent: 35"><b>IN WITNESS WHEREOF, </b>the parties hereto have
caused this Agreement to be executed effective as of the day and year first
above written. </p>
</font>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="630"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="62%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Aberdeen Asia-Pacific
Income Fund, Inc.</b><p>&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP"><font SIZE="2">By:</font></td>
<td WIDTH="57%" VALIGN="TOP"><font SIZE="2"><u>/s/ Martin Gilbert <br>
</u>Name:&nbsp; Martin Gilbert<br>
Title:&nbsp;&nbsp;&nbsp; President</font></td>
</tr>
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="57%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="57%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="62%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Aberdeen Asset
Management Asia Limited<p>&nbsp;</b></font></td>
</tr>
<tr>
<td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP"><font SIZE="2">By:</font></td>
<td WIDTH="57%" VALIGN="TOP"><font SIZE="2"><u>/s/ Hugh Young <br>
</u>Name:&nbsp; Hugh Young<br>
Title:&nbsp;&nbsp;&nbsp; Managing Director</font></td>
</tr>
</table>
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<DOCUMENT>
<TYPE>EX-99.2G ADVSR CONTR
<SEQUENCE>8
<FILENAME>posamiexg2.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT
<TEXT>
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<font SIZE="2">
<p ALIGN="right">Exhibit (g)(2)</p>
<p ALIGN="CENTER"><b>ABERDEEN ASIA-PACIFIC INCOME FUND, INC. </p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">INVESTMENT ADVISORY AGREEMENT </p>
<p ALIGN="CENTER"></p>
</b>
<p style="text-indent: 35"><font face="Times New Roman"><b>AGREEMENT</b> </font>
dated as of March 8, 2004, among Aberdeen Asia-Pacific Income Fund, Inc. (the
&quot;Fund&quot;), a Maryland corporation registered under the Investment Company Act of
1940, as amended (the &quot;1940 Act&quot;), and Aberdeen Asset Management Asia Limited, a
Singapore corporation (&quot;AAMAL&quot; or the &quot;Investment Manager&quot;), and Aberdeen Asset
Management Limited, a New South Wales, Australia corporation (the &quot;Investment
Adviser&quot;). </p>
<p style="text-indent: 35"><b><font face="Times New Roman"><b>WHEREAS</b></font>,
</b>the Fund is a closed-end management investment company; </p>
<p style="text-indent: 35"><font face="Times New Roman"><b>WHEREAS</b></font>,
the Fund engages in the business of investing and reinvesting its assets in the
manner and in accordance with its stated investment objectives and restrictions;
</p>
<p style="text-indent: 35"><font face="Times New Roman"><b>WHEREAS</b></font>,
the Fund (then known as The First Australia Prime Income Fund, Inc.) entered
into a management agreement dated December 22, 2000 (the &quot; Former Management
Agreement&quot;) with Aberdeen Asset Managers (C.I.) Limited (then known as
EquitiLink International Management Limited), a Jersey, Channel Islands
corporation (&quot;AAMCIL&quot;), pursuant to which AAMCIL then managed the Fund's
investments and made investment decisions on behalf of the Fund, and for which
AAMCIL received a monthly fee from the Fund as specified in the Former
Management Agreement; </p>
<p style="text-indent: 35"><b><font face="Times New Roman">WHEREAS</font></b>,
in connection with rendering the services required under the Former Management
Agreement, AAMCIL was permitted to retain, at its expense and in the manner set
forth in the Former Management Agreement, investment advisers to assist it in
carrying out its obligations to the Fund under the Former Management Agreement;
</p>
<p style="text-indent: 35"><font face="Times New Roman"><b>WHEREAS</b></font>,
pursuant to an investment advisory agreement executed December 22, 2000 (the
&quot;Former Advisory Agreement&quot;) among the Fund, AAMCIL and the Investment Adviser
(then known as EquitiLink Australia Limited), AAMCIL retained the Investment
Adviser to assist it in carrying out its obligations to the Fund under the
Former Management Agreement;</p>
<p style="text-indent: 35"><font face="Times New Roman"><b>WHEREAS</b></font>,
in December 2003, the Board of Directors of the Fund approved the transfer by
AAMCIL to AAMAL of the rights and obligations of AAMCIL under the Former
Management Agreement and the Former Advisory Agreement (the &quot;Transfer&quot;);</p>
<p style="text-indent: 35"><b><font face="Times New Roman">WHEREAS</font></b>,
the Fund entered into a management agreement dated as of March 8, 2004 (the
&quot;Management Agreement&quot;) with AAMAL, pursuant to which AAMAL will manage the
Fund's investments and will make investment decisions on behalf of the Fund, and
for which AAMAL will receive a monthly fee from the Fund as specified in the
Management Agreement; </p>
<b>
<p style="text-indent: 35"><font face="Times New Roman">WHEREAS</font>,</b> the
Fund desires to have AAMAL assume the rights and obligations of AAMCIL under the
Former Advisory Agreement, and AAMAL is willing to assume such rights and
obligations, by entering into this investment advisory agreement (the
&quot;Agreement&quot;);</p>
<p style="text-indent: 35"><b><font face="Times New Roman">NOW, THEREFORE</font></b>,
in consideration of the premises and mutual covenants herein contained, the
parties agree as follows: </p>
</font>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="638"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">I.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Investment Adviser.
<br>
&nbsp;</b></font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">A.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">The Investment Adviser will make
recommendations to the Investment Manager as to specific portfolio securities to
be purchased, retained or sold by the Fund and will provide or obtain such
research and statistical data as may be necessary in connection therewith. The
Investment Adviser shall give the Investment Manager (and the Fund) the benefit
of the Investment Adviser's best judgment and efforts in rendering services
under this Agreement. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">B.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">The Investment Manager will pay the
Investment Adviser a fee computed at the annual rate of 0.25% of the Fund's
average weekly net assets applicable to the shares of common stock and shares of
preferred stock up to $1,200 million and 0.20% of such assets in excess of
$1,200 million, computed based upon net asset value applicable to shares of
common stock and shares of preferred stock at the end of each week and payable
at the end of each calendar month. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">II.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Expenses.</b> The
Investment Adviser shall bear all expenses of its respective employees, except
certain expenses incurred by the Investment Adviser's employees who serve as
officers and directors of the Fund which are reimbursed by the Fund under the
Fund's policy governing reimbursement of Fund-related expenses. The Investment
Adviser shall bear all overhead incurred in connection with its duties under
this Agreement and shall pay all salaries and fees of the Fund's directors and
officers who are interested persons (as defined in the 1940 Act) of the
Investment Adviser but who are not interested persons of the Investment Manager.
<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">III.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Liability.</b>
Neither the Investment Manager nor the Investment Adviser shall be liable for
any error of judgment or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates, except a loss resulting from a
breach of fiduciary duty with respect to receipt of compensation for services
(in which case any award of damages shall be limited to the period and the
amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from
willful misfeasance, bad faith or gross negligence on the part of the Investment
Manager or the Investment Adviser, as appropriate, in the performance of, or
from reckless disregard by such party of such party's obligations and duties
under, this Agreement. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">IV.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Services Not
Exclusive.</b> It is understood that the services of the Investment Manager and
the Investment Adviser are not deemed to be exclusive, and nothing in this
Agreement shall prevent the Investment Manager or the Investment Adviser, or any
affiliate of either of them, from providing similar services to other investment
companies and other clients (whether or not their investment objectives and
policies are similar to those of the Fund) or from engaging in other activities.
When other clients of the Investment Manager or the Investment Adviser desire to
purchase or sell a security at the same time such security is purchased or sold
for the Fund, such purchases and sales will be allocated among the clients of
each in a manner that is fair and equitable in the judgment of the Investment
Manager and the Investment Adviser in the exercise of their fiduciary
obligations to the Fund and to such other clients. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">V.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Duration and
Termination.</b> This Agreement shall be effective as of the date first above
written, and shall continue in effect until December 22, 2004. If not sooner
terminated, this Agreement shall continue in effect with respect to the Fund for
successive periods of twelve months thereafter, provided that each such
continuance shall be specifically approved annually by the vote of a majority of
the Fund's Board of Directors who are not parties to this Agreement or
interested persons (as defined in the 1940 Act) of any such party, cast in
person at a meeting called for the purpose of voting on such approval and either
(a) the vote of a majority of the outstanding voting securities of the Fund, or
(b) the vote of a majority of the Fund's entire Board of Directors.
Notwithstanding the foregoing, this Agreement may be terminated with respect to
the Fund at any time, without the payment of any penalty, by a vote of a
majority of the Fund's Board of Directors or a majority of the outstanding
voting securities of the Fund upon at least sixty (60) days' written notice to
the Investment Manager and the Investment Adviser, or by either the Investment
Manager or Investment Adviser upon at least ninety (90) days' written notice to
the Fund and the other party but any such termination shall not affect
continuance of this Agreement as to the remaining parties. This Agreement shall
automatically terminate as to any party in the event of its assignment (as
defined in the 1940 Act). <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">VI.</font></td>
<td WIDTH="90%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Miscellaneous. <br>
&nbsp;</b></font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">A.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">This Agreement shall be construed in
accordance with the laws of the State of New York, provided that nothing herein
shall be construed as being inconsistent with the 1940 Act and any rules,
regulations and orders thereunder. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">B.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">The captions in this Agreement are
included for convenience only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">C.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">If any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or otherwise,
the remainder of this Agreement shall not be affected thereby and, to that
extent, the provisions of this Agreement shall be deemed to be severable. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">D.</font></td>
<td WIDTH="85%" VALIGN="TOP"><font SIZE="2">Nothing herein shall be construed as
constituting any party an agent of the Fund or of any other party. </font></td>
</tr>
</table>
<font SIZE="2">
<p><b><font face="Times New Roman">IN WITNESS WHEREOF</font></b>, the parties
hereto have caused this Agreement to be executed as of the day and year first
above written. </p>
</font>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="638"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Aberdeen Asia-Pacific
Income Fund, Inc.</b><p>&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">By: </font></td>
<td WIDTH="55%" VALIGN="TOP"><font SIZE="2"><u>/s/ Martin Gilbert </u><br>
Name:&nbsp; Martin Gilbert<br>
Title:&nbsp;&nbsp;&nbsp; President<p>&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Aberdeen Asset
Management Asia Limited</b><u><p>&nbsp;</u></font></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">By:</font></td>
<td WIDTH="55%" VALIGN="TOP"><font SIZE="2"><u>/s/ Hugh Young </u><br>
Name:&nbsp; Hugh Young<br>
Title:&nbsp;&nbsp;&nbsp; Managing Director<u><p>&nbsp;</u></font></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><b>Aberdeen Asset
Management Limited </b><u>
<p>&nbsp;</u></font></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">By:</font></td>
<td WIDTH="55%" VALIGN="TOP"><font SIZE="2"><u>/s/ James Blair </u><br>
Name:&nbsp; James Blair<br>
Title:&nbsp;&nbsp;&nbsp; Director</font></td>
</tr>
</table>
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<DOCUMENT>
<TYPE>EX-99.2J CUST CONTR
<SEQUENCE>9
<FILENAME>posamiexj5.htm
<DESCRIPTION>2ND AMENDMENT TO CUSTODIAN CONTRACT
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<p ALIGN="RIGHT">Exhibit (j)(5)</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">SECOND AMENDMENT TO CUSTODIAN CONTRACT</p>
<p ALIGN="CENTER"></p>
<p>This Amendment to the Custodian Contract is made as of July 8, 2005 by and
between Aberdeen Asia-Pacific Income Fund, Inc. (formerly known as The First
Australia Prime Income Fund, Inc.) (the &quot;Fund&quot;) and State Street Bank and Trust
Company (the &quot;Custodian&quot;). Capitalized terms used in this Amendment without
definition shall have the respective meanings given to such terms in the
Custodian Contract referred to below.</p>
<p>WHEREAS, the Fund and the Custodian entered into a Custodian Contract dated
as of April 11, 1986 (as amended and in effect from time to time, the
&quot;Contract&quot;); and</p>
<p>WHEREAS, the Fund and the Custodian desire to amend certain provisions of the
Contract to reflect revisions to Rule 17f-5 (&quot;Rule 17f-5&quot;) and the adoption of
Rule 17f-7 (&quot;Rule 17f-7&quot;) promulgated under the Investment Company Act of 1940,
as amended (the &quot;1940 Act&quot;); and</p>
<p>WHEREAS, the Fund and the Custodian desire to amend and restate certain other
provisions of the Contract relating to the custody of assets of the Fund held
outside of the United States.</p>
<p>NOW THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter contained, the parties hereby agree to amend the
Contract, pursuant to the terms thereof, as follows:</p>
<dir>
<dir>
<p>I. The provisions of Articles 3 and 4 of the Contract, and Schedules A, B and
C thereto, added by the Amendment to Custodian Contract dated December 4, 1998
are hereby deleted, and the parties hereto agree that such provisions shall be
and are replaced in their entirety by the provisions set forth below. </p>
</dir>
</dir>
<b>
<p>3.</b> <b><u>Provisions Relating to Rules 17f-5 and 17f-7</p>
</b></u><b>
<p>3.1.</b> <b><u>Definitions</u>. </b>Capitalized terms in this Article 3 and
in Article 4 shall have the following meanings:</p>
<p></p>
<p>&quot;Country Risk&quot; means all factors reasonably related to the systemic risk of
holding Foreign Assets in a particular country including, but not limited to,
such country's political environment, economic and financial infrastructure
(including any Eligible Securities Depository operating in the country),
prevailing or developing custody and settlement practices, and laws and
regulations applicable to the safekeeping and recovery of Foreign Assets held in
custody in that country.</p>
<p></p>
<p>&quot;Eligible Foreign Custodian&quot; has the meaning set forth in section (a)(1) of
Rule 17f-5, including without limitation a majority-owned or indirect subsidiary
of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the
requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by
other appropriate action of the U.S. Securities and Exchange Commission (the
&quot;SEC&quot;)), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the
1940 Act) meeting the requirements of a custodian under Section 17(f) of the
1940 Act; the term does not include any Eligible Securities Depository.</p>
<p>&quot;Eligible Securities Depository&quot; has the meaning set forth in section (b)(1)
of Rule 17f-7. </p>
<p>&quot;Foreign Assets&quot; means any of the Fund's investments (including foreign
currencies) for which the primary market is outside the United States and such
cash and cash equivalents as are reasonably necessary to effect the Fund's
transactions in such investments. </p>
<p>&quot;Foreign Custody Manager&quot; has the meaning set forth in section (a)(3) of Rule
17f-5.</p>
<b>
<p>3.2. <u>The Custodian as Foreign Custody Manager</u>. </p>
</b>
<p><b>3.2.1. <u>Delegation to the Custodian as Foreign Custody Manager</u>. </b>
The Fund, by resolution adopted by its Board of Directors (the &quot;Board&quot;), hereby
delegates to the Custodian, subject to Section (b) of Rule 17f-5, the
responsibilities set forth in this Section 3.2 with respect to Foreign Assets
held outside the United States, and the Custodian hereby accepts such delegation
as Foreign Custody Manager of the Fund.</p>
<p></p>
<b>
<p>3.2.2. <u>Countries Covered</u>. </b>The Foreign Custody Manager shall be
responsible for performing the delegated responsibilities defined below only
with respect to the countries and custody arrangements for each such country
listed on Schedule A to this Contract, which list of countries may be amended
from time to time by the Fund with the agreement of the Foreign Custody Manager.
The Foreign Custody Manager shall list on Schedule A the Eligible Foreign
Custodians selected by the Foreign Custody Manager to maintain the Fund's
assets, which list of Eligible Foreign Custodians may be amended from time to
time in the sole discretion of the Foreign Custody Manager. The Foreign Custody
Manager will provide amended versions of Schedule A in accordance with Section
3.2.5 hereof.</p>
<p>Upon the receipt by the Foreign Custody Manager of Proper Instructions to
open an account or to place or maintain Foreign Assets in a country listed on
Schedule A, and the fulfillment by the Fund of the applicable account opening
requirements for such country, the Foreign Custody Manager shall be deemed to
have been delegated by the Board responsibility as Foreign Custody Manager with
respect to that country and to have accepted such delegation. Execution of this
Amendment by the Fund shall be deemed to be a Proper Instruction to open an
account, or to place or maintain Foreign Assets, in each country listed on
Schedule A in which the Custodian has previously placed or currently maintains
Foreign Assets pursuant to the terms of the Contract. Following the receipt of
Proper Instructions directing the Foreign Custody Manager to close the account
of the Fund with the Eligible Foreign Custodian selected by the Foreign Custody
Manager in a designated country, the delegation by the Board to the Custodian as
Foreign Custody Manager for that country shall be deemed to have been withdrawn
and the Custodian shall immediately cease to be the Foreign Custody Manager of
the Fund with respect to that country.</p>
<p>The Foreign Custody Manager may withdraw its acceptance of delegated
responsibilities with respect to a designated country upon written notice to the
Fund. Thirty (30) days (or such longer period to which the parties agree in
writing) after receipt of any such notice by the Fund, the Custodian shall have
no further responsibility in its capacity as Foreign Custody Manager to the Fund
with respect to the country as to which the Custodian's acceptance of delegation
is withdrawn.</p>
<b>
<p>3.2.3.</b> <b><u>Scope of Delegated Responsibilities</u>:</p>
</b><b>
<p>(a) <u>Selection of Eligible Foreign Custodians</u>. </b>Subject to the
provisions of this Section 3.2, the Foreign Custody Manager may place and
maintain the Foreign Assets in the care of the Eligible Foreign Custodian
selected by the Foreign Custody Manager in each country listed on Schedule A, as
amended from time to time. In performing its delegated responsibilities as
Foreign Custody Manager to place or maintain Foreign Assets with an Eligible
Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign
Assets will be subject to reasonable care, based on the standards applicable to
custodians in the country in which the Foreign Assets will be held by that
Eligible Foreign Custodian, after considering all factors relevant to the
safekeeping of such assets, including, without limitation the factors specified
in Rule 17f-5(c)(1).</p>
<b>
<p>(b) <u>Contracts With Eligible Foreign Custodians</u>. </b>The Foreign
Custody Manager shall determine that the contract governing the foreign custody
arrangements with each Eligible Foreign Custodian selected by the Foreign
Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).</p>
<b>
<p>(c) <u>Monitoring</u>. </b>In each case in which the Foreign Custody Manager
maintains Foreign Assets with an Eligible Foreign Custodian selected by the
Foreign Custody Manager, the Foreign Custody Manager shall establish a system to
monitor (i) the appropriateness of maintaining the Foreign Assets with such
Eligible Foreign Custodian and (ii) the contract governing the custody
arrangements established by the Foreign Custody Manager with the Eligible
Foreign Custodian. In the event the Foreign Custody Manager determines that the
custody arrangements with an Eligible Foreign Custodian it has selected are no
longer appropriate, the Foreign Custody Manager shall notify the Board in
accordance with Section 3.2.5 hereunder.</p>
<b>
<p>3.2.4.</b> <b><u>Guidelines for the Exercise of Delegated Authority</u>. </b>
For purposes of this Section 3.2, the Board shall be deemed to have considered
and determined to accept such Country Risk as is incurred by placing and
maintaining the Foreign Assets in each country for which the Custodian is
serving as Foreign Custody Manager of the Fund.</p>
<p></p>
<b>
<p>3.2.5.</b> <b><u>Reporting Requirements</u>. </b>The Foreign Custody Manager
shall report the withdrawal of the Foreign Assets from an Eligible Foreign
Custodian and the placement of such Foreign Assets with another Eligible Foreign
Custodian by providing to the Board an amended Schedule A at the end of the
calendar quarter in which an amendment to such Schedule has occurred. The
Foreign Custody Manager shall make written reports notifying the Board of any
other material change in the foreign custody arrangements of the Fund described
in this Section 3.2 after the occurrence of the material change.</p>
<b>
<p>3.2.6. <u>Standard of Care as Foreign Custody Manager of the Fund</u>. </b>In
performing the responsibilities delegated to it, the Foreign Custody Manager
agrees to exercise reasonable care, prudence and diligence such as a person
having responsibility for the safekeeping of assets of management investment
companies registered under the 1940 Act would exercise. </p>
<b>
<p>3.2.7.</b> <b><u>Representations with Respect to Rule 17f-5</u>. </b>The
Foreign Custody Manager represents to the Fund that it is a U.S. Bank as defined
in Rule 17f-5(a)(7). The Fund represents to the Custodian that the Board has
determined that it is reasonable for the Board to rely on the Custodian to
perform the responsibilities delegated pursuant to this Contract to the
Custodian as the Foreign Custody Manager of the Fund. </p>
<b>
<p>3.2.8. <u>Effective Date and Termination of the Custodian as Foreign Custody
Manager</u>. </b>The Board's delegation to the Custodian as Foreign Custody
Manager of the Fund shall be effective as of the date hereof and shall remain in
effect until terminated at any time, without penalty, by written notice from the
terminating party to the non-terminating party. Termination will become
effective thirty (30) days after receipt by the non-terminating party of such
notice. The provisions of Section 3.2.2 hereof shall govern the delegation to
and termination of the Custodian as Foreign Custody Manager of the Fund with
respect to designated countries.</p>
<b>
<p>3.3. <u>Eligible Securities Depositories</u>. </p>
</b><b>
<p>3.3.1. <u>Analysis and Monitoring</u>. </b>The Custodian shall (a) provide
the Fund<b> </b>(or its duly-authorized investment manager or investment
adviser) with an analysis of the custody risks associated with maintaining
assets with the Eligible Securities Depositories set forth on Schedule B hereto
in accordance with Rule 17f-7(a)(1)(i)(A), and (b) monitor such risks on a
continuing basis, and promptly notify the Fund (or its duly-authorized
investment manager or investment adviser) of any material change in such risks,
in accordance with Rule 17f-7(a)(1)(i)(B). </p>
<b>
<p></p>
<p>3.3.2. <u>Standard of Care</u>. </b>The Custodian agrees to exercise
reasonable care, prudence and diligence in performing the duties set forth in
Section 3.3.1. </p>
<p>&nbsp;</p>
<dir>
<dir>
<b>
<p>4. <u>Duties of the Custodian with Respect to Fund Property Held Outside the
United States</u>.</p>
</b><u>
</dir>
</dir>
</u><b>
<p>4.1. <u>Definitions</u>. </b>Capitalized terms in this Article 4 shall have
the following meanings:</p>
<p>&quot;Foreign Securities System&quot; means an Eligible Securities Depository listed on
Schedule B hereto.</p>
<p>&quot;Foreign Sub-Custodian&quot; means a foreign banking institution serving as an
Eligible Foreign Custodian.</p>
<b>
<p>4.2. <u>Holding Securities</b></u>. The Custodian shall identify on its books
as belonging to the Fund the foreign securities held by each Foreign
Sub-Custodian or Foreign Securities System. The Custodian may hold foreign
securities for all of its customers, including the Fund, with any Foreign
Sub-Custodian in an account that is identified as belonging to the Custodian for
the benefit of its customers, provided however, that (i) the records of the
Custodian with respect to foreign securities of the Fund which are maintained in
such account shall identify those securities as belonging to the Fund and (ii),
to the extent permitted and customary in the market in which the account is
maintained, the Custodian shall require that securities so held by the Foreign
Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian
or of other customers of such Foreign Sub-Custodian.</p>
<b>
<p>4.3. <u>Foreign Securities Systems</u>.</b> Foreign securities shall be
maintained in a Foreign Securities System in a designated country through
arrangements implemented by the Custodian or a Foreign Sub-Custodian, as
applicable, in such country.</p>
<b>
<p>4.4. <u>Transactions in Foreign Custody Account</u>.</p>
</b><b>
<p>4.4.1. <u>Delivery of Foreign Assets</u>. </b>The Custodian or a Foreign
Sub-Custodian shall release and deliver foreign securities of the Fund held by
the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System
account, only upon receipt of Proper Instructions, which may be continuing
instructions when deemed appropriate by the parties, and only in the following
cases:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) upon the sale of such foreign securities for the Fund in accordance with
commercially reasonable market practice in the country where such foreign
securities are held or traded, including, without limitation: (A) delivery
against expectation of receiving later payment; or (B) in the case of a sale
effected through a Foreign Securities System, in accordance with the rules
governing the operation of the Foreign Securities System;</p>
<p>(ii) in connection with any repurchase agreement related to foreign
securities;</p>
<p>(iii) to the depository agent in connection with tender or other similar
offers for foreign securities of the Fund;</p>
<p>(iv) to the issuer thereof or its agent when such foreign securities are
called, redeemed, retired or otherwise become payable;</p>
<p>(v) to the issuer thereof, or its agent, for transfer into the name of the
Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee
of the Custodian or such Foreign Sub-Custodian) or for exchange for a different
number of bonds, certificates or other evidence representing the same aggregate
face amount or number of units;</p>
<p>(vi) to brokers, clearing banks or other clearing agents for examination or
trade execution in accordance with market custom; provided that in any such case
the Foreign Sub-Custodian shall have no responsibility or liability for any loss
arising from the delivery of such securities prior to receiving payment for such
securities except as may arise from the Foreign Sub-Custodian's own negligence
or willful misconduct;</p>
<p>(vii) for exchange or conversion pursuant to any plan of merger,
consolidation, recapitalization, reorganization or readjustment of the
securities of the issuer of such securities, or pursuant to provisions for
conversion contained in such securities, or pursuant to any deposit agreement;</p>
<p>(viii) in the case of warrants, rights or similar foreign securities, the
surrender thereof in the exercise of such warrants, rights or similar securities
or the surrender of interim receipts or temporary securities for definitive
securities;</p>
<p>(ix) for delivery as security in connection with any borrowing by the Fund
requiring a pledge of assets by the Fund;</p>
<p>(x) in connection with trading in options and futures contracts, including
delivery as original margin and variation margin;</p>
<p>(xi) in connection with the lending of foreign securities; and</p>
<p>(xii) for any other purpose, but only upon receipt of Proper Instructions
specifying the foreign securities to be delivered and naming the person or
persons to whom delivery of such securities shall be made.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>4.4.2.</b> <b><u>Payment of Fund Monies</u>. </b>Upon receipt of Proper
Instructions, which may be continuing instructions when deemed appropriate by
the parties, the Custodian shall pay out, or direct the respective Foreign
Sub-Custodian or the respective Foreign Securities System to pay out, monies of
the Fund in the following cases only:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) upon the purchase of foreign securities for the Fund, unless otherwise
directed by Proper Instructions, by (A) delivering money to the seller thereof
or to a dealer therefor (or an agent for such seller or dealer) against
expectation of receiving later delivery of such foreign securities; or (B) in
the case of a purchase effected through a Foreign Securities System, in
accordance with the rules governing the operation of such Foreign Securities
System;</p>
<p>(ii) in connection with the conversion, exchange or surrender of foreign
securities of the Fund;</p>
<p>(iii) for the payment of any expense or liability of the Fund, including but
not limited to the following payments: interest, taxes, investment advisory
fees, transfer agency fees, fees under this Contract, legal fees, accounting
fees, and other operating expenses;</p>
<p>(iv) for the purchase or sale of foreign exchange or foreign exchange
contracts for the Fund, including transactions executed with or through the
Custodian or its Foreign Sub-Custodians;</p>
<p>(v) in connection with trading in options and futures contracts, including
delivery as original margin and variation margin;</p>
<p>(vi) for payment of part or all of the dividends received in respect of
securities sold short;</p>
<p>(vii) in connection with the borrowing or lending of foreign securities; and</p>
<p>(viii) for any other purpose, but only upon receipt of Proper Instructions
specifying the amount of such payment and naming the person or persons to whom
such payment is to be made.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>4.4.3. <u>Market Conditions</u>. </b>Notwithstanding any provision of this
Contract to the contrary, settlement and payment for Foreign Assets received for
the account of the Fund and delivery of Foreign Assets maintained for the
account of the Fund may be effected in accordance with the customary established
securities trading or processing practices and procedures in the country or
market in which the transaction occurs, including, without limitation,
delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or
an agent for such purchaser or dealer) with the expectation of receiving later
payment for such Foreign Assets from such purchaser or dealer.</p>
<p>The Custodian shall provide to the Board the information with respect to
custody and settlement practices in countries in which the Custodian employs a
Foreign Sub-Custodian described on Schedule C hereto at the time or times set
forth on such Schedule. The Custodian may revise Schedule C from time to time,
provided that no such revision shall result in the Board being provided with
substantively less information than had been previously provided hereunder.</p>
<b>
<p>4.5. <u>Registration of Foreign Securities</u>. </b>The foreign securities
maintained in the custody of a Foreign Sub-Custodian (other than bearer
securities) shall be registered in the name of the Fund or in the name of the
Custodian or in the name of any Foreign Sub-Custodian or in the name of any
nominee of the foregoing, and the Fund agrees to hold any such nominee harmless
from any liability as a holder of record of such foreign securities. The
Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities
on behalf of the Fund under the terms of this Contract unless the form of such
securities and the manner in which they are delivered are in accordance with
reasonable market practice.</p>
<b>
<p>4.6. <u>Bank Accounts</u>. </b>The Custodian shall identify on its books as
belonging to the Fund cash (including cash denominated in foreign currencies)
deposited with the Custodian. Where the Custodian is unable to maintain, or
market practice does not facilitate the maintenance of, cash on the books of the
Custodian, a bank account or bank accounts shall be opened and maintained
outside the United States on behalf of the Fund with a Foreign Sub-Custodian.
All accounts referred to in this Section shall be subject only to draft or order
by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant
to the terms of the Contract to hold cash received by or from or for the account
of the Fund. Cash maintained on the books of the Custodian (including its
branches, subsidiaries and affiliates), regardless of currency denomination, is
maintained in bank accounts established under, and subject to the laws of, The
Commonwealth of Massachusetts.</p>
<b>
<p>4.7. <u>Collection of Income</u>. </b>The Custodian shall use reasonable
commercial efforts to collect all income and other payments with respect to the
Foreign Assets held hereunder to which the Fund shall be entitled and shall
credit such income, as collected, to the Fund. In the event that extraordinary
measures are required to collect such income, the Fund and the Custodian shall
consult as to such measures and as to the compensation and expenses of the
Custodian relating to such measures.</p>
<b>
<p>4.8. <u>Shareholder Rights</u>. </b>With respect to the foreign securities
held pursuant to this Article 4, the Custodian will use reasonable commercial
efforts to facilitate the exercise of voting and other shareholder rights,
subject always to the laws, regulations and practical constraints that may exist
in the country where such securities are issued. The Fund acknowledges that
local conditions, including lack of regulation, onerous procedural obligations,
lack of notice and other factors may have the effect of severely limiting the
ability of the Fund to exercise shareholder rights.</p>
<b>
<p>4.9. <u>Communications Relating to Foreign Securities</u>. </b>The Custodian
shall transmit promptly to the Fund written information with respect to
materials received by the Custodian via the Foreign Sub-Custodians from issuers
of the foreign securities being held for the account of the Fund (including,
without limitation, pendency of calls and maturities of foreign securities and
expirations of rights in connection therewith). With respect to tender or
exchange offers, the Custodian shall transmit promptly to the Fund written
information with respect to materials so received by the Custodian from issuers
of the foreign securities whose tender or exchange is sought or from the party
(or its agents) making the tender or exchange offer. The Custodian shall not be
liable for any untimely exercise of any tender, exchange or other right or power
in connection with foreign securities or other property of the Fund at any time
held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is
in actual possession of such foreign securities or property and (ii) the
Custodian receives Proper Instructions with regard to the exercise of any such
right or power, and both (i) and (ii) occur at least three business days prior
to the date on which the Custodian is to take action to exercise such right or
power.</p>
<b>
<p>4.10. <u>Liability of Foreign Sub-Custodians</u>. </b>Each agreement pursuant
to which the Custodian employs a Foreign Sub-Custodian shall, to the extent
possible, require the Foreign Sub-Custodian to exercise reasonable care in the
performance of its duties, and to indemnify, and hold harmless, the Custodian
from and against any loss, damage, cost, expense, liability or claim arising out
of or in connection with the Foreign Sub-Custodian's performance of such
obligations. At the election of the Fund, the Fund shall be entitled to be
subrogated to the rights of the Custodian with respect to any claims against a
Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense,
liability or claim if and to the extent that the Fund has not been made whole
for any such loss, damage, cost, expense, liability or claim.</p>
<b>
<p>4.11. <u>Tax Law</u>. </b>The Custodian shall have no responsibility or
liability for any obligations now or hereafter imposed on the Fund, or the
Custodian as custodian of the Fund, by the tax law of the United States or of
any state or political subdivision thereof. It shall be the responsibility of
the Fund to notify the Custodian of the obligations imposed on the Fund, or the
Custodian as custodian of the Fund, by the tax law of countries other than the
United States, including responsibility for withholding and other taxes,
assessments or other governmental charges, certifications and governmental
reporting. The sole responsibility of the Custodian with regard to such tax law
shall be to use reasonable efforts to assist the Fund with respect to any claim
for exemption or refund under the tax law of countries for which the Fund has
provided such information.</p>
<b>
<p>4.12. <u>Liability of Custodian</u>. </b>Except as may arise from the
Custodian's own negligence or willful misconduct, or the negligence or willful
misconduct of a Sub-Custodian, the Custodian shall be without liability to the
Fund for any loss, liability, claim or expense resulting from or caused by
anything which is part of Country Risk.</p>
<p>The Custodian shall be liable for the acts or omissions of a Foreign
Sub-Custodian to the same extent as set forth with respect to sub-custodians
generally in the Contract and, regardless of whether assets are maintained in
the custody of a Foreign Sub-Custodian or a Foreign Securities System, the
Custodian shall not be liable for any loss, damage, cost, expense, liability or
claim resulting from nationalization, expropriation, currency restrictions, or
acts of war or terrorism, or any other loss where the Foreign Sub-Custodian has
otherwise acted with reasonable care.</p>
<dir>
<dir>
<dir>
<dir>
<p>II. Schedule A to the Contract (attached to the Contract as originally
entered into, and as subsequently modified) is hereby deleted.</p>
<p>III. Except as specifically superseded or modified herein, the terms and
provisions of the Contract shall continue to apply with full force and effect.
In the event of any conflict between the terms of the Contract prior to this
Amendment and this Amendment, the terms of this Amendment shall prevail. If the
Custodian is delegated the responsibilities of Foreign Custody Manager pursuant
to the terms of Article 3 hereof, in the event of any conflict between the
provisions of Articles 3 and 4 hereof, the provisions of Article 3 shall
prevail.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="CENTER">[Signature page follows.]</p>
<p>IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and behalf by its duly authorized representative as of the
date first above written.</p>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="601">
<tr>
<td WIDTH="37%" VALIGN="TOP">Witnessed By:</td>
<td WIDTH="63%" VALIGN="TOP">STATE STREET BANK and TRUST COMPANY</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP"><u>/s/ Michael J. Savitz</u></td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">Michael J. Savitz</td>
<td WIDTH="63%" VALIGN="TOP">By: <u>/s/ Joseph L. Hooley</u></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">Vice President and Counsel</td>
<td WIDTH="63%" VALIGN="TOP">
<dir>
<p>Joseph L. Hooley</p>
</dir>
</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">
<dir>
<p>Executive Vice President </p>
</dir>
</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">Witnessed By:</td>
<td WIDTH="63%" VALIGN="TOP">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP"><u>/s/ Timothy P. Sullivan</u></td>
<td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">Name: Timothy P. Sullivan</td>
<td WIDTH="63%" VALIGN="TOP">By: <u>/s/ Andrew A Smith</u></td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">Title: Assistant Treasurer</td>
<td WIDTH="63%" VALIGN="TOP">
<dir>
<p>Andrew Smith</p>
</dir>
</td>
</tr>
<tr>
<td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="63%" VALIGN="TOP">
<dir>
<p>Vice President and Chief Compliance Officer</p>
</dir>
</td>
</tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>10
<FILENAME>posamiexk18.htm
<DESCRIPTION>AMINISTRATION AGREEMENT
<TEXT>
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<font SIZE="2">
<p ALIGN="right">Exhibit (k)(18)</p>
<b>
<p ALIGN="CENTER">ADMINISTRATION AGREEMENT</p>
</b>
<p style="text-indent: 35">AGREEMENT, dated as of September 30, 2004, between
Aberdeen Asia-Pacific Income Fund, Inc., a Maryland corporation (the &quot;Fund&quot;),
and Aberdeen Asset Management Inc., a Delaware corporation (the
&quot;Administrator&quot;).</p>
<p style="text-indent: 35">WHEREAS, the Fund is a non-diversified, closed-end
management investment company registered with the Securities and Exchange
Commission (&quot;SEC&quot;) under the Investment Company Act of 1940, as amended (&quot;1940
Act&quot;); and</p>
<p style="text-indent: 35">WHEREAS, the Fund wishes to retain the Administrator
to provide certain administrative services in the manner and on the terms and
conditions hereinafter set forth; and</p>
<p style="text-indent: 35">WHEREAS, the Administrator desires to be retained to
perform such services on said terms and conditions.</p>
<p style="text-indent: 35">NOW, THEREFORE, the parties hereto agree as follows:</p>
<p><b>1.&nbsp;&nbsp;&nbsp;&nbsp; APPOINTMENT OF ADMINISTRATOR</b></p>
<p style="text-indent: 35">The Fund hereby retains AAM to act as Administrator
to the Fund as herein set forth. AAM accepts such appointment and agrees to
perform or arrange for the performance of the services stated herein.</p>
<p><b>2.&nbsp;&nbsp;&nbsp;&nbsp; ADMINISTRATION SERVICES</b></p>
<blockquote>
<blockquote>
<table border="0" cellpadding="0" cellspacing="0"
style="border-collapse: collapse" bordercolor="#111111" width="80%">
<tr>
<td width="4%" valign="top"><font size="2">a.</font></td>
<td width="63%"><font SIZE="2">The Administrator shall provide the services
listed in Schedule A, in each case, subject to the control, supervision and
direction of the Board of Directors and subject to any necessary review and
comment by the Fund's auditors and legal counsel and in accordance with
procedures or policies that may be established from time to time by and between
the Fund and the Administrator and approved by the Board of Directors.<br>
&nbsp;</font></td>
</tr>
<tr>
<td width="4%" valign="top"><font size="2">b.</font></td>
<td width="63%"><font SIZE="2">In performing its duties hereunder, the
Administrator shall act in accordance with the charter, bylaws, and Registration
Statement on Form N-2 of the Fund, each as amended from time to time, and with
instructions of the Board and will conform to and comply with the requirements
of the 1940 Act and all other applicable federal and state laws and regulations,
and will consult with legal counsel to the Fund, as necessary and appropriate.<br>
&nbsp;</font></td>
</tr>
<tr>
<td width="4%" valign="top"><font size="2">c.</font></td>
<td width="63%"><font SIZE="2">The Administrator is hereby authorized to retain
one or more third parties and to delegate all or some its duties and obligations
hereunder to such persons, provided that such persons shall remain under the
general supervision of the Administrator and the Administrator shall be
responsible for assuring the performance by such persons of any duty or
obligation so delegated. The compensation of such persons shall be paid by the
Administrator and no obligation shall be incurred on behalf of the Fund in such
respect. The division of the Administrator's duties and obligations hereunder
between those to be delegated to a third party and those to be performed by the
Administrator shall be in the Administrator's sole discretion and may be changed
from time to time by the Administrator. To the extent any of the obligations of
the Administrator is delegated to one or more third parties, the Fund agrees to
take or cause to be taken any actions reasonably requested by the Administrator
that may be necessary or appropriate in connection with such delegation.</font></td>
</tr>
</table>
</blockquote>
</blockquote>
<p><b>3.&nbsp;&nbsp;&nbsp;&nbsp; COMPENSATION</b></p>
<p style="text-indent: 35">The Administrator shall receive from the Fund such
compensation for the Administrator's services provided pursuant to this
Agreement as may be agreed to from time to time in a written fee schedule
approved by the parties and initially set forth in Schedule B to this Agreement.
In the event this Agreement is terminated before the end of a month, the fee
shall be pro-rated according to the proportion of the month that services were
provided and shall be payable within seven days after the date of termination of
this Agreement. </p>
<p><b>4.&nbsp;&nbsp;&nbsp;&nbsp; INSTRUCTIONS AND ADVICE</b></p>
<p style="text-indent: 35">At any time, the Administrator may consult with
counsel for the Fund or with the independent accountants for the Fund at the
expense of the Fund, with respect to any matter arising in connection with the
services to be performed by the Administrator under this Agreement. The
Administrator shall not be liable, and shall be indemnified by the Fund, for any
action taken or omitted to be taken by it in good faith in reliance upon any
written instructions or advice or upon oral instructions or advice received from
the Fund's independent accountants or Fund counsel, provided the Administrator
can produce sufficient contemporaneous evidence demonstrating receipt of such
instructions or advice. </p>
<p><b>5.&nbsp;&nbsp;&nbsp;&nbsp; LIMITATION OF LIABILITY; INDEMNIFICATION</b></p>
<p style="text-indent: 35">(a)&nbsp;&nbsp;&nbsp; The Administrator shall not be
liable to the Fund for any action taken or omitted to be taken by the
Administrator in connection with the performance of its duties or obligations
under this Agreement, except for losses, damages or expenses caused by or
resulting from or attributable to willful misconduct, bad faith or negligence by
the Administrator in the performance of its obligations or duties or by reason
of its reckless disregard of the obligations and duties under this Agreement.</p>
<p style="text-indent: 35">The Fund shall indemnify the Administrator and hold
it harmless from and against all damages, liabilities, costs and expenses
(including reasonable attorneys' fees and amounts reasonably paid in settlement)
incurred by the Administrator in or by reason of any claim, demand, action,
suit, investigation or other proceeding (including an action or suit by or in
the right of the Fund or its security holders) arising out of or otherwise based
upon any action actually or allegedly taken or omitted to be taken by the
Administrator in connection with the performance of any of its duties or
obligations under this Agreement, provided that no indemnification shall be
available for acts or omissions attributable to willful misconduct, bad faith or
negligence by the Administrator in the performance of its obligations or duties
or by reason of its reckless disregard of the obligations and duties under this
Agreement, and provided further, that the Administrator shall be entitled to
indemnification hereunder only to the extent consistent with the 1940 Act.</p>
<p style="text-indent: 35">For purposes of this Section 5(a), the Administrator
shall include its officers and employees and persons to whom duties or
obligations are delegated by the Administrator hereunder.</p>
<p style="text-indent: 35">(b)&nbsp;&nbsp;&nbsp; The Administrator shall
indemnify and hold harmless the Fund and its directors, officers and agents from
and against all damages, liabilities, costs and expenses (including reasonable
attorneys' fees and amounts reasonably paid in settlement) incurred by the Fund
in or by reason of any claim, demand, action, suit, investigation or other
proceeding (including an action or suit by or in the right of the Fund or its
security holders) arising out of or otherwise based upon the Administrator's
(including for this purpose any person to whom the Administrator has delegated
any duties or obligations hereunder) willful misconduct, bad faith or negligence
in the performance of its obligations and duties under this Agreement or by
reason of its reckless disregard thereof.</p>
<p style="text-indent: 35">(c)&nbsp;&nbsp;&nbsp; With respect to any claim for
indemnification under this Agreement, the indemnifying party will be entitled to
participate at its own expense in the defense of any suit brought to enforce any
liability subject to such indemnification and, if it so chooses, to assume the
defense thereof with counsel reasonably satisfactory to the indemnified party.
In the event the indemnifying party elects to assume the defense of any such
suit and retain counsel, the indemnified party, or any of its affiliated persons
named as defendant or defendants in the suit, may retain additional counsel but
shall bear the fees and expenses of such counsel unless (i) the indemnifying
party has specifically authorized the retaining of such counsel or (ii)&nbsp;the
indemnified party shall have determined in good faith that the retention of such
counsel is required as a result of a conflict of interest, but in no event shall
the indemnifying party be obligated to pay the fees and expenses of more than
one counsel in addition to counsel to the indemnifying party.</p>
<p><b>6.&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY; PRIVACY</b></p>
<p style="text-indent: 35">The Administrator agrees that, except as otherwise
required by law or in connection with any disclosure required by law or
applicable regulation, it will keep confidential all records and information in
its possession relating to the Fund or its stockholders or stockholder accounts
and will not disclose the same to any person except at the request or with the
written consent of the Fund.</p>
<p style="text-indent: 35">The Fund and the Administrator each agree to take all
steps necessary to comply with applicable regulations protecting the privacy of
nonpublic personal financial information (&quot;Information&quot;) of &quot;consumers&quot; and
&quot;customers&quot; of the Fund, as those terms are defined in Regulation S-P. To the
extent the Fund provides the Administrator with any Information to perform
services or functions on its behalf, the Administrator agrees not to disclose or
use any such information for any purpose other than to carry out the purposes
for which the Fund disclosed the Information or as permitted by law in the
ordinary course of business to carry out those purposes. In the event that the
Administrator receives any such Information from the Fund, the Administrator
agrees to adopt policies and procedures that establish administrative,
technical, and physical safeguards for the protection of Information of
consumers or customers of the Fund. The Administrator will include a similar
provision in all agreements with third parties.</p>
<p><b>7.&nbsp;&nbsp;&nbsp;&nbsp; RECORDS</b></p>
<p style="text-indent: 35">In compliance with the requirements of Rule 31a-3
under the 1940 Act, and any successor or related regulation relating to books
and records, the Administrator agrees that all records which it (or any third
party sub-administrator engaged by it) maintains for the Fund shall at all times
remain the property of the Fund, shall be readily accessible during normal
business hours, and shall be promptly surrendered upon the termination of the
Agreement or otherwise on written request. The Administrator further agrees that
all records which it (or any third party sub-administrator engaged by it)
maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be
preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any
such records are earlier surrendered as provided above.</p>
<p><b>8.&nbsp;&nbsp;&nbsp;&nbsp; SERVICES NOT EXCLUSIVE</b></p>
<p style="text-indent: 35">The services of the Administrator hereunder are not
exclusive and nothing in this Agreement shall limit or restrict the right of the
Administrator to engage in any other business or to render services of any kind
to any other corporation, firm, individual or association. The Administrator
shall be deemed to be an independent contractor, unless otherwise expressly
provided or authorized by this Agreement.</p>
<p><b>9.&nbsp;&nbsp;&nbsp;&nbsp; DURATION, TERMINATION AND AMENDMENT</b></p>
<p style="text-indent: 35">This Agreement shall become effective on November 1,
2004. Unless sooner terminated as provided in this Section 9, this Agreement
shall continue in effect until December 31, 2005. Thereafter, if not terminated,
this Agreement shall continue automatically for successive terms of one year,
provided that such continuance is specifically approved at least annually:</p>
<table border="0" cellpadding="0" cellspacing="0"
style="border-collapse: collapse" bordercolor="#111111" width="100%">
<tr>
<td width="10%">&nbsp;</td>
<td width="90%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;
by a vote of a majority of those members of the Fund's Board of Directors who
are not parties to this Agreement or &quot;interested persons&quot; of such party; and<br>
&nbsp;</font></td>
</tr>
<tr>
<td width="10%">&nbsp;</td>
<td width="90%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;
by the Fund's Board of Directors or by a vote of a &quot;majority of the outstanding
voting securities&quot; of the Fund.</font></td>
</tr>
</table>
<p style="text-indent: 35">This Agreement may be terminated by the Fund at any
time without the payment of any penalty, by vote of a majority of the entire
Board of Directors or a vote of a &quot;majority of the outstanding voting
securities&quot; of the Fund, on 60 days prior written notice to the Administrator,
or by the Administrator at any time without the payment of any penalty, on 60
days prior written notice to the Fund.</p>
<p style="text-indent: 35">As used in this Agreement, the terms &quot;majority of
outstanding voting securities&quot; and &quot;interested persons&quot; shall have the same
meaning as such terms have in the 1940 Act.</p>
<p>10.&nbsp;&nbsp;&nbsp;&nbsp; <b>AMENDMENTS OF THIS AGREEMENT</b></p>
<p style="text-indent: 35">This Agreement may be amended by the parties hereto
only if such amendment is approved by the Board of Directors of the Fund and
such amendment is set forth in a written instrument executed by each of the
parties hereto.</p>
<p><b>11.&nbsp;&nbsp;&nbsp;&nbsp; GOVERNING LAW</b></p>
<p style="text-indent: 35">This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without reference to choice of
law principles thereof and in accordance with the 1940 Act. In the case of any
conflict, the 1940 Act shall control.</p>
<p><b>12.&nbsp;&nbsp;&nbsp;&nbsp; COUNTERPARTS</b></p>
<p style="text-indent: 35">This Agreement may be executed by the parties hereto
in counterparts, and if executed in more than one counterpart, the separate
instruments shall constitute one agreement.</p>
<p><b>13.&nbsp;&nbsp;&nbsp;&nbsp; NOTICES</b></p>
<p style="text-indent: 35">Any notice or other communication required to be
given in writing pursuant to this Agreement shall be deemed duly given if
delivered or mailed by registered mail, postage prepaid, (1)&nbsp;to the
Administrator at 300 Las Olas Place, 300 S.E. 2nd Street, Suite 820, Fort
Lauderdale, FL 33301 Attention: Beverley Hendry, (2) to the Fund at c/o Andrew
Smith, Chief Compliance Officer, 45 Broadway, 21<sup>st</sup> Floor, New York,
New York 10006.</p>
<p><b>14.&nbsp;&nbsp;&nbsp;&nbsp; ENTIRE AGREEMENT</b></p>
<p style="text-indent: 35">This Agreement sets forth the agreement and
understanding of the parties hereto solely with respect to the matters covered
hereby and the relationship between the Fund and Aberdeen Asset Management Inc.
as Administrator. Nothing in this Agreement shall govern, restrict or limit in
any respect any other business dealings between the parties hereto unless
otherwise expressly provided herein.</p>
<p><b>15.&nbsp;&nbsp;&nbsp;&nbsp; NO ASSIGNMENT</b></p>
<p style="text-indent: 35">This Agreement shall not be assigned by the
Administrator without the prior consent of the Board of Directors of the Fund,
although the Administrator may, without the prior consent of the Fund, retain
third parties and delegate to those third parties all or some of its duties and
obligations under this Agreement.</p>
<p style="text-indent: 35">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first written above. </p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="638"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Aberdeen Asia-Pacific Income Fund,
Inc.</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Aberdeen Asset Management Inc.</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: /s/ Christian Pittard</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: /s/ Beverly Hendry</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Name: Christian Pittard</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Name: Beverly Hendry</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Title: Treasurer</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Title: Director</font></td>
</tr>
</table>
<font SIZE="2">
<p>&nbsp;</p>
<hr>
<p>&nbsp;</p>
<p align="center"><b>SCHEDULE A</p>
<p align="center">Services</p>
</b>
<p>The Administrator shall provide the services below, subject to the control,
supervision and direction of the Board of Directors of the Fund and subject to
any necessary review and comment by the Fund's auditors and legal counsel and in
accordance with procedures or policies that may be established from time to time
by and between the Fund and the Administrator and approved by the Board of
Directors for the Fund:</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="638"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Provide operational management,
including development of guidelines and procedures to improve overall compliance
by the Fund and its various agents and coordination of communication between,
and monitoring of reports submitted by, the various service providers;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Propose and carry out policies
directed at operational problem inquiry and resolution concerning actual or
potential compliance violations, valuation of complex securities, securities
trading in problematic markets or correction of pricing errors;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Furnish officers for the Fund,
subject to Board approval;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare statistical and research
data and reports, as required;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(e)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Create and maintain a website to
provide account and fund-related information to Fund stockholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(f)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Negotiate and oversee service
provider contracts, including, but not limited to, sub-administration,
sub-accounting, transfer agency, custody, and securities lending;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(g)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Monitor and periodically test the
Fund's compliance with its investment objectives, policies and restrictions as
set forth in its registration statement, as amended from time to time, or in its
annual reports to stockholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(h)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Monitor and periodically test,
including on required quarterly testing dates, the Fund's compliance with the
requirements of Section 851 of the Internal Revenue Code and applicable Treasury
Regulations for qualification as a RIC;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(i)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Mail quarterly requests for
Quarterly Transactions Reports, Initial Holdings Reports and Annual Holdings
Reports to all &quot;access persons&quot; under the terms of the Fund's code of ethics and
SEC regulations;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(j)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare, distribute and utilize in
compliance training sessions, comprehensive compliance materials, including
compliance manuals and checklists, subject to review and comment by the Fund's
legal counsel and develop and assist in developing guidelines and procedures to
improve overall compliance by the Fund and its various agents;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(k)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Maintain copies of the Fund's
Charter and bylaws, as amended from time to time;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(l)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Review and monitor the fidelity bond
and errors and omissions insurance coverage and the submission of any related
regulatory filings;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(m)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Calculate or arrange for the
calculation and publication of the Fund's net asset value in accordance with the
Fund's policy as adopted from time to time by the Board of Directors;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(n)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Maintain, or arrange for the
maintenance of, certain books and records of the Fund, in appropriate qualified
business units if applicable, as mutually agreed upon between the parties
hereto, in accordance with the 1940 Act and regulations thereunder;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(o)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Provide the Fund with administrative
offices and data processing facilities (which may be the Administrator's own
offices and data processing facilities) as well as the services of persons
competent to perform such administrative and clerical functions as are necessary
or appropriate to provide effective operation of the Fund;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(p)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Maintain the Fund's expense budget
and monitor expense accruals; <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(q)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Arrange for payment of the Fund's
expenses, which may include calculation of various contractual expenses of the
Fund's service providers, and the review and approval of invoices for the Fund's
account and submission to an officer of the Fund for authorization of payment;
<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(r)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Oversee and review the calculation
of fees paid to any sub-administrator, the transfer agent and the custodian;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(s)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Compute the Fund's yield, total
return, expense ratios and portfolio turnover rate as well as various
statistical data as reasonably requested by the Fund's Investment Manager or
Investment Adviser;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(t)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare, for review and approval by
officers of the Fund, financial information for the Fund's quarterly,
semi-annual and annual reports, proxy statements and other communications with
stockholders required or otherwise to be sent to the Fund's stockholders, and
arrange for the printing and dissemination of such reports and communications to
stockholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(u)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare reports relating to the
business and affairs of the Fund as may be mutually agreed upon and not
otherwise appropriately prepared by the Fund's custodian, counsel or independent
public accountants;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(v)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Provide the necessary financial
information to the Fund's independent public accountants to assist them in the
preparation of the federal, state and local income tax returns, and any other
required tax returns, as may be mutually agreed upon. Review completed tax
returns and arrange for approval and execution by officers of the Fund;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(w)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare, or arrange for the
preparation of, Form 1099-DIV, and arrange for the distribution of such Form to
stockholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(x)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Calculate the Fund's annual net
investment income (including net realized short-term capital gain) and net
realized long-term capital gain to determine the Fund's minimum annual
distributions to stockholders and the tax and accounting treatment of such
distributions on a per share basis, to be reviewed by the Fund's independent
public accountants;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(y)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare, or arrange for the
preparation of, any written statements required by Section 19(a) of the 1940 Act
and the regulations thereunder to be furnished to stockholders in connection
with the payment of dividends and distributions, and arrange for the
distribution of such statements to stockholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(z)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare, for review by an officer of
the Fund, any periodic financial reports required to be filed by the Fund with
the SEC, including without limitation on Form N-SAR, Form N-CSR and Form N-Q,
and such other reports, forms or filings, as may be mutually agreed upon;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(aa)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare such financial information
and reports as may be required by any stock exchange or exchanges on which the
Fund's shares are listed, and such other information and reports required by
such stock exchanges as may be necessary or appropriate to maintain such
listings;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(bb)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare such financial information
and reports as may be required by any banks from which the Fund borrows money;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(cc)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare reports related to the
Fund's preferred stock, if any, as required by rating agencies;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(dd)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Establish the timeline and
coordinate the compilation of the quarterly and any special Board of Directors
meeting materials;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(ee)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Attend, and prepare minutes of,
in-person and telephonic meetings of the Fund's Board of Directors and any
committees thereof, and make presentations at such meetings, where appropriate;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(ff)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Organize, attend, and keep minutes
of shareholder meetings;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(gg)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Coordinate and manage the
performance of administrative and professional services rendered to the Fund by
others, including its custodian, registrar, transfer agent, dividend disbursing
agent and dividend reinvestment plan agent, as well as accounting, auditing and
such other services as may from time to time be mutually agreed;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(hh)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Consult as necessary with the Fund's
officers, independent public accountants, legal counsel, custodian, accounting
agent and transfer and dividend disbursing agent in establishing and ensuring
compliance with the accounting policies of the Fund;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(ii)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Review implementation of any stock
purchase or dividend reinvestment programs authorized by the Board of Directors;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(jj)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Prepare Subchapter M compliance
tests for the Fund on a monthly basis;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(kk)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Maintain commercially reasonable
back-up systems and other procedures commonly employed by other administrators
in the investment company industry to assure the performance of its duties under
this Agreement;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(ll)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Provide such assistance to the
Fund's Investment Manager, Investment Adviser, transfer agent, custodian, and
the Fund's counsel and independent public accountants as generally may be
reasonably required to properly carry on the business and operations of the
Fund; and<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="7%" VALIGN="TOP"><font SIZE="2">(mm)</font></td>
<td WIDTH="84%" VALIGN="TOP"><font SIZE="2">Respond to, or refer to the Fund's
officers or transfer agent, stockholder inquiries relating to the Fund.</font></td>
</tr>
</table>
<font SIZE="2">
<p>&nbsp;</p>
<hr><b>
<p ALIGN="CENTER">SCHEDULE B</p>
<p ALIGN="CENTER">Fees</p>
</b>
<p>The Fund shall pay the Administrator a fee at an annual rate equal to 0.12%
of the Fund's average weekly net assets, computed based upon the net asset
values applicable to the shares of common stock and shares of preferred stock at
the end of each week up to $900 million, 0.08% of such assets between $900
million and $1.75 billion and 0.06% of such assets in excess of $1.75 billion.</p>
</font>

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<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>11
<FILENAME>posamiexk19.htm
<DESCRIPTION>SUB-ADMINISTRATION AGREEMENT
<TEXT>
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<font SIZE="2">
<p ALIGN="right">Exhibit (k)(19)</p>
<b>
<p ALIGN="CENTER">SUB-ADMINISTRATION AGREEMENT</p>
</b>
<p>&nbsp;</p>
</font><font FACE="Courier New" SIZE="2">
<p style="text-indent: 70"></font><font SIZE="2">This SUB-ADMINISTRATION
AGREEMENT, made as of the 30th day of September 2004 between ABERDEEN ASSET
MANAGEMENT, INC., a Delaware corporation (&quot;AAM&quot;), and PRINCETON ADMINISTRATORS,
L.P., a Delaware limited partnership (&quot;Princeton&quot; or the &quot;Sub-administrator&quot;).</p>
<u>
<p ALIGN="CENTER">WITNESSETH:</p>
</u>
<p ALIGN="CENTER"></p>
<p style="text-indent: 70">WHEREAS, AAM has agreed to provide or arrange the
provision of certain administrative services to Aberdeen Global Income Fund,
Inc, Aberdeen Asia-Pacific Income Fund, Inc. and Aberdeen Australia Equity fund,
Inc. (collectively &quot;the Funds&quot;), each a Maryland corporation and a
non-diversified closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &quot;Investment Company Act&quot;); and
</p>
<p style="text-indent: 70">WHEREAS, AAM wishes to retain Princeton to perform
the administrative services contemplated by this Agreement to the Funds; </p>
<p style="text-indent: 70">NOW, THEREFORE, the parties hereto agree as follows:</p>
</font>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="590"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">1.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Duties of the
Sub-administrator</u>. AAM hereby retains Princeton to act as Sub-administrator
of the Funds, subject to the supervision and direction of AAM and the Board of
Directors of the Funds as herein set forth. Subject to the supervision and
direction of AAM, Princeton shall perform or arrange for the performance of the
following administrative and clerical services: <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Calculate or arrange for the
calculation and publication of each Funds' net asset value in accordance with
the Funds' policy as adopted from time to time by the Board of Directors;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Maintain, or arrange for the
maintenance of, certain books and records of the Funds, as mutually agreed upon
between the parties hereto, that are required under the Investment Company Act;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Provide the Funds with
administrative offices and data processing facilities as well as the services of
persons competent to perform such administrative and clerical functions as are
necessary to provide effective operation of the Funds;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Maintain the Funds' expense budget
and monitor expense accruals;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(e)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Arrange for payment of the Funds'
expenses, as AAM directs, which may include calculation of various contractual
expenses of the Funds' service providers, and the review and approval of
invoices for the Funds' account and submission to an officer of the Funds for
authorization of payment;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(f)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Oversee and review the calculations
of fees paid to AAM, the Sub-Administrator, the transfer agent and the
custodian;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(g)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Compute the Funds' yield, total
return, expense ratios and portfolio turnover rate as well as various
statistical data as reasonably requested;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(h)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare, for review and approval by
officers of the Funds, financial information for the Funds' quarterly,
semi-annual and annual reports, proxy statements and other communications with
shareholders required or otherwise to be sent to the Funds' shareholders, and
arrange for the printing and dissemination of such reports and communications to
shareholders;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(i)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare reports relating to the
business and affairs of the Funds as may be mutually agreed upon and not
otherwise appropriately prepared by AAM or the Funds' custodian, counsel or
independent public accountants;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(j)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Provide the necessary financial
information to the Funds' independent public accountants to assist them in the
preparation of the federal, state and local income tax returns, and any other
required tax returns, as may be mutually agreed upon. Review completed tax
returns for accuracy and provide to AAM for review, approval and execution by
officers of the Funds;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(k)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Calculate the Funds' annual net
investment income (including net realized short-term capital gain) and net
realized long-term capital gain to determine the Funds' minimum annual
distributions to shareholders and the tax and accounting treatment of such
distributions on a per share basis, to be reviewed by the Funds' independent
public accountants;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(l)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare, for review by an officer of
the Funds, the Fund's periodic financial reports required to be filed with the
Securities and Exchange Commission (the &quot;SEC&quot;) on Form N-SAR and Form N-CSR and
such other reports, forms or filings, as may be mutually agreed upon;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(m)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare such financial information
and reports as may be required by any stock exchange or exchanges on which the
Funds' shares are listed, and such other information and reports required by
such stock exchanges as may be mutually agreed upon; <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(n)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare such financial information
and reports as may be required by any banks from which the Funds borrow money;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(o)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Prepare reports related to the
Funds' preferred stock, if any, as required by rating agencies;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(p)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Establish the timeline and
coordinate the compilation of the quarterly Board of Directors meeting
materials;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(q)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Coordinate the performance of
administrative and professional services rendered to the Funds by others,
including its custodian, registrar, transfer agent, dividend disbursing agent
and dividend reinvestment plan agent, as well as accounting, auditing and such
other services as may from time to time be mutually agreed;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font size="2">(r)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Consult as necessary with the Funds'
officers, independent public accountants, legal counsel, custodian, accounting
agent and transfer and dividend disbursing agent in establishing the accounting
policies of the Funds;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(s)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Review implementation of any stock
purchase or dividend reinvestment programs authorized by the Board of Directors;<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(t)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Provide such assistance to AAM, the
custodian and the Funds' counsel and independent public accountants as generally
may be reasonably required to properly carry on the business and operations of
the Funds; and<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP"><font SIZE="2">(u)</font></td>
<td WIDTH="87%" VALIGN="TOP"><font SIZE="2">Respond to, or refer to AAM, the
Funds' officers or transfer agent, shareholder inquiries relating to the Funds.</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="87%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">AAM agrees to deliver
and to use commercially reasonable efforts to cause to be delivered, on a timely
basis, such information to Princeton as may be necessary or appropriate for
Princeton's performance of its duties and responsibilities hereunder, including
but not limited to, daily records of transactions, valuation of investments in
United States dollars (which may be based on information provided by a pricing
service), expenses borne by the Funds, the Funds management letter to
shareholders and such other information necessary for Princeton to prepare the
above referenced reports and filings, and Princeton shall be entitled to rely on
the accuracy and completeness of such information in performing its duties
hereunder. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">All services are to be
furnished through the medium of any officer or employee of Princeton as the
Sub-administrator deems appropriate in order to fulfill its obligations
hereunder.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">Each party shall bear
all its own expenses incurred in connection with this Agreement. Printing and
dissemination expenses, such as those for reports to shareholders and proxy
statements, shall be expenses of the Funds.<br>
&nbsp;</font></td>
</tr>
</table>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="590"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">2.</font></td>
<td WIDTH="95%" VALIGN="TOP"><font SIZE="2"><u>Compensation of the
Sub-administrator</u>. AAM will pay the Princeton a fee on the first business
day of each calendar month for the previous month equal to the following;</font></td>
</tr>
</table>
<font SIZE="2"><i>
<p style="text-indent: 35"><u>Aberdeen Global Income Fund, Inc</u></i><u>.</u> -
at an annual rate equal to 0.1125% of the Fund's Managed Assets (as defined
below). Princeton will make payment to the accounting agent, from its monthly
fee, for services rendered to the Fund.</p>
<i>
<p style="text-indent: 35"><u>Aberdeen Asia-Pacific Income Fund, Inc.</i></u> -
at an annual rate equal to 0.06% of the Fund's Managed Assets (as defined below)
up to $900 million, 0.04% of such assets between $900 million and $1.75 billion
and 0.03% of such assets in excess of $1.75 billion. The Fund will make payment
to the accounting agent for services rendered as previously agreed upon. </p>
<i>
<p style="text-indent: 35"><u>Aberdeen Australia Equity Fund, Inc.</i></u> - at
an annual rate equal to 0.02% of the Fund's Managed Assets (as defined below).
The Fund will make payment to the accounting agent for services rendered as
previously agreed upon. </p>
<p style="text-indent: 35">For the purposes of determining fees payable to the
Sub-administrator, the value of the Fund's assets shall be computed at the times
and in the manner specified in the Fund's registration statement on Form N-2, as
amended from time to time. &quot;Managed Assets&quot; means the average weekly value of a
Fund's total assets minus the sum of a Fund's liabilities, which liabilities
exclude debt relating to leverage, short-term debt and the aggregate liquidation
preference of any outstanding preferred stock. Compensation by AAM to Princeton
shall commence on the 1<sup>st</sup> day of November 2004. In the event that
this Agreement is terminated before the end of a month, the fee shall be
pro-rated according to the proportion of the month that services were provided
and shall be payable within seven days after the date of termination of this
Agreement. </p>
</font>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="590"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">3.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Limitation of
Liability of the Sub-administrator, Indemnification</u>.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="89%" VALIGN="TOP"><font SIZE="2">Princeton may, with respect to
questions of law, apply for and obtain the advice and opinion of legal counsel,
and with respect to the application of generally accepted accounting principles
or federal tax accounting principles, apply for and obtain the advice and
opinion of accounting experts, at the reasonable expense of the Funds or AAM.
Princeton shall obtain prior permission of the Funds or AAM before obtaining the
advise and opinion of legal or accounting experts at the expense of the Funds or
AAM, and shall not use any counsel or accounting experts to which the Funds or
AAM shall reasonably object. Princeton shall be fully protected with respect to
any action taken or omitted by it in good faith in conformity with this
paragraph. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="89%" VALIGN="TOP"><font SIZE="2">Princeton shall not be liable to the
Funds or AAM for any action taken or omitted to be taken by Princeton in
connection with the performance of any of its duties or obligations under this
Agreement, and AAM shall indemnify Princeton and hold it harmless from and
against all damages, liabilities, costs and expenses (including reasonable
attorneys' fees and amounts reasonably paid in settlement) incurred by Princeton
in or by reason of any pending, threatened or contemplated action, suit,
investigation or other proceeding (including an action or suit by or in the
right of the Funds or its security holders) arising out of or otherwise based
upon any action actually or allegedly taken or omitted to be taken by Princeton
in connection with the performance of any of its duties or obligations under
this Agreement; provided, however, that nothing contained herein shall protect
or be deemed to protect Princeton against or entitle or be deemed to entitle
Princeton to indemnification in respect of any liability to AAM, the Funds or
its security holders to which Princeton would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of its reckless disregard of its duties and obligations
under this Agreement. Such expenses shall be paid by AAM in advance of the final
disposition of such matter upon invoice by Princeton and receipt by AAM of an
undertaking Princeton to repay such amounts if it shall ultimately be
established that the Princeton is not entitled to payment of such expenses
hereunder.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="6%" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="89%" VALIGN="TOP"><font SIZE="2">As used in this Paragraph 3, the
term &quot;Princeton&quot; shall include any affiliates of the Sub-administrator
performing services for the Funds contemplated hereby, and Directors, officers,
agents and employees of the Sub-administrator or such affiliates.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">4.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Activities of the
Sub-administrator. <br>
&nbsp;</u></font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">The services of
Princeton hereunder are not exclusive and nothing in this Agreement shall limit
or restrict the right of Princeton to engage in any other business or to render
services of any kind to any other corporation, firm, individual or association.
Princeton shall be deemed to be an independent contractor, unless otherwise
expressly provided or authorized by this Agreement.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">5.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Duration and
termination of this Agreement</u>. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">This Agreement shall
become effective on the 1<sup>st</sup> day of November 2004 once signed by both
parties. This Agreement may be terminated by either party hereto (without
penalty) at any time upon not less than 60 days prior written notice to the
other party hereto.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">6.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Amendments of this
Agreement.</u></font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">This Agreement may be
amended by the parties hereto only if such amendment is specifically approved by
the Board of Directors of the Funds and such amendment is set forth in a written
instrument executed by each of the parties hereto.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Governing Law. <br>
&nbsp;</u></font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">This Agreement shall be
governed by and construed in accordance with the laws of the State of new York
without reference to choice of law principles thereof and in accordance with the
Investment Company Act. In the case of any conflict, the Investment Company Act
shall control.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">8.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Counterparts</u>. <br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2">This Agreement may be
executed by the parties hereto in counterparts, and if executed in more than one
counterpart, the separate instruments shall constitute one agreement.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">9.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Notices.</u> Any
notice or other communication required to be given in writing pursuant to this
Agreement shall be deemed duly given if delivered or mailed by registered mail,
postage prepaid, (1)&nbsp;to Princeton at P.O. Box 9095, Princeton, New Jersey
08543-9095, Attention: Donald C. Burke, (2) to AAM at 300 Las Olas Place, 300
S.E. 2nd Street, Suite 820, Fort Lauderdale, FL 33301 Attention: Beverley
Hendry.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">10.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>Entire Agreement.</u>
This Agreement sets forth the agreement and understanding of the parties hereto
solely with respect to the matters covered hereby and the relationship between
AAM and Princeton Administrators L.P. as Sub-Administrator. Nothing in this
Agreement shall govern, restrict or limit in any respect any other business
dealings between the parties hereto unless otherwise expressly provided herein.<br>
&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="5%" VALIGN="TOP"><font SIZE="2">11.</font></td>
<td WIDTH="95%" VALIGN="TOP" COLSPAN="2"><font SIZE="2"><u>No Assignment.</u>
This Agreement shall not be assigned by either party without the prior written
consent of the other, except that either party may assign the agreement to
another party if such assignment is to a party controlling, controlled by or
under common control with the assigning party. </font></td>
</tr>
</table>
<font SIZE="2">
<p>IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="523"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="81%" VALIGN="TOP"><font SIZE="2">ABERDEEN ASSET MANAGEMENT, INC.<p>By
<u>/s/ Beverly Hendry</p>
</u>
<p>Title: <u>Director</p>
</u>
<p>&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="81%" VALIGN="TOP"><font SIZE="2">PRINCETON ADMINISTRATORS, L.P.<p>By
<u>/s/ Donald C. Burke</p>
</u>
<p>Title: <u>Senior Vice President</u></font></td>
</tr>
</table>
<font SIZE="2">
<p>&nbsp;</p>
<p>&nbsp;</p>
</font>

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<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>12
<FILENAME>posamiexk20.htm
<DESCRIPTION>STOCK TRANSFER AGENCY AGREEMENT
<TEXT>
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<font SIZE="2">
<p ALIGN="right">Exhibit (k)(20)</p>
<b>
<p ALIGN="CENTER">STOCK TRANSFER AGENCY AGREEMENT</p>
</b>
<p style="text-indent: 35"><font face="Times New Roman">AGREEMENT, made as of
July 19, 2004 by and between </font></font><font FACE="Times New Roman"
SIZE="2">ABERDEEN ASIA - PACIFIC INCOME FUND, INC., </font><font SIZE="2">
<font face="Times New Roman">a corporation organized and existing under the laws
of the State of Maryland (hereinafter referred to as the &quot;Customer&quot;), and THE
BANK OF NEW YORK, a New York trust company (hereinafter referred to as the
&quot;Bank&quot;). Schedule I is deemed a part of this Agreement and all activities
contained in Schedule I are subject to the provisions of this Agreement.</font></p>
<p ALIGN="CENTER">W I T N E S S E T H:</p>
<p style="text-indent: 35">That for and in consideration of the mutual promises
hereinafter set forth, the parties hereto covenant and agree as follows:</p>
<b>
<p ALIGN="CENTER">ARTICLE I</p>
<u>
<p ALIGN="CENTER">DEFINITIONS</p>
</b></u>
<p style="text-indent: 35">Whenever used in this Agreement, the following words
and phrases shall have the following meanings:</p>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Business Day&quot; shall be
deemed to be each day on which the Bank is open for business.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Certificate&quot; shall mean
any notice, instruction, or other instrument in writing, authorized or required
by this Agreement to be given to the Bank by the Customer which is signed by any
Officer, as hereinafter defined, and actually received by the Bank.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Officer&quot; shall be deemed
to be the Customer's Chief Executive Officer, President, any Vice President, the
Secretary, the Treasurer, the Controller, any Assistant Treasurer, and any
Assistant Secretary (a) duly authorized by the Board of Directors of the
Customer to execute any Certificate on behalf of the Customer and (b) named in a
Certificate, as such Certificate may be amended from time to time.</p>
<p style="text-indent: 35">4.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Opinion of Counsel&quot; shall
be deemed to be (1) an opinion of counsel for the Customer, in a form reasonably
satisfactory to the Bank, with respect to the validity of the authorized and
outstanding Shares, the obtaining of all necessary governmental consents,
whether such Shares are fully paid and non-assessable and the status of such
Shares under the Securities Act of 1933, as amended (&quot;1933 Act&quot;), and any other
applicable law or regulation (i.e., if subject to registration, that they have
been registered and that the Registration Statement has become effective or, if
exempt, the specific grounds therefor), or (2) a letter from counsel for the
Customer, in a form reasonably satisfactory to the Bank, permitting the Bank to
rely on an opinion of counsel containing such counsel's opinion with respect to
the matters indicated in (i) above, to the extent applicable, addressed to the
Customer or an underwriter in connection with a transaction that increases or
decreases the number of Shares outstanding.</p>
<p style="text-indent: 35">5.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Shares&quot; shall mean all or
any part of each class of the shares of capital stock of the Customer which from
time to time are authorized and/or issued by the Customer, with respect to which
the Bank is to act hereunder.</p>
<b>
<p ALIGN="CENTER">ARTICLE II</p>
<u>
<p ALIGN="CENTER">APPOINTMENT OF BANK</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; The Customer hereby
constitutes and appoints the Bank as its agent to perform the services described
herein and as more particularly described in Schedule I attached hereto (the
&quot;Services&quot;), and the Bank hereby accepts appointment as such agent and agrees to
perform the Services in accordance with the terms hereinafter set forth.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; In connection with such
appointment, the Customer shall deliver the following documents to the Bank:</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A certified copy of the Certificate
of Incorporation or other document evidencing the Customer's form of
organization (the &quot;Charter&quot;) and all amendments thereto;</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A certified copy of the By-Laws of
the Customer;</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A certified copy of a resolution of
the Board of Directors of the Customer appointing the Bank to perform the
Services and authorizing the execution and delivery of this Agreement;</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A Certificate signed by the
Secretary of the Customer specifying: (i) the number of authorized Shares, (ii)
the number of such authorized Shares issued and currently outstanding, and (iii)
the names and specimen signatures of all persons duly authorized by the Board of
Directors of the Customer to execute any Certificate on behalf of the Customer,
as such Certificate may be amended from time to time;</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(e)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A Specimen Share certificate for
each class of Shares in the form approved by the Board of Directors of the
Customer, together with a Certificate signed by the Secretary of the Customer as
to such approval and covenanting to supply a new Certificate and specimen
whenever such form shall change; </font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(f)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">An Opinion of Counsel;</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(g)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">A list containing the following
information as of _________, 2004: (i) the name, address, social security or
taxpayer identification number of each Shareholder, (ii) the number of Shares
owned by each Shareholder, (iii) certificate numbers with respect to any
certificated Shares held by each Shareholder, and (iv) whether any &quot;stops&quot; have
been placed.; and</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="18" VALIGN="TOP"><font SIZE="2">(h)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">An opinion of counsel for the
Customer, in a form satisfactory to the Bank, with respect to the due
authorization by the Customer and the validity and effectiveness of the use of
facsimile signatures by the Bank in connection with the countersigning and
registering of Share certificates of the Customer.</font></td>
</tr>
</table>
<font SIZE="2">
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; The Customer shall furnish
the Bank with a sufficient supply of blank Share certificates and from time to
time will renew such supply upon request of the Bank. Such blank Share
certificates shall be properly signed, by facsimile or otherwise, by Officers of
the Customer authorized by law or by the By-Laws to sign Share certificates,
and, if required, shall bear the corporate seal or a facsimile thereof.</p>
<b>
<p ALIGN="CENTER">ARTICLE III</p>
<u>
<p ALIGN="CENTER">ISSUANCE AND TRANSFER OF SHARES</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; Prior to the issuance of
any additional Shares, and prior to any reduction in the number of Shares
outstanding, the Customer shall deliver an Opinion of Counsel to the Bank.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; The Bank will issue Share
certificates upon receipt of a Certificate from an Officer, but shall not be
required to issue Share certificates after it has received from an appropriate
federal or state authority written notification that the sale of Shares has been
suspended or discontinued, and the Bank shall be entitled to rely upon such
written notification. The Bank shall not be responsible for the payment of any
original issue or other taxes required to be paid by the Customer in connection
with the issuance of any Shares.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; Shares will be transferred
upon presentation to the Bank of Share certificates in form deemed by the Bank
properly endorsed for transfer, accompanied by such documents as the Bank deems
necessary to evidence the authority of the person making such transfer, and
bearing satisfactory evidence of the payment of applicable stock transfer taxes.
In the case of small estates where no administration is contemplated, the Bank
may, when furnished with an appropriate surety bond, and without further
approval of the Customer, transfer Shares registered in the name of the decedent
where the current market value of the Shares being transferred does not exceed
such amount as may from time to time be prescribed by the various states. The
Bank reserves the right to refuse to transfer Shares until it is satisfied that
the endorsements on Share certificates are valid and genuine, and for that
purpose it may require, unless otherwise instructed by an Officer of the
Customer, a guaranty of signature by an &quot;eligible guarantor institution&quot; meeting
the requirements of the Bank, which requirements include membership or
participation in STAMP or such other &quot;signature guarantee program&quot; as may be
determined by the Bank in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. The Bank also
reserves the right to refuse to transfer Shares until it is satisfied that the
requested transfer is legally authorized, and it shall incur no liability for
the refusal in good faith to make transfers which the Bank, in its reasonable
judgment, deems improper or unauthorized, or until it is satisfied that there is
no basis to any claims adverse to such transfer. The Bank may, in effecting
transfers of Shares, rely upon those provisions of the Uniform Act for the
Simplification of Fiduciary Security Transfers or the Uniform Commercial Code,
as the same may be amended from time to time, applicable to the transfer of
securities, and the Customer shall indemnify the Bank for any act done or
omitted by it in good faith in reliance upon such laws.</p>
<p style="text-indent: 35">4.&nbsp;&nbsp;&nbsp;&nbsp; All certificates
representing Shares that are subject to restrictions on transfer (<u>e.g.</u>,
securities acquired pursuant to an investment representation, securities held by
controlling persons, securities subject to stockholders' agreement, etc.), shall
be stamped with a legend describing the extent and conditions of the
restrictions or referring to the source of such restrictions. The Bank assumes
no responsibility with respect to the transfer of restricted securities where
counsel for the Customer advises that such transfer may be properly effected.</p>
<b>
<p ALIGN="CENTER">ARTICLE IV</p>
<u>
<p ALIGN="CENTER">DIVIDENDS AND DISTRIBUTIONS</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; The Customer shall furnish
to the Bank a copy of a resolution of its Board of Directors, certified by the
Secretary or any Assistant Secretary, either (i) setting forth the date of the
declaration of a dividend or distribution, the date of accrual or payment, as
the case may be, the record date as of which shareholders entitled to payment,
or accrual, as the case may be, shall be determined, the amount per Share of
such dividend or distribution, the payment date on which all previously accrued
and unpaid dividends are to be paid, and the total amount, if any, payable to
the Bank on such payment date, or (ii) authorizing the declaration of dividends
and distributions on a periodic basis and authorizing the Bank to rely on a
Certificate setting forth the information described in subsection (i) of this
paragraph.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; Prior to the payment date
specified in such Certificate or resolution, as the case may be, the Customer
shall, in the case of a cash dividend or distribution, pay to the Bank an amount
of cash, sufficient for the Bank to make the payment, specified in such
Certificate or resolution, to the shareholders of record as of such payment
date. The Bank will, upon receipt of any such cash, (i) in the case of
shareholders who are participants in a dividend reinvestment and/or cash
purchase plan of the Customer, reinvest such cash dividends or distributions in
accordance with the terms of such plan, and (ii) in the case of shareholders who
are not participants in any such plan, make payment of such cash dividends or
distributions to the shareholders of record as of the record date by mailing a
check, payable to the registered shareholder, to the address of record or
dividend mailing address. The Bank shall not be liable for any improper payment
made in accordance with a Certificate or resolution described in the preceding
paragraph. If the Bank shall not receive sufficient cash prior to the payment
date to make payments of any cash dividend or distribution pursuant to
subsections (i) and (ii) above to all shareholders of the Customer as of the
record date, the Bank shall, upon notifying the Customer, withhold payment to
all shareholders of the Customer as of the record date until sufficient cash is
provided to the Bank.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; It is understood that the
Bank shall in no way be responsible for the determination of the rate or form of
dividends or distributions due to the shareholders.</p>
<p style="text-indent: 35">4.&nbsp;&nbsp;&nbsp;&nbsp; It is understood that the
Bank shall file such appropriate information returns concerning the payment of
dividends and distributions with the proper federal, state and local authorities
as are required by law to be filed by the Customer but shall in no way be
responsible for the collection or withholding of taxes due on such dividends or
distributions due to shareholders, except and only to the extent required of it
by applicable law.</p>
<b>
<p ALIGN="CENTER">ARTICLE V</p>
<u>
<p ALIGN="CENTER">CONCERNING THE CUSTOMER</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; The Customer shall
promptly deliver to the Bank written notice of any change in the Officers
authorized to sign Share certificates, Certificates, notifications or requests,
together with a specimen signature of each new Officer. In the event any Officer
who shall have signed manually or whose facsimile signature shall have been
affixed to blank Share certificates shall die, resign or be removed prior to
issuance of such Share certificates, the Bank may issue such Share certificates
as the Share certificates of the Customer notwithstanding such death,
resignation or removal, and the Customer shall promptly deliver to the Bank such
approvals, adoptions or ratifications as may be required by law.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; Each copy of the Charter
of the Customer and copies of all amendments thereto shall be certified by the
Secretary of State (or other appropriate official) of the state of
incorporation, and if such Charter and/or amendments are required by law also to
be filed with a county or other officer or official body, a certificate of such
filing shall be filed with a certified copy submitted to the Bank. Each copy of
the By-Laws and copies of all amendments thereto, and copies of resolutions of
the Board of Directors of the Customer, shall be certified by the Secretary or
an Assistant Secretary of the Customer under the corporate seal.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; Customer hereby represents
and warrants:</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">It is a corporation duly organized
and validly existing under the laws of Maryland.</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">It is a closed-end, non-diversified
management investment company registered under the Investment Company Act of
1940, as amended (the &quot;1940 Act&quot;).</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">This Agreement has been duly
authorized, executed and delivered on its behalf and constitutes the legal,
valid and binding obligation of Customer. The execution, delivery and
performance of this Agreement by Customer do not and will not violate any
applicable law or regulation and do not require the consent of any governmental
or other regulatory body except for such consents and approvals as have been
obtained and are in full force and effect.</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">All Shares issued and outstanding as
of the date of this Agreement were issued pursuant to an effective registration
statement under the 1933 Act, or were subject to an exemption from the
regulatory requirements of the 1933 Act. Any Shares issued after the date hereof
will be issued pursuant to an effective registration under the 1933 Act, or such
Shares will be subject to an exemption from the registration requirements of the
1933 Act. Additionally, all appropriate state securities law filings have been
made with respect to Shares currently issued and outstanding as of the date of
this Agreement or will be made with respect to Shares to be issued after the
date hereof. Any information to the contrary will result in immediate
notification to the Bank.</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(e)</font></td>
<td WIDTH="561" VALIGN="TOP"><font SIZE="2">All outstanding Shares are validly
issued, fully paid and non-assessable and when Shares are hereafter issued in
accordance with the terms of the Customer's Charter and By-Laws and the
registration statements with respect to those Shares, such Shares, when issued,
shall be validly issued, fully paid and non-assessable.</font></td>
</tr>
</table>
<b><font SIZE="2">
<p ALIGN="CENTER">ARTICLE VI</p>
<u>
<p ALIGN="CENTER">CONCERNING THE BANK</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; The Bank represents and
warrants to the Customer that:</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="562" VALIGN="TOP"><font SIZE="2">It is a New York banking association
with trust powers existing and in good standing under the laws of the State of
New York.</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="562" VALIGN="TOP"><font SIZE="2">This Agreement has been duly
authorized, executed and delivered on its behalf and constitutes the legal,
valid and binding obligation of the Bank. The execution, delivery and
performance of this Agreement by the Bank do not and will not violate any
applicable law or regulation and do not require the consent of any governmental
or other regulatory body except for such consents and approvals as have been
obtained and are in full force and effect.</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="562" VALIGN="TOP"><font SIZE="2">It will maintain its registration as
a transfer agent as provided in Section 17A(c) of the Securities Exchange Act of
1934, as amended</font><strike><font SIZE="2" COLOR="#ff0000">,</strike></font><font
SIZE="2"> (the &quot;1934 Act&quot;)</font><u><font SIZE="2" COLOR="#0000ff">,</u></font><font
SIZE="2"> and shall comply with all applicable provisions of Section 17A of the
1934 Act and the rules promulgated thereunder, as may be amended from time to
time, including rules relating to record retention.</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="562" VALIGN="TOP"><font SIZE="2">It shall create and maintain all
records required of it pursuant to its duties hereunder and as set forth in
Schedule I in accordance with all applicable laws, rules and regulations,
including records required by Section 31(a) of the 1940 Act, and the rules
thereunder. Where applicable, such records shall be maintained by the Bank for
the periods and in the places required by Rule 31a-2 under the 1940 Act. To the
extent required by Section 31 of the 1940 Act and the rules thereunder, all such
records prepared or maintained by the Bank relating to the services to be
performed by the Bank hereunder are the property of the Customer and will be
preserved, maintained and made available in accordance with such Section and
Rules, and will be surrendered promptly to the Customer on and in accordance
with its request.</font></td>
</tr>
<tr>
<td WIDTH="17" VALIGN="TOP">&nbsp;</td>
<td WIDTH="17" VALIGN="TOP"><font SIZE="2">(e)</font></td>
<td WIDTH="562" VALIGN="TOP"><font SIZE="2">It has and will continue to have
access to the necessary facilities, equipment and personnel to perform its
duties and obligations under this Agreement. </font></td>
</tr>
</table>
<font SIZE="2">
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; The Bank shall not be
liable and shall be fully protected in acting upon any oral instruction, writing
or document reasonably believed by it to be genuine and to have been given,
signed or made by the proper person or persons and shall not be held to have any
notice of any change of authority of any person until receipt of written notice
thereof from an Officer of the Customer. It shall also be protected in
processing Share certificates which it reasonably believes to bear the proper
manual or facsimile signatures of the duly authorized Officer or Officers of the
Customer and the proper countersignature of the Bank.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; The Bank may establish
such additional procedures, rules and regulations governing the transfer or
registration of Share certificates as it may deem advisable and consistent with
such rules and regulations generally adopted by bank transfer agents.</p>
<p style="text-indent: 35">4.&nbsp;&nbsp;&nbsp;&nbsp; The Bank may keep such
records as it deems advisable but not inconsistent with resolutions adopted by
the Board of Directors of the Customer. The Bank may deliver to the Customer
from time to time at its discretion, for safekeeping or disposition by the
Customer in accordance with law, such records, papers, and Share certificates
which have been cancelled in transfer or exchange and other documents
accumulated in the execution of its duties hereunder as the Bank may deem
expedient, other than those which the Bank is itself required to maintain
pursuant to applicable laws and regulations, and the Customer shall assume all
responsibility for any failure thereafter to produce any record, paper,
cancelled Share certificate or other document so returned, if and when required.
The records maintained by the Bank pursuant to this paragraph which have not
been previously delivered to the Customer pursuant to the foregoing provisions
of this paragraph shall be considered to be the property of the Customer, shall
be made available upon request for inspection by the Officers, employees and
auditors of the Customer, and shall be delivered to the Customer upon request
and in any event upon the date of termination of this Agreement, as specified in
Article VII of this Agreement, in the form and manner kept by the Bank on such
date of termination or such earlier date as may be requested by the Customer.</p>
<p style="text-indent: 35">5.&nbsp;&nbsp;&nbsp; The Bank may employ agents or
attorneys-in-fact at the expense of the Customer, and shall not be liable for
any loss or expense arising out of, or in connection with, the actions or
omissions to act of its agents or attorneys-in-fact, so long as the Bank acts in
good faith and without negligence or willful misconduct in connection with the
selection of such agents or attorneys-in-fact.</p>
<p style="text-indent: 35">6.&nbsp;&nbsp;&nbsp;&nbsp; The Bank shall only be
liable for any loss or damage arising out of its own negligence or willful
misconduct of its duties under this Agreement; provided, however, that the Bank
shall not be liable for any indirect, special, punitive or consequential
damages.</p>
<p style="text-indent: 35">7.&nbsp;&nbsp;&nbsp;&nbsp; The Customer shall
indemnify and hold harmless the Bank from and against any and all claims
(whether with or without basis in fact or law), costs, demands, expenses and
liabilities, including reasonable attorney's fees, which the Bank may sustain or
incur or which may be asserted against the Bank except for any liability which
the Bank has assumed pursuant to the immediately preceding section. The Bank
shall be deemed not to have acted with negligence and not to have engaged in
willful misconduct by reason of or as a result of any action taken or omitted to
be taken by the Bank without its own negligence or willful misconduct in
reliance upon (i) any provision of this Agreement, (ii) any instrument, order or
Share certificate reasonably believed by it to be genuine and to be signed,
countersigned or executed by any duly authorized Officer of the Customer, (iii)
any Certificate or other instructions of an Officer, (iv) any opinion of legal
counsel for the Customer or the Bank, or (v) any law, act, regulation or any
interpretation of the same effective at the time of such reliance. Nothing
contained herein shall limit or in any way impair the right of the Bank to
indemnification under any other provision of this Agreement.</p>
<p style="text-indent: 35">8.&nbsp;&nbsp;&nbsp;&nbsp; Specifically, but not by
way of limitation, the Customer shall indemnify and hold harmless the Bank from
and against any and all claims (whether with or without basis in fact or law),
costs, demands, expenses and liabilities, including reasonable attorney's fees,
of any and every nature which the Bank may sustain or incur or which may be
asserted against the Bank in connection with the genuineness of a Share
certificate, the Bank's due authorization by the Customer to issue Shares and
the form and amount of authorized Shares.</p>
<p style="text-indent: 35">9.&nbsp;&nbsp;&nbsp;&nbsp; If an action, claim or
legal proceeding (collectively &quot;Proceeding&quot;) shall be brought or asserted
against the Bank in respect of which indemnity may be sought by the Bank
pursuant to the preceding paragraph, the Bank shall promptly (and in no event
more than ten (10) days after receipt of notice of such Proceeding) notify the
Customer of such Proceeding. The failure of the Bank to so notify the Customer
shall not impair the Bank's ability to seek indemnification from the Customer
(but only for costs, expenses and liabilities incurred after such notice) unless
such failure adversely affects the Customer's ability to adequately oppose or
defend such Proceeding. Upon receipt of such notice from the Bank, the Customer
shall be entitled to participate in such Proceeding and, to the extent that it
shall so desire and provided no conflict of interest exists as specified in
subparagraph (b) below or there are no other defenses available to the Bank as
specified in subparagraph (d) below, to assume the defense thereof with counsel
reasonably satisfactory to the Bank (in which case all attorney's fees and
expenses shall be borne by the Customer) and the Customer shall in good faith
defend the Bank. The Bank shall have the right to employ separate counsel in any
such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be borne by the Bank unless (a) the Customer
agrees in writing to pay such fees and expenses, (b) the Bank shall have
reasonably and in good faith concluded that there is a conflict of interest
between the Customer and the Bank in the conduct of the defense of such action,
which the parties are not willing to waive, (c) the Customer fails, within ten
(10) days prior to the date the first response or appearance is required to be
made in such Proceeding, to assume the defense of such Proceeding with counsel
reasonably satisfactory to the Bank, or (d) there are legal defenses available
to the Bank that are different from or are in addition to those available to the
Customer.</p>
<p style="text-indent: 35">10.&nbsp;&nbsp;&nbsp; The Bank shall not incur any
liability hereunder if by reason of any act of God or war or other circumstances
beyond its control, it, or its employees, officers or directors shall be
prevented, delayed or forbidden from, or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms
of this Agreement it is provided shall be done or performed or by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which by the terms of this Agreement it is provided shall or may be done
or performed, provided that the Bank maintains and implements a disaster
recovery plan designed to comply with applicable banking regulations.</p>
<p style="text-indent: 35">11.&nbsp;&nbsp;&nbsp; At any time the Bank may apply
to an Officer of the Customer for written instructions with respect to any
matter arising in connection with the Bank's duties and obligations under this
Agreement, and the Bank shall not be liable for any action taken or omitted to
be taken by the Bank in good faith in accordance with such instructions. Such
application by the Bank for instructions from an Officer of the Customer may, at
the option of the Bank, set forth in writing any action proposed to be taken or
omitted to be taken by the Bank with respect to its duties or obligations under
this Agreement and the date on and/or after which such action shall be taken,
and the Bank shall not be liable for any action taken or omitted to be taken in
accordance with a proposal included in any such application on or after the date
specified therein unless, prior to taking or omitting to take any such action,
the Bank has received written instructions in response to such application
specifying the action to be taken or omitted. The Bank may consult counsel to
the Customer or its own counsel, at the reasonable expense of the Customer, and
shall be fully protected with respect to anything done or omitted by it in good
faith in accordance with the advice or opinion of such counsel.</p>
<p style="text-indent: 35">12.&nbsp;&nbsp;&nbsp; When mail is used for delivery
of non-negotiable Share certificates, the value of which does not exceed the
limits of the Bank's Blanket Bond, the Bank shall send such non-negotiable Share
certificates by first class mail, and such deliveries will be covered while in
transit by the Bank's Blanket Bond. Non-negotiable Share certificates, the value
of which exceed the limits of the Bank's Blanket Bond, will be sent by insured
registered mail. Negotiable Share certificates will be sent by insured
registered mail. The Bank shall advise the Customer of any Share certificates
returned as undeliverable after being mailed as herein provided for.</p>
<p style="text-indent: 35">13.&nbsp;&nbsp;&nbsp; The Bank may issue new Share
certificates in place of Share certificates represented to have been lost,
stolen or destroyed upon receiving instructions in writing from an Officer and
indemnity satisfactory to the Bank. Such instructions from the Customer shall be
in such form as approved by the Board of Directors of the Customer in accordance
with applicable law or the By-Laws of the Customer governing such matters. If
the Bank receives written notification from the owner of the lost, stolen or
destroyed Share certificate within a reasonable time after he has notice of it,
the Bank shall promptly notify the Customer and shall act pursuant to written
instructions signed by an Officer. If the Customer receives such written
notification from the owner of the lost, stolen or destroyed Share certificate
within a reasonable time after he has notice of it, the Customer shall promptly
notify the Bank and the Bank shall act pursuant to written instructions signed
by an Officer. The Bank shall not be liable for any act done or omitted by it
pursuant to the written instructions described herein. The Bank may issue new
Share certificates in exchange for, and upon surrender of, mutilated Share
certificates.</p>
<p style="text-indent: 35">14.&nbsp;&nbsp;&nbsp; The Bank will issue and mail
subscription warrants for Shares, Shares representing stock dividends, exchanges
or splits, or act as conversion agent upon receiving written instructions from
an Officer and such other documents as the Bank may deem necessary.</p>
<p style="text-indent: 35">15.&nbsp;&nbsp;&nbsp; The Bank will supply
shareholder lists to the Customer from time to time upon receiving a request
therefor from an Officer of the Customer.</p>
<p style="text-indent: 35">16.&nbsp;&nbsp;&nbsp; The Bank agrees that all books,
records, information and data pertaining to the business of the Customer or its
prior, present or potential shareholders which are exchanged or received
pursuant to the negotiation or the carrying out of this Agreement shall remain
confidential, shall be used only for the purposes contemplated by this
Agreement, and shall not be voluntarily disclosed to any other person, except as
may be requested by a governmental entity or as may be required by law or which
the Bank deems in its sole discretion to be necessary for the performance of the
services (including provision of such information to agents of the Bank such as
auditors and attorneys on a need to know basis). The foregoing shall not apply
to information which (a) is in the public domain at the time of the disclosure,
(b) becomes known to the Bank from a third party without restriction, (c) is
independently developed by the Bank, or (d) is approved for release by written
authorization of the Customer. In case of any requests or demands for the
inspection of the shareholder records of the Customer, the Bank will notify the
Customer and endeavor to secure instructions from an Officer as to such
inspection. The Bank reserves the right, however, to exhibit the shareholder
records to any person whenever it is advised by its counsel that there is a
reasonable likelihood that the Bank will be held liable for the failure to
exhibit the shareholder records to such person.</p>
<p style="text-indent: 35">17.&nbsp;&nbsp;&nbsp; At the request of an Officer,
the Bank will address and mail such appropriate notices to shareholders as the
Customer may direct.</p>
<p style="text-indent: 35">18.&nbsp;&nbsp;&nbsp; Notwithstanding any provisions
of this Agreement to the contrary, the Bank shall be under no duty or obligation
to inquire into, and shall not be liable for:</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="19" VALIGN="TOP"><font SIZE="2">(a)</font></td>
<td WIDTH="559" VALIGN="TOP"><font SIZE="2">The legality of the issue, sale or
transfer of any Shares, the sufficiency of the amount to be received in
connection therewith, or the authority of the Customer to request such issuance,
sale or transfer;</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="19" VALIGN="TOP"><font SIZE="2">(b)</font></td>
<td WIDTH="559" VALIGN="TOP"><font SIZE="2">The legality of the purchase of any
Shares, the sufficiency of the amount to be paid in connection therewith, or the
authority of the Customer to request such purchase;</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="19" VALIGN="TOP"><font SIZE="2">(c)</font></td>
<td WIDTH="559" VALIGN="TOP"><font SIZE="2">The legality of the declaration of
any dividend by the Customer, or the legality of the issue of any Shares in
payment of any stock dividend; or</font></td>
</tr>
<tr>
<td WIDTH="18" VALIGN="TOP">&nbsp;</td>
<td WIDTH="19" VALIGN="TOP"><font SIZE="2">(d)</font></td>
<td WIDTH="559" VALIGN="TOP"><font SIZE="2">The legality of any recapitalization
or readjustment of the Shares.</font></td>
</tr>
</table>
<font SIZE="2">
<p style="text-indent: 35">19.&nbsp;&nbsp;&nbsp; The Bank shall be entitled to
receive and the Customer hereby agrees to pay to the Bank for its performance
hereunder (i) reasonable and documented out-of-pocket expenses (including
reasonable legal expenses and reasonable attorney's fees) incurred in connection
with this Agreement and its performance hereunder, and (ii) the compensation for
services as set forth in Schedule I.</p>
<p style="text-indent: 35">20.&nbsp;&nbsp;&nbsp; The Bank shall not be
responsible for any money, whether or not represented by any check, draft or
other instrument for the payment of money, received by it on behalf of the
Customer, until the Bank actually receives and collects such funds.</p>
<p style="text-indent: 35">21.&nbsp;&nbsp;&nbsp; The Bank shall have no duties
or responsibilities whatsoever except such duties and responsibilities as are
specifically set forth in this Agreement, and no covenant or obligation shall be
implied against the Bank in connection with this Agreement.</p>
<b>
<p ALIGN="CENTER">ARTICLE VII</p>
<u>
<p ALIGN="CENTER">TERMINATION</p>
</b></u>
<p style="text-indent: 35">Either of the parties hereto may terminate this
Agreement, except as otherwise provided in this Article VII, by giving to the
other party a notice in writing specifying the date of such termination, which
shall be not less than 60 days after the date of receipt of such notice. In the
event such notice is given by the Customer, it shall be accompanied by a copy of
a resolution of the Board of Directors of the Customer, certified by its
Secretary, electing to terminate this Agreement and designating a successor
transfer agent or transfer agents. In the event such notice is given by the
Bank, the Customer shall, on or before the termination date, deliver to the Bank
a copy of a resolution of its Board of Directors certified by its Secretary
designating a successor transfer agent or transfer agents. In the absence of
such designation by the Customer, the Bank may designate a successor transfer
agent. If the Customer fails to designate a successor transfer agent and if the
Bank is unable to find a successor transfer agent, the Customer shall, upon the
date specified in the notice of termination of this Agreement and delivery of
the records maintained hereunder, be deemed to be its own transfer agent and the
Bank shall thereafter be relieved of all duties and responsibilities hereunder,
provided, however, that in such event, the date of termination shall be not less
than 120 days after the customer's receipt of such notice. Upon termination
hereof, the Customer shall pay to the Bank such compensation as may be due to
the Bank as of the date of such termination, and shall reimburse the Bank for
any reasonable and documented disbursements and expenses made or incurred by the
Bank and payable or reimbursable hereunder. The Bank shall, promptly upon such
termination, transfer all records and shall cooperate in the transfer of such
duties and responsibilities.</p>
<b>
<p ALIGN="CENTER">ARTICLE VIII</p>
<u>
<p ALIGN="CENTER">MISCELLANEOUS</p>
</b></u>
<p style="text-indent: 35">1.&nbsp;&nbsp;&nbsp;&nbsp; The indemnities and
confidentiality provisions contained herein shall be continuing obligations of
the Customer, its successors and assigns, notwithstanding the termination of
this Agreement.</p>
<p style="text-indent: 35">2.&nbsp;&nbsp;&nbsp;&nbsp; Any notice or other
instrument in writing, authorized or required by this Agreement to be given to
the Customer shall be sufficiently given if addressed to the Customer and mailed
or delivered to it at 300 SE 2<sup>nd</sup> Street, Suite 820, Ft. Lauderdale,
FL 33301 or at such other place as the Customer may from time to time designate
in writing.</p>
<p style="text-indent: 35">3.&nbsp;&nbsp;&nbsp;&nbsp; Any notice or other
instrument in writing, authorized or required by this Agreement to be given to
the Bank shall be sufficiently given if addressed to the Bank and mailed or
delivered to it at its office at 101 Barclay Street (11E), New York, New York
10286 or at such other place as the Bank may from time to time designate in
writing.</p>
<p style="text-indent: 35">4.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may not be
amended or modified in any manner except by a written agreement duly authorized
and executed by both parties. Any duly authorized Officer may amend any
Certificate naming Officers authorized to execute and deliver Certificates.</p>
<p style="text-indent: 35">5.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall
extend to and shall be binding upon the parties hereto and their respective
successors and assigns; provided, however, that this Agreement shall not be
assignable by either party without the prior written consent of the other party,
and provided, further, that any reorganization, merger, consolidation, or sale
of assets, by the Bank shall not be deemed to constitute an assignment of this
Agreement, provided that the surviving entity is duly registered as a transfer
agent pursuant to Section 17A(c)(2) of the 1934 Act and is qualified to perform
all duties required under this Agreement.</p>
<p style="text-indent: 35">6.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be
governed by and construed in accordance with the laws of the State of New York.
The parties agree that, all actions and proceedings arising out of this
Agreement or any of the transactions contemplated hereby, shall be brought in
the United States District Court for the Southern District of New York or in a
New York State Court in the County of New York and that, in connection with any
such action or proceeding, submit to the jurisdiction of, and venue in, such
court. Each of the parties hereto also irrevocably waives all right to trial by
jury in any action, proceeding or counterclaim arising out of this Agreement or
the transactions contemplated hereby.</p>
<p style="text-indent: 35">7.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be
executed in any number of counterparts each of which shall be deemed to be an
original; but such counterparts, together, shall constitute only one instrument.</p>
<p style="text-indent: 35">8.&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this
Agreement are intended to benefit only the Bank and the Customer, and no rights
shall be granted to any other person by virtue of this Agreement.</p>
<p style="text-indent: 35">IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective corporate officers, thereunto
duly authorized and their respective corporate seals to be hereunto affixed, as
of the day and year first above written.</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Attest: </font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">ABERDEEN ASIA - PACIFIC INCOME FUND,
INC.</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><u><font SIZE="2">/s/ Rosanne M. Dolan</u></font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: <u>/s/ Timothy P. Sullivan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <u>Timothy P. Sullivan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: <u>Assistant Treasurer</u><p>
</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">Attest:</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">THE BANK OF NEW YORK<p></font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><u><font SIZE="2">/s/ Antoinette T. Meek</u></font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: <u>/s/ Annette Hogan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <u>Annette Hogan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: <u>Assistant VP</u></font></td>
</tr>
</table>
<font SIZE="2"><b>
<p ALIGN="RIGHT">&nbsp;</p>
<p ALIGN="RIGHT">&nbsp;</p>
<hr>
<p ALIGN="RIGHT">NON-PROFILE</p>
<p ALIGN="RIGHT"></p>
<p ALIGN="RIGHT">&nbsp;</p>
</b><u>
<p ALIGN="CENTER">____________________________________________________________</p>
</u>
<p ALIGN="CENTER">STOCK TRANSFER AGENCY AGREEMENT</p>
<p ALIGN="CENTER">between</p>
<p ALIGN="CENTER">___________________________________________________</p>
<p ALIGN="CENTER">ABERDEEN ASIA - PACIFIC INCOME FUND, INC.</p>
<p ALIGN="CENTER">and</p>
<p ALIGN="CENTER">THE BANK OF NEW YORK</p>
<p ALIGN="CENTER">Dated as of ______________________, 20__</p>
<p ALIGN="CENTER">ACCOUNT NUMBER(S) ___________________________</p>
<u>
<p ALIGN="CENTER">____________________________________________________________</p>
</u>
<p>&nbsp;</p>
</font>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>13
<FILENAME>posamiexk21.htm
<DESCRIPTION>AMDMT TO STOCK TRANSFER AGENCY AGRMT.
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 5.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
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<font SIZE="2">
<p ALIGN="right">Exhibit (k)(21)</p>
<b><u>
<p ALIGN="CENTER">AMENDMENT TO STOCK TRANSFER AGENCY AGREEMENT</p>
</u></b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Reference is made to the Stock Transfer Agency Agreement
dated as of July 19, 2004, between Aberdeen Asia-Pacific Income Fund, Inc. and
The Bank of New York (&quot;Agreement&quot;).</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">The parties hereby agree that the Agreement became effective
as of July 26, 2004.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to the Agreement to be duly executed effective as of this <u>10</u>
day of <u>Nov</u>, 2004.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="630"
style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2"><b>Aberdeen Asia-Pacific Income
Fund, Inc.<p ALIGN="RIGHT"></p>
</b>
<p ALIGN="JUSTIFY">&nbsp;</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: <u>/s/ Timothy P. Sullivan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp; Timothy P.
Sullivan<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp;
Assistant Treasurer<p ALIGN="JUSTIFY"></font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2"><b>The Bank of New York</b></font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="2">By: <u>/s/ Annette Hogan<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp; Annette Hogan<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp;
Assistant Vice President</font></td>
</tr>
</table>
<font SIZE="2">
<p ALIGN="JUSTIFY">&nbsp;</p>
<b>
<p ALIGN="RIGHT">&nbsp;</p>
</b>
<p>&nbsp;</p>
</font>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2M CNSNT SRVCE
<SEQUENCE>14
<FILENAME>posamiexm1.htm
<DESCRIPTION>NON-RESIDENT INV. ADV. EXECUTION PAGE
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 5.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
</head>

<body VLINK="#800080">

<font SIZE="3">
<p ALIGN="RIGHT">Exhibit (m)(1)</p>
<i>
<p>NON-RESIDENT</i> INVESTMENT ADVISER EXECUTION PAGE </p>
<p>You must complete the following Execution Page to Form ADV. This execution
page must be signed and attached to your initial application for SEC
registration and all amendments to registration.<br>
<br>
1. Appointment of Agent for Service of Process<br>
<br>
By signing this Form ADV Execution Page, you, the undersigned adviser,
irrevocably appoint each of the Secretary of the SEC, and the Secretary of State
or other legally designated officer, of any other state in which you are
submitting a <i>notice filing</i>, as your agents to receive service, and agree
that such <i>persons</i> may accept service on your behalf, of any notice,
subpoena, summons, <i>order</i> instituting <i>proceedings</i>, demand for
arbitration, or other process or papers, and you further agree that such service
may be made by registered or certified mail, in any federal or state action,
administrative <i>proceeding</i> or arbitration brought against you in any place
subject to the jurisdiction of the United States, if the action, <i>proceeding</i>,
or arbitration (a) arises out of any activity in connection with your investment
advisory business that is subject to the jurisdiction of the United States, and
(b) is <i>founded</i>, directly or indirectly, upon the provisions of: (i) the
Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture
Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act
of 1940, or any rule or regulation under any of these acts, or (ii) the laws of
any state in which you are submitting a <i>notice filing</i>.<br>
<br>
2. Appointment and Consent: Effect on Partnerships<br>
<br>
If you are organized as a partnership, this irrevocable power of attorney and
consent to service of process will continue in effect if any partner withdraws
from or is admitted to the partnership, provided that the admission or
withdrawal does not create a new partnership. If the partnership dissolves, this
irrevocable power of attorney and consent shall be in effect for any action
brought against you or any of your former partners.<br>
<br>
3. <i>Non-Resident</i> Investment Adviser Undertaking Regarding Books and
Records<br>
<br>
By signing this Form ADV, you also agree to provide, at your own expense, to the
U.S. Securities and Exchange Commission at its principal office in Washington
D.C., at any Regional or District Office of the Commission, or at any one of its
offices in the United States, as specified by the Commission, correct, current,
and complete copies of any or all records that you are required to maintain
under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking
shall be binding upon you, your heirs, successors and assigns, and any <i>person</i>
subject to your written irrevocable consents or powers of attorney or any of
your general partners and <i>managing agents</i>.<br>
<br>
Signature<br>
<br>
I, the undersigned, sign this Form ADV on behalf of, and with the authority of,
the <i>non-resident</i> investment adviser. The investment adviser and I both
certify, under penalty of perjury under the laws of the United States of
America, that the information and statements made in this ADV, including
exhibits and any other information submitted, are true and correct, and that I
am signing this Form ADV Execution Page as a free and voluntary act.<br>
<br>
I certify that the adviser's books and records will be preserved and available
for inspection as required by law. Finally, I authorize any <i>person</i> having
custody or possession of these books and records to make them available to
federal and state regulatory representatives. </p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Signature:<br>
/s/ LOW HON-YU</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Date: MM/DD/YYYY<br>
05/23/2006</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Printed Name:<br>
LOW HON-YU</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Title:<br>
DIRECTOR</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Adviser <i>CRD</i> Number:<br>
124509</font></td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
</table>
<font SIZE="3">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
</font>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2M CNSNT SRVCE
<SEQUENCE>15
<FILENAME>posamiexm2.htm
<DESCRIPTION>NON-RESIDENT INV. ADV. EXECUTION PAGE
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 5.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
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<body VLINK="#800080">

<font SIZE="3">
<p ALIGN="RIGHT">Exhibit (m)(2)</p>
<i>
<p>NON-RESIDENT</i> INVESTMENT ADVISER EXECUTION PAGE </p>
<p>You must complete the following Execution Page to Form ADV. This execution
page must be signed and attached to your initial application for SEC
registration and all amendments to registration.<br>
<br>
1. Appointment of Agent for Service of Process<br>
<br>
By signing this Form ADV Execution Page, you, the undersigned adviser,
irrevocably appoint each of the Secretary of the SEC, and the Secretary of State
or other legally designated officer, of any other state in which you are
submitting a <i>notice filing</i>, as your agents to receive service, and agree
that such <i>persons</i> may accept service on your behalf, of any notice,
subpoena, summons, <i>order</i> instituting <i>proceedings</i>, demand for
arbitration, or other process or papers, and you further agree that such service
may be made by registered or certified mail, in any federal or state action,
administrative <i>proceeding</i> or arbitration brought against you in any place
subject to the jurisdiction of the United States, if the action, <i>proceeding</i>,
or arbitration (a) arises out of any activity in connection with your investment
advisory business that is subject to the jurisdiction of the United States, and
(b) is <i>founded</i>, directly or indirectly, upon the provisions of: (i) the
Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture
Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act
of 1940, or any rule or regulation under any of these acts, or (ii) the laws of
any state in which you are submitting a <i>notice filing</i>.<br>
<br>
2. Appointment and Consent: Effect on Partnerships<br>
<br>
If you are organized as a partnership, this irrevocable power of attorney and
consent to service of process will continue in effect if any partner withdraws
from or is admitted to the partnership, provided that the admission or
withdrawal does not create a new partnership. If the partnership dissolves, this
irrevocable power of attorney and consent shall be in effect for any action
brought against you or any of your former partners.<br>
<br>
3. <i>Non-Resident</i> Investment Adviser Undertaking Regarding Books and
Records<br>
<br>
By signing this Form ADV, you also agree to provide, at your own expense, to the
U.S. Securities and Exchange Commission at its principal office in Washington
D.C., at any Regional or District Office of the Commission, or at any one of its
offices in the United States, as specified by the Commission, correct, current,
and complete copies of any or all records that you are required to maintain
under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking
shall be binding upon you, your heirs, successors and assigns, and any <i>person</i>
subject to your written irrevocable consents or powers of attorney or any of
your general partners and <i>managing agents</i>.<br>
<br>
Signature<br>
<br>
I, the undersigned, sign this Form ADV on behalf of, and with the authority of,
the <i>non-resident</i> investment adviser. The investment adviser and I both
certify, under penalty of perjury under the laws of the United States of
America, that the information and statements made in this ADV, including
exhibits and any other information submitted, are true and correct, and that I
am signing this Form ADV Execution Page as a free and voluntary act.<br>
<br>
I certify that the adviser's books and records will be preserved and available
for inspection as required by law. Finally, I authorize any <i>person</i> having
custody or possession of these books and records to make them available to
federal and state regulatory representatives. </p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Signature:<br>
/s/ CHARLES DONALD, MACRAE</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Date: MM/DD/YYYY<br>
01/03/2006</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Printed Name:<br>
CHARLES DONALD, MACRAE</font></td>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Title:<br>
DIRECTOR, OPERATIONS</font></td>
</tr>
<tr>
<td WIDTH="50%" VALIGN="TOP"><font SIZE="3">Adviser <i>CRD</i> Number:<br>
110753</font></td>
<td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
</tr>
</table>
<font SIZE="3">
<p>&nbsp;</p>
</font>

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<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>16
<FILENAME>posamiexr1.htm
<DESCRIPTION>RULE 17J-1 CODE OF ETHICS
<TEXT>
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<p ALIGN="RIGHT">Exhibit (r)(1)</p>
<b>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Rule 17j-1 Code of Ethics</p>
<p ALIGN="CENTER">for</p>
<p ALIGN="CENTER">Aberdeen Asia-Pacific Income Fund, Inc.,</p>
<p ALIGN="CENTER">Aberdeen Australia Equity Fund, Inc. and</p>
<p ALIGN="CENTER">Aberdeen Global Income Fund, Inc.</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">(as amended and restated March 9, 2006)</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">In accordance with Rule 17j-1 under the Investment Company
Act of 1940, as amended (&quot;1940 Act&quot;), this amended and restated Code of Ethics
(&quot;Code&quot;) has been adopted by the Boards of Directors (each a &quot;Board&quot; and
collectively, the &quot;Boards&quot;) of the following closed-end, management investment
companies registered with the United States Securities and Exchange Commission
(&quot;SEC&quot;) under the 1940 Act: Aberdeen Asia-Pacific Income Fund, Inc.; Aberdeen
Australia Equity Fund, Inc.; and Aberdeen Global Income Fund, Inc. (each a
&quot;Fund&quot; and collectively, the &quot;Funds&quot;).</p>
<p ALIGN="JUSTIFY">A separate Code of Ethics that is compliant with both Rule
17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of
1940, as amended, governs Aberdeen Asset Management Asia Limited, the Funds'
investment manager, and Aberdeen Asset Management Limited, the Funds' investment
adviser, and Aberdeen Asset Management Inc., the Funds' administrator (each an
&quot;Adviser&quot; and collectively, the &quot;Advisers&quot;). Directors, officers, employees and
associated persons of the Advisers are considered &quot;access persons&quot; for purposes
of the Advisers' Code of Ethics and may be considered Access Persons of the
Funds. This Code contains several carve outs from its requirements for Access
Persons of the Funds that are also access persons of the Advisers.</p>
<p ALIGN="JUSTIFY">This Code is designed to ensure that those individuals with
access to information regarding the portfolio securities activities of the Funds
do not intentionally use that information for their personal benefit and to the
detriment of such clients. It is not the intention of this Code to prohibit
personal securities activities by Access Persons.</p>
<b>
<p>1. DEFINITIONS</p>
</b>
<p ALIGN="JUSTIFY">Capitalized terms not otherwise defined in this Code are
defined below.</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) <b>Access Person</b> includes:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) Any directors and officers of a Fund; </p>
<p ALIGN="JUSTIFY">(2) Each employee (if any) of a Fund (or of any company in a
Control relationship with a Fund) who, in connection with his or her regular
functions or duties, makes, participates in, or obtains information regarding,
the purchase or sale of Covered Securities by the Fund, or whose functions
relate to the making of any recommendations with respect to such purchases or
sales; and</p>
<p ALIGN="JUSTIFY">(3) Any natural person in a Control relationship to a Fund
who obtains information concerning recommendations made to the Fund with regard
to the purchase or sale of Covered Securities by the Fund.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">A list of each Fund's Access Persons will be maintained by
the Fund's Chief Compliance Officer.</p>
<p ALIGN="JUSTIFY">(B) <b>Automatic Investment Plan</b> means a program in which
regular periodic purchases (or withdrawals) are made automatically in (or from)
investment accounts in accordance with a predetermined schedule or allocation,
including a dividend reinvestment plan.</p>
<p ALIGN="JUSTIFY">(C) <b>Beneficial Ownership</b> generally means any interest
in a security for which an Access Person or any member of his or her immediate
family sharing the same household can directly or indirectly receive a monetary
(&quot;pecuniary&quot;) benefit. It shall be interpreted in the same manner as it would be
under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the
&quot;1934 Act&quot;), in determining whether a person is the beneficial owner of a
security for purposes of Section 16 of the 1934 Act and the rules and
regulations thereunder, that, generally speaking, encompasses those situations
where the beneficial owner has the right to enjoy a direct or indirect economic
benefit from the ownership of the security. A person is normally regarded as the
beneficial owner of securities held in (a) the name of his or her spouse,
domestic partner, minor children, or other relatives living in his or her
household; (b) a trust, estate, or other account in which he/ she has a present
or future interest in the income, principal or right to obtain title to the
securities; or (c) the name of another person or entity by reason of any
contract, understanding, relationship, agreement or other arrangement whereby he
or she obtains benefits substantially equivalent to those of ownership.</p>
<p ALIGN="JUSTIFY">(D) <b>Chief Compliance Officer</b> means the person or
persons designated by the Boards to fulfill the responsibilities assigned to the
Chief Compliance Officer hereunder.</p>
<p ALIGN="JUSTIFY">(E) <b>Control</b> has the same meaning as that set forth in
Section 2(a)(9) of the 1940 Act.</p>
<p ALIGN="JUSTIFY">(F) <b>Covered Security</b> means any &quot;security&quot; as defined
in Section 2(a)(36) of the 1940 Act (a broad definition that includes any
interest or instrument commonly known as a security)(1), but <i>excluding:</p>
<dir>
<dir>
</i>
<p ALIGN="JUSTIFY">(1) Direct obligations of the U.S. Government, </p>
<p ALIGN="JUSTIFY">(2) Bankers' acceptances, bank certificates of deposit,
commercial paper and high quality short-term debt instruments, including
repurchase agreements, and </p>
<p ALIGN="JUSTIFY">(3) Shares of open-end investment companies registered under
the 1940 Act (other than exchange traded funds)(2) that are not advised by one
of the Advisers.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">A purchase or sale of a Covered Security includes, among
other things, the writing of an option to purchase or sell a Covered Security.
Shares of exchange traded funds, whether registered as open-end investment
companies or unit investment trusts, are deemed to be Covered Securities.</p>
<p ALIGN="JUSTIFY">(G) <b>Initial Public Offering</b> (&quot;IPO&quot;) means an offering
of securities registered under the Securities Act of 1933, as amended (&quot;1933
Act&quot;), the issuer of which, immediately before the registration, was not subject
to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.</p>
<p ALIGN="JUSTIFY">_______________________</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(1) &quot;Security&quot; as defined in Section 2(a)(36) of the 1940 Act
includes any note, stock, treasury stock, bond, debenture, evidence of
indebtedness, certificate of interest or participation in any profit-sharing
agreement, collateral-trust certificate, preorganization certificate or
subscription, transferable share, investment contract, voting-trust certificate,
certificate of deposit for a security, fractional undivided interest in oil, gas
or other mineral rights, any put, call, straddle, option, or privilege on any
security (including a certificate of deposit) or on any group or index of
securities, or any put, call, straddle, option or privilege entered into on a
national securities exchange relating to foreign currency. Security also
includes shares of closed-end investment companies, shares of exchange traded
funds (as defined in footnote 2), various derivative instruments, limited
partnership interests and private placement of common or preferred stocks or
debt instruments.</p>
<p ALIGN="JUSTIFY">(2) &quot;Exchange traded funds,&quot; or &quot;ETFs,&quot; are registered
investment companies that operate pursuant to an order from the SEC exempting
the ETF from certain provisions of the 1940 Act so that the ETF may issue
securities that trade in a secondary market, and which are redeemable only in
large aggregations called creation units. An ETF registers with the SEC under
the 1940 Act either as an open-end management investment company or as a unit
investment trust.</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(H) <b>Investment Personnel or Investment Person</b> of a
Fund or the Advisers means:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) Any employee of a Fund (or of any company in a control
relationship to a Fund) who, in connection with his or her regular functions or
duties, makes or participates in making recommendations regarding the purchase
or sale of securities by a Fund; or </p>
<p ALIGN="JUSTIFY">(2) Any natural person who controls a Fund and who obtains
information concerning recommendations made to the Fund regarding the purchase
or sale of securities by the Fund.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(I) <b>Limited Offering</b> means an offering or a private
placement of securities that is exempt from registration under the 1933 Act
pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or
Rule 506 under the 1933 Act.</p>
<p ALIGN="JUSTIFY">(J) <b>Security Held or to be Acquired by a Fund</b> means:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) Any Covered Security that within the most recent 15 days
is or has been held by a Fund or is being considered by a Fund or its Adviser
for purchase by the Fund; or</p>
<p ALIGN="JUSTIFY">(2) Any option to purchase or sell, and any security
convertible into or exchangeable for, a Covered Security described in
subparagraph (1) of this definition.</p>
</dir>
</dir>
</dir>
</dir>
</dir>
</dir>
<b>
<p>2. GENERAL PRINCIPLES</p>
</b>
<p ALIGN="JUSTIFY">Rule 17j-1(b) makes it unlawful for any affiliated person of
or principal underwriter for a Fund, or any affiliated person of an investment
adviser or principal underwriter for a Fund (which includes their officers,
directors, employees and Associated Persons), in connection with the purchase
and sale, directly or indirectly, by such person of a Security Held or to be
Acquired by the Fund to:</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) Employ any device, scheme or artifice to defraud the
Fund;</p>
<p ALIGN="JUSTIFY">(B) Make any untrue statement of a material fact to the Fund
or omit to state a material fact necessary in order to make the statements made
to the Fund, in light of the circumstances under which they are made, not
misleading;</p>
<p ALIGN="JUSTIFY">(C) Engage in any act, practice or course of business which
operates or would operate as a fraud or deceit on the Fund; or</p>
<p ALIGN="JUSTIFY">(D) Engage in any manipulative practice with respect to the
Fund.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">No Access Person shall engage in any act, practice or course
of conduct that would violate the provisions of Rule 17j-1(b) set forth above.
The interests of the Funds and their shareholders and investors are paramount
and come before the interests of any Access Person. Personal investing
activities of all Access Persons must be conducted in a manner that avoids
actual or potential conflicts of interest with the Funds and their shareholders.
Access Persons shall not use their positions, or any investment opportunities
presented by virtue of such positions, to the detriment of the Funds and their
shareholders. </p>
<b>
<p>3. SUBSTANTIVE RESTRICTIONS</p>
</b>
<p ALIGN="JUSTIFY">The following substantive restrictions are imposed on
personal trading activities:</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A)<b> </b><u>Investments in Initial Public Offerings and
Limited Offerings.(3)</u> Investment Personnel<b> </b>are generally prohibited
from participating in IPOs and Limited Offerings. However, an Investment Person
may participate in an IPO or a Limited Offering if he or she obtains written
approval from the Chief Compliance Officer before directly or indirectly
acquiring Beneficial Ownership in any securities in an IPO or Limited Offering.
The Chief Compliance Officer may approve the participation of an Investment
Person in an IPO or Limited Offering if he or she determines that it is clear
that, in view of the nature of the security, the nature of the offering, the
market for such security, and other factors deemed relevant, such participation
by the Investment Person will not create a material conflict with a Fund. A
record of any decision to permit investment by an Investment Person in an IPO,
including the reasons for the decision, shall be kept in accordance with the
requirements of Section 7(F), below. </p>
<p ALIGN="JUSTIFY">__________________</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(3) Any Investment Personnel of a Fund otherwise subject to a
code of ethics compliant with Rule 17j-1 adopted by the Advisers or a principal
underwriter of the Fund need not comply with this provision of the Code.</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(B)<b> </b><u>Disgorgement.</u> Any profits derived from
securities transactions in violation of paragraph (A) shall be forfeited and
paid to the appropriate Fund(s) for the benefit of its shareholders.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>4. REPORTING REQUIREMENTS</p>
</b>
<p ALIGN="JUSTIFY">To enable each Fund to determine with reasonable assurance
whether the provisions of Rule 17j-1(a) and this Code are being observed by its
Access Persons, the following reporting requirements apply, except as noted in
Section 4(D) below. </p>
<p ALIGN="JUSTIFY">Any report required to be submitted pursuant to this Section
4 may contain a statement that the report will not be construed as an admission
that the person making the report has any direct or indirect Beneficial
Ownership in the securities to which the report relates.</p>
<p ALIGN="JUSTIFY">Reports under this Code shall not relieve any Access Person
from responsibility to report other information required to be reported by law
or to comply with other applicable requirements of the federal and state
securities laws and other laws.</p>
<p ALIGN="JUSTIFY">The Code of Ethics of the Advisers requires disclosure by
Access Persons as defined therein, but no duplicative disclosure is required by
this Code.</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) <u>Initial Holdings Report</u>. Within 10 days after a
person becomes an Access Person, he or she shall disclose in writing, in a form
acceptable to the Chief Compliance Officer, all direct or indirect Beneficial
Ownership interests of such Access Person in Covered Securities. Information to
be reported must be current as of a date no more than 45 days prior to an
individual becoming an Access Person and is to include:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) The title, number of shares and principal amount of each
Covered Security in which the Access Person had any direct or indirect
Beneficial Ownership when the person became an Access Person;</p>
<p ALIGN="JUSTIFY">(2) The name of any broker, dealer or bank with whom the
Access Person maintained an account in which any securities were held for the
direct or indirect benefit of the Access Person as of the date the person became
an Access Person; and</p>
<p ALIGN="JUSTIFY">(3) The date the report is submitted by the Access Person.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(B) <u>Quarterly Transaction Report</u>. Each Access Person
shall report in writing to the Chief Compliance Officer within 30 days of the
end of each calendar quarter in a form acceptable to the Chief Compliance
Officer:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) With respect to any transaction during the quarter in a
Covered Security in which the Access Person had any direct or indirect
Beneficial Ownership:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(i) The date of the transaction, the title, the interest rate
and maturity date (if applicable), the number of shares and the principal amount
of each Covered Security involved;</p>
<p ALIGN="JUSTIFY">(ii) The nature of the transaction (<i>i.e.,</i> purchase,
sale or any other type of acquisition or disposition);</p>
<p ALIGN="JUSTIFY">(iii) The price of the Covered Security at which the
transaction was effected;</p>
<p ALIGN="JUSTIFY">(iv) The name of the broker, dealer or bank with or through
which the transaction was effected; and</p>
<p ALIGN="JUSTIFY">(v) The date that the report is submitted by the Access
Person.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(2) With respect to any account established by the Access
Person in which any securities were held during the quarter for the direct or
indirect benefit of the Access Person:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(i) The name of the broker, dealer or bank with whom the
Access Person established the account;</p>
<p ALIGN="JUSTIFY">(ii) The date the account was established; and</p>
<p ALIGN="JUSTIFY">(iii) The date that the report is submitted by the Access
Person.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">(C) <u>Annual Holdings Report</u>. Each Access Person shall
report annually, no later than January 31 of each year, the following
information, which must be current as of December 31 of the prior calendar year:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) The title, number of shares and principal amount of each
Covered Security in which the Access Person had any direct or indirect
beneficial ownership;</p>
<p ALIGN="JUSTIFY">(2) The name of any broker, dealer or bank with whom the
Access Person maintains an account in which any securities are held for the
direct or indirect benefit of the Access Person; and</p>
<p ALIGN="JUSTIFY">(3) The date the report is submitted.</p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(D) <u>Exceptions from Reporting Requirements</u>.</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(1) A person need not submit reports pursuant to this Section
4 with respect to transactions effected for, and Covered Securities held in, any
account over which the person has no direct or indirect influence or control.</p>
<p ALIGN="JUSTIFY">(2) An Access Person need not make a Quarterly Transaction
Report with respect to transactions effected pursuant to an Automatic Investment
Plan.</p>
<p ALIGN="JUSTIFY">(3) Any Access Person of a Fund that is also an &quot;access
person&quot; of an Adviser or a principal underwriter to the Fund (as that term is
defined in Rule 17j-1) need not submit reports pursuant to this Section 4
provided that such person is otherwise subject to a code of ethics compliant
with the terms of Rule 17j-1 adopted by the Advisers or the principal
underwriter of the Fund, as applicable.</p>
<p ALIGN="JUSTIFY">(4) A director of a Fund who is not an &quot;interested person&quot; of
the Fund (as defined in Section 2(a)(19) of the 1940 Act), and who would be
required to make a report solely by reason of being a director of a Fund, need
not make:</p>
<dir>
<dir>
<p ALIGN="JUSTIFY">(i) An Initial Holdings Report or an Annual Holdings Report;
and</p>
<p ALIGN="JUSTIFY">(ii) A Quarterly Transaction Report unless the director knew
or, in the ordinary course of fulfilling his or her official duties as a
director of a Fund, should have known that, during the 15-day period immediately
preceding or after the director's transaction in a Covered Security, the Fund
purchased or sold such Covered Security or the Fund considered purchasing or
selling the Covered Security. </p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(5) An Access Person need not make a Quarterly Transaction
Report if the report would duplicate information contained in broker trade
confirmations or account statements received by the Fund with respect to the
Access Person provided such broker trade confirmations or account statements are
received by the due date required for a Quarterly Transaction Report and broker
trade confirmations or account statements contain all of the information
required to be included in the Quarterly Transaction Report.</p>
</dir>
</dir>
</dir>
</dir>
</dir>
</dir>
<b>
<p>5. COMPLIANCE PROCEDURES</p>
</b>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) <u>Notification to Access Persons</u>: The Chief
Compliance Officer shall notify each Access Person that he or she is subject to
this reporting requirement, of his or her classification as &quot;Access Person&quot;
and/or &quot;Investment Personnel&quot; under this Code, and shall deliver a copy of this
Code to each Access Person.</p>
<p ALIGN="JUSTIFY">(B) <u>Review of Reports</u>. The Chief Compliance Officer
shall review any reports received pursuant to this Code within 30 days of their
submission.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>6. REPORT TO THE BOARDS</p>
</b>
<p ALIGN="JUSTIFY">The Funds' Chief Compliance Officer shall report to the
Boards at each meeting regarding the following matters not previously reported:</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) Issues arising under the Code, including but not limited
to material violations of the Code, violations that are material in the
aggregate, and any sanctions imposed.</p>
<p ALIGN="JUSTIFY">(B) With respect to any transaction not required to be
reported to the Boards by the operation of Section 6(A) that the Funds' Chief
Compliance Officer believes nonetheless may evidence violation of this policy.</p>
<p ALIGN="JUSTIFY">(C) The Boards shall consider reports made hereunder and upon
discovering that a violation of this Code has occurred, the Boards may impose
such sanctions, in addition to any disgorgement required pursuant to Section
3(B) hereof, as they deem appropriate, including, among other things, a letter
of sanction, suspension, or termination of the employment of the violator.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">The Funds' Chief Compliance Officer shall report to the
Boards on an annual basis concerning existing personal investing procedures,
violations during the prior year and any recommended changes in existing
restrictions or procedures.</p>
<p ALIGN="JUSTIFY">The Boards shall review the Code and the operation of these
policies at least once a year.</p>
<b>
<p>7. RECORDKEEPING</p>
</b>
<p ALIGN="JUSTIFY">The Funds shall maintain the following records at their
principal offices:</p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(A) This Code and any related procedures, and any Code that
has been in effect during the past five years shall be maintained in an easily
accessible place;</p>
<p ALIGN="JUSTIFY">(B) A record of any violation of the Code and of any action
taken as a result of the violation, to be maintained in an easily accessible
place for at least five years after the end of the fiscal year in which the
violation occurs;</p>
<p ALIGN="JUSTIFY">(C) A copy of each report under this Code by (or duplicate
brokerage statements and/or confirmations for the account of) an Access Person,
to be maintained for at least five years after the end of the fiscal year in
which the report is made or the information is provided, the first two years in
an easily accessible place;</p>
<p ALIGN="JUSTIFY">(D) A record of all persons, currently or within the past
five years, who are or were required to make or to review reports made pursuant
to Section 4, to be maintained in an easily accessible place;</p>
<p ALIGN="JUSTIFY">(E) A copy of each report by the Funds' Chief Compliance
Officer to the Boards, to be maintained for at least five years after the end of
the fiscal year in which it is made, the first two years in an easily accessible
place; and</p>
<p ALIGN="JUSTIFY">(F) A record of any decision, and the reasons supporting the
decision, to approve an acquisition by an Investment Person of securities
offered in an Initial Public Offering or in a Limited Offering, to be maintained
for at least five years after the end of the fiscal year in which the approval
is granted.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>8. APPROVAL REQUIREMENTS</p>
</b>
<p ALIGN="JUSTIFY">This Code and any material changes to the Code must be
approved, as relevant, by each Fund's Board. Each such approval must be based on
a determination that the Code contains provisions reasonably necessary to
prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1.
Before approving this Code or any amendment thereto, the Boards must receive a
certification from the relevant entity that it has adopted procedures reasonably
necessary to prevent its Access Persons from violating the Code. Before
initially retaining any investment adviser, sub-adviser or principal underwriter
for a Fund, the Fund's Board must approve the Code of the relevant entity
(unless the entity is not required by Rule 17j-1 to adopt a Code of Ethics), and
must approve any material change to that Code within six months after the
adoption of the change.</p>
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<TYPE>EX-99.2R CODE ETH
<SEQUENCE>17
<FILENAME>posamiexr2.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<p ALIGN="RIGHT">Exhibit (r)(2)</p>
<b><u>
<p ALIGN="CENTER">CODE OF ETHICS</p>
</u>
<p ALIGN="CENTER">Effective as of February 1, 2006</p>
<p ALIGN="JUSTIFY">I. INTRODUCTION</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">This Code of Ethics (the &quot;Code&quot;) is adopted by:</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(i) Aberdeen Asset Management Inc.</p>
<p ALIGN="JUSTIFY">(ii) Aberdeen Asset Management Limited</p>
<p ALIGN="JUSTIFY">(iii) Aberdeen Asset Management Asia Limited </p>
<p ALIGN="JUSTIFY">(iv) Aberdeen Asset Management Investment Services Limited</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(each hereinafter referred to individually as an &quot;Adviser&quot;
and, together, as the &quot;Advisers&quot;) in compliance with the requirements of Rule
17j-1 adopted under the Investment Company Act of 1940, as amended (the &quot;1940
Act&quot;), and Sections 204A and 206 of the Investment Advisers Act of 1940, as
amended (the &quot;Advisers Act&quot;), and specifically Rules 204A-1 and 204-2
thereunder, to effectuate the purposes and objectives of those provisions.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Additionally, the Federal Securities Laws (as defined below)
require investment advisers, funds and others to adopt policies and procedures
to identify and prevent the misuse of material, non-public information. Section
V of this Code discusses the prohibitions from trading on material non-public
information or communicating material, non-public information to others in
violation of the Federal Securities Laws.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>A. Applicable Provisions of the 1940 Act and Advisers Act</p>
</b>
<p ALIGN="JUSTIFY">Access Persons (as defined below) may not, in connection with
the purchase or sale, directly or indirectly, by such person of a Security Held
or to be Acquired (as defined below) by any Client (as defined below) or
otherwise directly or indirectly: </p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) employ any device, scheme or artifice to defraud any Client (as defined
below) or prospective Client;</p>
<p>(ii) make to any Client, any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements made to the
Client, in light of the circumstances in which they are made, not misleading;</p>
<p>(iii) engage in any act, transaction, practice or course of business that
operates or would operate as a fraud or deceit upon any Client or prospective
Client; </p>
<p>(iv) engage in any act, practice, or course of business which is fraudulent,
deceptive or manipulative; </p>
<p>(v) acting as principal for his/her own account, knowingly to sell any
security to or purchase any Reportable Security (as defined below) from a
Client, or acting as a broker for a person other than such Client, knowingly to
effect any sale or purchase of any Reportable Security for the account of such
Client, without disclosing to such Client in writing before the completion of
such transaction the capacity in which he/she is acting and obtaining the
consent of the Client to such transaction; and</p>
<p>(vi) engage in any act, practice, or course of business in violation of any
applicable government law, rule or regulation, including but not limited to the
Federal Securities Laws.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">Under the Advisers Act the Advisers are required to:</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">o adopt and enforce Codes of Ethics setting forth standards
of conduct for advisory personnel, and to address conflicts arising from
personal trading by advisory personnel (Rule 204A-1)</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">o establish and enforce policies and procedures reasonably
designed to prevent the misuse of material, non-public information by investment
advisers (Section 204A)</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">o maintain records with respect to the personal securities
transactions of Access Persons (as defined below) (Section 204-2).</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">o This Code is based on the principle that the Directors and
officers of the Advisers and any of their Supervised Persons (as defined below)
employed by Aberdeen Asset Management PLC or any of its subsidiaries or
affiliates (collectively, the &quot;Aberdeen Group&quot;)<b> </b>owe a fiduciary duty to
Clients to conduct their affairs, including their personal securities
transactions, in such a manner as to avoid:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) serving their own personal interests ahead of Clients; </p>
<p>(ii) taking inappropriate advantage of their position within the respective
Adviser; and</p>
<p>(iii) any actual or potential conflicts of interest or any abuse of their
position of trust and responsibility. </p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">Supervised Persons are expected to maintain objectivity and
avoid undisclosed conflicts of interest. In the performance of their duties and
responsibilities for the Advisers, Supervised Persons must not subordinate their
judgment to personal gain and advantage, or be unduly influenced by their own
interests or by the interests of others. Supervised Persons must avoid
participation in any activity or relationship that constitutes a conflict of
interest unless that conflict has been completely disclosed to affected parties.
A conflict of interest would generally arise if a Supervised Person directly or
indirectly participated in any investment, interest, association, activity or
relationship that may impair or appear to impair the Supervised Person's
objectivity. Any Supervised Person who may be involved in a situation or
activity that might be a conflict of interest or give the appearance of a
conflict of interest should consider reporting such situation or activity to the
Chief Compliance Officer of the respective Adviser.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">The Board of Directors of each of the Advisers has adopted
this Code.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">This Code and any amendments to this Code shall be given to
all Supervised Persons of the Advisers. All Supervised Persons will sign an
acknowledgement, upon receipt of the Code and any amendments, certifying that
they have received, understand and will comply with this Code. Upon request,
this Code shall be delivered, without charge, to any Client of the Advisers, as
stated in the Advisers' ADV s Part II, Schedule F.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>II. DEFINITIONS</p>
</b>
<p ALIGN="JUSTIFY">As used in this Code, the following terms have the following
meanings:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p ALIGN="JUSTIFY">(i)<b> &quot;Access Person&quot;</b> includes (a) any director,
partner, or officer of an Adviser; (b) any Supervised Person who (1) has access
to non-public information regarding any Clients' purchase or sale of securities,
or non-public information regarding the portfolio holdings of any Client; or (2)
is involved in making securities recommendations to Clients or has access to
such recommendations that are nonpublic; (c) any employee of an Adviser who, in
connection with his or her regular functions or duties, makes, participates in,
or obtains information regarding the purchase or sale of Reportable Securities
by a Client, or whose functions relate to the making of any recommendations with
respect to such purchases or sales; (d) any natural person in a control
relationship to an Adviser who obtains information concerning recommendations
made to a Client with regard to the purchase or sale of Reportable Securities of
the Client; and (e) any other person who any Adviser's CCO determines to be an
Access Person.</p>
<p><b>For purposes of this document, all Supervised Persons of the Advisers will
be considered Access Persons.</p>
</b>
<p ALIGN="JUSTIFY">(ii) <b>&quot;Automatic Investment Plan&quot;</b> means any program in
which regular periodic purchases (or withdrawals) are made automatically in (or
from) investment accounts in accordance with a predetermined schedule and
allocation, including, but not limited to, any dividend reinvestment plan
(&quot;DRIP&quot;).</p>
<p ALIGN="JUSTIFY">(iii) <b>&quot;Beneficial Ownership&quot;</b> generally means any
interest in a Security for which an Access Person or any member of his or her
immediate family sharing the same household can directly or indirectly receive a
monetary (&quot;pecuniary&quot;) benefit. It shall be interpreted in the same manner as it
would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as
amended (the &quot;1934 Act&quot;) in determining whether a person is the beneficial owner
of a security for purposes of Section 16 of the 1934 Act and the rules and
regulations thereunder, that, generally speaking, encompasses those situations
where the beneficial owner has the right to enjoy a direct or indirect economic
benefit from the ownership of the security. A person is normally regarded as the
beneficial owner of securities held in (a) the name of his or her spouse,
domestic partner, minor children, or other relatives living in his or her
household; (b) a trust, estate, or other account in which he/ she has a present
or future interest in the income, principal or right to obtain title to the
securities or (c) the name of another person or entity by reason of any
contract, understanding, relationship, agreement or other arrangement whereby he
or she obtains benefits substantially equivalent to those of ownership.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(iv) <b>&quot;Chief Compliance Officer&quot; or &quot;CCO&quot;</b> means the
person appointed by each Adviser designated to be responsible for administering
the policies and procedures adopted under the Advisers Act. The CCO may delegate
any or all of his or her responsibilities under the Code. In instances when the
Code is applied to the CCO, any other executive officer of the appropriate
Adviser may act as the designee of the CCO.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(v) <b>&quot;Client&quot;</b> means any person or entity to which the
Advisers provide investment advisory services, including Reportable Funds,
unregistered investment companies, and any account, trust or other investment
vehicle over which the Aberdeen Group has management discretion.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(vi) <b>&quot;Control&quot;</b> means the power to exercise a
controlling influence over the management or policies of a company, unless such
power is solely the result of an official position with such company. Any person
who owns beneficially, either directly or through one or more controlled
companies, more than twenty-five percent (25%) of the voting securities of a
company shall be presumed to control such company. Any person who does not so
own more than twenty-five percent (25%) of the voting securities of any company
shall be presumed not to control such company. A natural person shall be
presumed not to be a controlled person.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(vii)<b> &quot;Federal Securities Laws&quot;</b> means (a) the
Securities Act of 1933, as amended (&quot;Securities Act&quot;); (b) the Securities
Exchange Act of 1934, as amended (&quot;Exchange Act&quot;); (c) the Sarbanes-Oxley Act of
2002; (d) the 1940 Act; (e) the Advisers Act; (f) Title V of the Gramm-Leach-Bliley
Act; (g) any rules adopted by the U.S. Securities and Exchange Commission
(&quot;SEC&quot;) under the foregoing statutes; (h) the Bank Secrecy Act, as it applies to
funds and investment advisers; and (i) any rules adopted under relevant
provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(viii) <b>&quot;Initial Public Offering&quot; (&quot;IPO&quot;)</b> means an
offering of securities registered under the Securities Act, the issuer of which,
immediately before the registration, was not subject to the reporting
requirements of Sections 13 or 15(d) of the 1934 Act, or a similar offering of
securities in another market.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(ix)<b> &quot;Investment Personnel&quot;</b> means (a) any Portfolio
Manager of the Aberdeen Group; (b) any employee of the Aberdeen Group (or of any
company in a control relationship to a Reportable Fund or the Aberdeen Group)
who, in connection with his regular functions or duties, makes or participates
in making recommendations regarding the purchase or sale of securities by the
Aberdeen Group, including securities analysts and traders; or (c) any person
employed by the Aberdeen Group who obtains or otherwise has access to
information concerning recommendations made to a Client regarding the purchase
or sale of securities by any Client. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(x) <b>-&quot;Limited Offering&quot;</b> means an offering that is
exempt from registration under the Securities Act pursuant to Section 4(2) or
Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited
offerings are commonly referred to as private placements and include offerings
of hedge funds and private funds.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xi) <b>&quot;Portfolio Manager&quot;</b> means an employee of the
Aberdeen Group entrusted with the direct responsibility and authority to make
investment decisions affecting the Client portfolios managed by the Aberdeen
Group.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xii) <b>&quot;Purchase or sale of a Security&quot;</b> includes, among
other things, the writing of an option to purchase or sell a Security.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xiii)<b> &quot;Reportable Fund&quot;</b> means: (a) any US registered
investment company advised or sub-advised by an Adviser; or (b) any US
registered investment company whose investment adviser or principal underwriter
controls, is controlled by or is under common control with any Aberdeen Group
entity. References to registered investment companies include exchange traded
funds.(1) A list of Reportable Funds is maintained by each respective Adviser's
CCO.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xiv)<b> &quot;Security&quot;</b> shall have the meaning set forth in
Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 1940 Act
except as noted in the following paragraph. Further, for purposes of this Code,
&quot;Security&quot; shall include any commodities contracts as defined in Section
2(a)(1)(A) of the Commodity Exchange Act and shares of exchange traded funds.
This definition includes but is not limited to futures contracts on equity
indices.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xv) <b>&quot;Reportable Security&quot; </b>shall have the same
definition as Security above but shall not include direct obligations of the
United States national government, bankers' acceptances, bank certificates of
deposit, high quality short-term debt instruments (maturity of less than 366
days at issuance and rated in one of the two highest rating categories by a
Nationally Recognized Statistical Rating Organization), including repurchase
agreements, commercial paper and shares of U.S. registered money market funds
that limit their investments to the exempted securities enumerated above. Also
excluded from the definition are any U.S. registered open-end investment
companies (<i>e</i>.<i>g</i>., open-end mutual funds, but not exchange traded
funds) that are not advised or sub-advised by the Advisers. Shares of exchange
traded funds, whether registered as open-end investment companies or unit
investment trusts, are deemed to be Reportable Securities. Any question as to
whether a particular investment constitutes a &quot;Security&quot; or a &quot;Reportable
Security&quot; should be referred to the respective Compliance Officer.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xvi) <b>&quot;Security Held or to be Acquired&quot;</b> means (a) any
Reportable Security which, within the most recent 15 days, is or has been held
by Client, or (b) is being or has been considered for purchase by a Client or an
Adviser, or (c) any option to purchase or sell, and any security convertible
into or exchangeable for, a Reportable Security. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">(xvii) <b>&quot;Supervised Person&quot;</b> means (a) any partner,
officer, director (or other person occupying a similar status or performing
similar functions), or employee of an Adviser, or (b) any other person who
provides investment advice on behalf of the Adviser and is subject to the
supervision and control of the Adviser, such as those persons covered under a
Memorandum of Understanding with an Adviser.</p>
<p ALIGN="JUSTIFY">____________________</p>
<p ALIGN="JUSTIFY"></p>
</dir>
</dir>
<p ALIGN="JUSTIFY">(1) &quot;Exchange traded funds,&quot; or &quot;ETFs,&quot; are registered
investment companies that operate pursuant to an order from the SEC exempting
the ETF from certain provisions of the 1940 Act so that the ETF may issue
securities that trade in a secondary market, and which are redeemable only in
large aggregations called creation units. An ETF registers with the SEC under
the 1940 Act either as an open-end management investment company or as a unit
investment trust.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</dir>
</dir>
<b>
<p>III. PROHIBITED TRANSACTIONS</p>
</b>
<p ALIGN="JUSTIFY">No Access Person shall engage in any act, transaction,
practice or course of conduct, which would violate the provisions of Rule 17j-1
of the 1940 Act or Section 206 of the Advisers Act as described in Section I.A.
above.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>A. Access Persons</p>
</b>
<p ALIGN="JUSTIFY">Except as provided in Section III.B. below, <b>no Access
Person shall</b>:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) purchase or sell, directly or indirectly, any Security in which he/she
has, or by reason of such transaction acquires, any direct or indirect
Beneficial Ownership and which to his/her actual knowledge at the time of such
purchase or sale, the same Reportable Security is: </p>
</dir>
</dir>
</dir>
</dir>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) being considered for purchase or sale by any Client;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) being purchased or sold by any Client; or</p>
<dir>
<dir>
<dir>
<dir>
<p>(ii) disclose to other persons the Reportable Securities activities engaged
in or contemplated for any Client; </p>
<p>(iii) accept any gift or other thing of more than de minimis value from any
person or entity that does business with or on behalf of the Aberdeen Group. For
the purposes of the Code &quot;de minimis&quot; shall be considered to be the annual
receipt of gifts from the same source valued at $100 USD or the receipt of any
entertainment from any source that an individual has current or prospective
business dealings unless such entertainment is business related, reasonable in
cost, appropriate as to time and place, and not so frequent as to raise any
question of impropriety. Any gifts in excess of $50 USD, however, must be
reported to the Compliance Department.</p>
<p>(iv) acquire a Beneficial Ownership in any securities in an IPO or a Limited
Offering, without having received prior written approval from the appropriate
Investment Director and an Executive Director of the Aberdeen Group. Compliance
will maintain a record of any decision which includes the reasons supporting the
decision made by the Investment Director and Executive Director, to approve the
Access Person's acquisition of an IPO or private placement for at least five
years after the end of the fiscal year in which the approval was granted.</p>
<p ALIGN="JUSTIFY">Before granting such approval, the Investment Director will
carefully evaluate such investment to determine that the investment could create
no material conflict between the Access Person and a Client. The Investment
Director may make such determination by looking at, among other things, the
nature of the offering and the particular facts surrounding the purchase. For
example, the Investment Director may consider approving the transaction if it
can be determined that: (a) the investment did not result from directing Client
or Aberdeen Group business to the underwriter or issuer of the Security; (b) the
Access Person<b> </b>is not misappropriating an opportunity that should have
been offered to a Client; and (c) an Investment Person's investment decisions
for a Client will not be unduly influenced by his or her personal holdings and
investment decisions are based solely on the best interests of a Client. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">In addition, no Access Person shall acquire a Beneficial
Ownership in any securities issued in a Limited Offering by a private fund
advised or sub-advised by any member of the Aberdeen Group without having
received prior written approval from the Compliance Department. </p>
<b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Any Access Person authorized to purchase securities in an IPO
or Limited Offering shall disclose that investment when they play a part in a
Client's subsequent consideration of an investment in that issuer. In such
circumstances, a Client's decision to purchase securities of the issuer shall be
subject to independent review by Investment Personnel with no personal interest
in the issuer. </p>
<i></b></i>
<p>(v) serve on the board of directors of any publicly traded company without
prior authorization of the Aberdeen Group Chief Executive. Any such
authorization shall be based upon a determination that the board service would
be consistent with the interests of the Aberdeen Group and the Clients under
their management. Authorization of board service shall be subject to the
implementation by the Aberdeen Group of &quot;Chinese Wall&quot; or other procedures to
isolate such Access Persons from making decisions about trading in that
company's Securities.</p>
<p>(vi) No employees may profit in the purchase and sale, or sale and purchase,
of any Reportable Securities within ninety (90) calendar days. Trades made in
violation of this prohibition should be unwound, if possible. Otherwise, any
profits realized on such short-term trades shall be subject to disgorgement to
the appropriate charity of the Aberdeen Group's choosing.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>B. Portfolio Managers</p>
</b>
<p ALIGN="JUSTIFY">In addition to the prohibitions listed above, no Portfolio
Manager shall acquire or dispose of any Beneficial Ownership in<b> </b>a
Reportable Security within fifteen (15) calendar days before or after any Client
trades in that security. Any trades made within the proscribed period shall be
unwound, if possible. Otherwise, any profits realized on trades within the
proscribed period shall be disgorged to a charity of the Aberdeen Group's
choosing.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>C. Waivers</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Notwithstanding any other provision in this Code to the
contrary, transactions described in Section III.A and III.B above which appear
upon reasonable inquiry and investigation to present no reasonable likelihood of
harm to a Client and which are otherwise transacted in accordance with Rule
17j-1 under the 1940 Act and Sections 204A and 206 of the Advisers Act <b>may be
permitted within the discretion afforded under the Aberdeen Group's Personal
Account Dealing authorization process on a case-by-case basis</b>.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>IV. COMPLIANCE PROCEDURES</p>
</b>
<p ALIGN="JUSTIFY">With respect to the pre-clearance and reporting requirements
contained herein, Access Persons shall pre-clear in accordance with the Aberdeen
Group's Personal Account Dealing Procedures. </p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>A. Pre-Clearance Procedures</p>
</b>
<p ALIGN="JUSTIFY">All Access Persons must receive prior approval before
engaging in any transaction in Reportable Securities in which the Access Person
acquires or disposes of Beneficial Ownership of such Reportable Security that is
not otherwise specifically prohibited by this Code. The Access Person should
request pre-clearance by completing the Personal Account Deal Request Form
located on the Compliance Forms and Reports Database on Lotus Notes, and sending
the form for approval to a dealer or company secretary, fund management desk
head and executive director as indicated on the Dealing Request Form<b> </b>
prior to trading. A list of persons currently authorized to approve Personal
Account Deals is maintained by the Compliance Department and is available on the
Compliance Forms and Reports Database. Access Persons should note the specific
additional requirements discussed in Section III.A.(iv) above with respect to
IPOs and Limited Offerings, including private fund investments. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Any conflicts of interest related to Reportable Securities in
which the Access Person is seeking pre-clearance or any Client must be disclosed
on the Personal Account Deal Request Form.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">In addition, where the Access Person intends to trade in
securities issued by a closed-end investment company advised by the Aberdeen
Group, a Reportable Fund, or in the shares of Aberdeen Asset Management PLC, the
written approval of the Secretary of the investment company or, as the case may
be, the Company Secretary of Aberdeen Asset Management PLC, must first be
obtained.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Pre-clearance approval will expire 24 hours after the
authorization is granted. If the trade instruction is not placed before such
pre-clearance expires, the Access Person is required to again obtain
pre-clearance for the trade. In addition, if before placing the trade
instruction, the Access Person becomes aware of any additional information with
respect to a transaction that was pre-cleared, such Access Person shall not
proceed further with the trade, without submitting a fresh application for
approval. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Access Persons are not required to pre-clear the following
types of transactions:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) purchases or sales which are non-volitional on the part of the Access
Person;</p>
<p>(ii) transactions effected for, and Reportable Securities held in, any
account over which the Access Person has no direct or indirect influence or
control;</p>
<p>(iii) purchases which are part of an Automatic Investment Plan or DRIP or
other regular investment in a selected security or securities subject to
pre-clearance of the first purchase under the scheme;</p>
<p>(iv) for those Access Persons residing outside the United States, registered
open-end investment vehicles within their respective jurisdictions; and</p>
<p>(v) securities acquired by the exercise of rights issued <i>pro rata</i> by
an issuer to all holders of a class of its securities, to the extent such rights
were acquired from such issuer, and sales of such rights so acquired.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>B. Excessive Trading</p>
</b>
<p ALIGN="JUSTIFY">The Aberdeen Group understands that it is appropriate for
Access Persons to participate in the public securities markets as part of their
overall personal financial planning.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">As in other areas, however, this should be done in a way that
creates no potential conflicts with the interests of any Client. Further, it is
important to recognize that otherwise appropriate trading, if excessive, may
compromise the best interests of any Clients if such trading is conducted during
work-time or using Client resources<b>. Accordingly, if personal trading rises
to such dimension as to create an environment that is not consistent with the
Code, approval for such personal transactions may either be refused or may be
limited by the Aberdeen Group.</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">No Access Person should engage in excessive trading or market
timing activities with respect to any mutual funds whether managed by the
Aberdeen Group or otherwise.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>C. Reporting by Access Persons</p>
</b>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Reports submitted pursuant to this Code shall be confidential
and shall be provided only to the officers and Directors of the Advisers, their
legal advisers/or regulatory authorities upon appropriate request.
Notwithstanding the above, reports submitted by an Access Person pursuant to
this Code may also be provided to any Reportable Fund to the extent such Access
Person is considered an &quot;access person&quot; of the Reportable Fund for purposes of
Rule 17j-1. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Any statements made in any report submitted pursuant to the
reporting requirements below will not be construed as an admission that the
person making the report has any direct or indirect Beneficial Ownership in the
Security or Securities to which the report relates.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">All Access Persons must make the following reports:</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>1. Initial Holdings Reports</p>
</b>
<p ALIGN="JUSTIFY">No later than 10 days after a person becomes an Access
Person, such person must file an Initial Report of Access Persons (&quot;Initial
Report&quot;) with Compliance reflecting the Access Person's holdings as of a date
not more than 45 days prior to becoming an Access Person. Such Initial Report
must contain the following information:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) the title and type of security, and as applicable the exchange ticker
symbol or CUSIP number, the number of shares and principal amount of each
Reportable Security in which such person has any direct or indirect Beneficial
Ownership;</p>
</font><font FACE="Arial" SIZE="1"></font><font SIZE="1">
<p align="justify">(ii) </font><font SIZE="2">the name of any broker, dealer or
bank with whom the Access Person maintains an account in which any Securities
are held for the direct or indirect benefit of the Access Person; and</p>
<p>(iii) the date the Initial Report is submitted.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">In addition to reporting holdings of Reportable Securities,
every Access Person shall certify in their Initial Report that:<b> </p>
</b>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) they have received, read and understand the Code and recognize that they
are subject thereto; and</p>
<p align="justify">(ii) they have no knowledge of the existence of any personal
conflict of interest relationship which may involve a Client, such as any
economic relationship between their transactions and securities held or to be
acquired by a Client.</p>
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2"><b>
<p>2. Quarterly Transaction Reports</p>
</b>
<p ALIGN="JUSTIFY">All Access Persons are required to report to Compliance all
transactions involving a Reportable Security in which the Access Person had, or
as a result of the transaction, acquired, any direct or indirect Beneficial
Ownership conducted during each calendar quarter within thirty (30) days after
the close of the quarter and to provide duplicate statements for all brokerage
accounts. This disclosure includes the:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p align="justify">(i) date of the transaction, title of the security, and as
applicable the exchange ticker symbol or CUSIP number, interest rate and
maturity date (if applicable), number of shares, and principal amount of each
Reportable Security involved;</p>
<p>(ii) nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);</p>
<p>(iii) the price of the Reportable Security at which the transaction was
effected;</p>
<p>(iv) name of the broker, dealer or bank with or through which the transaction
was effected; and</p>
<p>(v) date the report is submitted.</p>
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2">
<p ALIGN="JUSTIFY">In addition, with respect to any account established by an
Access Person in which any securities were held during the quarter for the
direct or indirect benefit of the Access Person, the Access Person must provide
on the Quarterly Transaction Report: </p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) name of the broker, dealer or bank with whom the Access Person
established the account; and</p>
<p>(ii) date the account was established.</p>
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2">
<p ALIGN="JUSTIFY">The reporting requirements set out above apply to all
transactions in Reportable Securities other than:</p>
<dir>
<dir>
<dir>
<dir>
</font><font FACE="Arial" SIZE="1">
<p>(i) </font><font SIZE="2">transactions with respect to Reportable Securities
held in accounts over which the Access Person had no direct or indirect
influence or control; and</p>
<p>(ii) transactions effected pursuant to an Automatic Investment Plan or DRIP.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">Access Persons must provide duplicate copies of their
contract confirmations for each transaction in Reportable Securities to
Compliance in accordance with the Aberdeen Group Procedures for Personal Account
Dealing. Duplicate holding/trading statements are to be provided to Compliance
at least quarterly, where available, within 30 days after the period end. The
Procedures however, recognize that some Access Persons either reside in
countries or maintain brokers where such statements are not regularly issued or
available, and therefore these individuals are to be exempt from providing
quarterly statements within the 30 day time period. In such circumstances,
brokerage statements or their equivalent holdings reports must be provided
annually, at a minimum. </p>
<p ALIGN="JUSTIFY">In the event that an Access Person opens a new account during
a quarter, the account is to be noted on their quarterly report and duplicate
statements, or the equivalent of such, with respect to such new account, are to
be forwarded to Compliance within the 30 day period after the end of the quarter
in which the new account is opened, or as appropriate if exempt from the 30 day
rule. </p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>3. Annual Holdings Reports</p>
</b></font><font FACE="Arial" SIZE="1"></font><font SIZE="2">
<p ALIGN="JUSTIFY">No later than January 31 of each year, every Access Person
must submit a report to Compliance which contains the following information:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) the title and type of security, and as applicable the exchange ticker
symbol or CUSIP number, number of shares and principal amount of each Reportable
Security or shares in a Reportable Fund in which such person has any direct or
indirect Beneficial Ownership as of December 31 of the prior calendar year;</p>
<p>(ii) the name of the broker, dealer or bank with whom such person maintained
an account in which any Securities were held for the direct or indirect benefit
of such person as of December 31 of the prior calendar year; and </p>
<p>(iii) the date the report is submitted. </p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>4. Certification of Compliance with the Code</p>
</b>
<p ALIGN="JUSTIFY">Compliance shall provide notice to all Access Persons of
their status under this Code, and shall deliver a copy of the Code to each
Access Person when they become an Access Person and annually thereafter.
Additionally, each Access Person will be provided a copy of any amendments to
the Code. After reading the Code or any amendment to the Code, each Access
Person shall certify to the following in the form provided by Compliance:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) they have read and understand the Code and recognize that they are
subject thereto;</p>
<p>(ii) They have complied and/or will comply with the requirements of the Code;</p>
<p>(iii) they have reported and/or will report all personal securities
transactions required to be reported pursuant to the requirements of the Code;</p>
<p>(iv) they have not disclosed and/or will not disclose pending &quot;buy&quot; or &quot;sell&quot;
orders for a Client except where the disclosure occurred subsequent to the
execution or withdrawal of an order; and</p>
<p>(v) they have no knowledge of the existence of any personal conflict of
interest relationship which may involve any Client, such as any economic
relationship between their transactions and securities held or to be acquired by
a Client.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">This Certification of Compliance shall be maintained on the
Compliance Forms &amp; Reports Database on Lotus Notes and made available to the
respective CCO.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">In the event that an Access Person<b> </b>has any knowledge
of a potential or actual violation of the Certification of Compliance, that
person should notify the respective CCO in accordance with the procedures set
forth below in Section E.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>D. Reporting to the Board of Directors</p>
</b>
<p ALIGN="JUSTIFY">Each CCO will prepare an annual report relating to the Code
of Ethics for the Board of Directors of the applicable Adviser. Such annual
report shall:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) summarize existing procedures concerning personal investing and any
changes in the procedures made during the past year;</p>
<p>(ii) identify any violations requiring significant remedial action during the
past year and any sanctions imposed;</p>
<p>(iii) identify any recommended changes in the existing restrictions or
procedures based upon the Adviser's experience under the Code of Ethics,
evolving industry practices or developments in applicable laws or regulations;
and</p>
<p>(iv) state the CCO's conclusions regarding whether the Adviser has adopted
procedures reasonably necessary to prevent Access Persons from violating the
Code.</p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">The CCO shall promptly report to the applicable Adviser's
Board of Directors all apparent violations of the Code and the reporting
requirements thereunder. The Board of Directors of each Adviser shall consider
reports made hereunder and shall determine whether or not this Code has been
violated and what sanctions, if any, should be imposed.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>E. Reports to Chief Compliance Officer</p>
</b>
<p ALIGN="JUSTIFY">The Advisers' CCOs will provide, within 60 days after each
calendar quarter end, certification to the chief compliance officer (each a
&quot;Fund CCO&quot;) or other designee of each Reportable Fund that, as of the prior
quarter end:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) all documentation required by the Code and Rule 17j-1 as it applies to
the Advisers or their Supervised Persons has been collected and is being
retained on behalf of the Reportable Fund;</p>
<p>(ii) there have been no material violations to the Code and, if there have
been violations to the Code, the violation has been documented and reported to
each Fund CCO; and </p>
<p>(iii) the firm has appointed appropriate management or compliance personnel
to review transactions and reports filed by Access Persons under the Code, and
adopted procedures reasonably necessary to prevent Access Persons from violating
the Code.</p>
<p ALIGN="JUSTIFY"></p>
</dir>
</dir>
</dir>
</dir>
<p ALIGN="JUSTIFY">The Advisers' CCOs will also provide, within 60 days after
each calendar quarter end, a description of any issues arising under the Code
since the last quarter end, including, but not limited to, information about
material violations of the Code and sanctions imposed in response to material
violations.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">Each quarter the respective Adviser's CCO will also provide
to each Fund CCO or their designee a list of Access Persons who are subject to
this Code and the names of the relevant personnel responsible for pre-clearing
and reviewing personal securities transactions. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">The CCOs will provide such information, including, but not
limited to, initial and annual holdings reports and quarterly transaction
reports for all Access Persons, pre-clearance reports and approvals for
participation in IPOs and Limited Offerings, as is requested by a Fund CCO.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>F. Reporting of Illegal or Unethical Behavior</p>
</b>
<p ALIGN="JUSTIFY">Supervised Persons should promptly report any conduct or
actions by a Supervised Person that does not comply with the Federal Securities
Laws, other applicable laws, rules or regulations or this Code. Any Supervised
Person who questions whether a situation, activity or practice is acceptable
must immediately report such practice to the CCO of the Adviser. The CCO of the
Adviser shall consider the matter and respond to the Supervised Person within a
reasonable amount of time. The CCO of the Adviser will contact the Adviser's
legal counsel when he/she believes it to be necessary. To the extent possible
and as allowed by law, reports made by Supervised Persons under this Section F
will be treated as confidential.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>G. Sanctions</p>
</b>
<p ALIGN="JUSTIFY">Upon discovering a violation of this Code, the Board of
Directors of any of the Advisers may impose such sanctions as they deem
appropriate, including, among other things, verbal or written warnings and
censures, monetary sanctions, disgorgement, suspensions or dismissal.</p>
<p ALIGN="JUSTIFY"></p>
<b>
<p>H. Retention of Records</p>
</b>
<p ALIGN="JUSTIFY">The following records must be maintained by the Advisers in
the manner and to the extent set out below. These records must be made available
to the SEC or any representative of the SEC at any time and from time to time
for reasonable periodic, special or other examination:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) A copy of the Code that is in effect, or at any time within the past five
years was in effect, must be maintained in an easily accessible place;</p>
<p>(ii) A record of any violation of the Code, and of any action taken as a
result of the violation, must be maintained in an easily accessible place for at
least five years after the end of the fiscal year in which the violation occurs;</p>
<p>(iii) A copy of each report required to be submitted by Access Persons under
Sections IV.C.1, IV.C.2, and IV.C.3 of the Code, including any information
provided on broker transaction confirmations and account statements, must be
maintained for at least five years after the end of the fiscal year in which the
report is made or the information is provided, the first two years in an easily
accessible place;</p>
<p>(iv) A record of the names of all persons who are currently, or within the
past five years were, Access Persons of the Adviser;</p>
</font><font SIZE="1"></font><font SIZE="2">
<p>(vi) A record of all Access Persons, currently or within the past five years,
who are or were required to make reports under the Code must be maintained in an
easily accessible place;</p>
<p>(vii) A record of all persons, currently or within the past five years, who
are or were responsible for reviewing reports of Access Persons must be
maintained in an easily accessible place;</p>
<p>(viii) A copy of each Personal Account Deal Request Form (including a record
of all approvals to acquire securities in an IPO or Limited Offering, indicating
the reasons for such approvals) must be maintained for at least five years after
the end of the fiscal year in which the form was submitted or the approval is
granted, whichever is later;</p>
<p>(ix) A record of any decision, and the reasons supporting the decision, to
approve the acquisition by an Access Person of securities in an IPO or Limited
Offering for at least five years after the end of the fiscal year in which
approval is granted;</p>
<p>(x) A copy of each report to the Board of the Advisers or to a Reportable
Fund of the Code must be maintained for at least five years after the end of the
fiscal year in which it is made, the first two years in an easily accessible
place;</p>
<p>(xi) A record of all accounts, currently or within the past five years, in
which an Access Person has or had a Beneficial Ownership interest in a
Reportable Security solely by reason of an indirect pecuniary interest described
in Rule 16a-1(a)(2)(ii)(B) or (C) under the Exchange Act must be maintained in
an easily accessible place; and</p>
<p>(xii) A record of all Certifications of Compliance for each person who is
currently, or within the past five years was, a Supervised Person of the
Adviser.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>V. POLICY STATEMENT ON INSIDER TRADING</p>
</b><b>
<p>A. Definition of Insider Trading</p>
</b>
<p ALIGN="JUSTIFY">The Aberdeen Group prohibits any &quot;Affected Person&quot; (i.e., any
officer or director of an Adviser and employees of the Group) from trading,
either personally or on behalf of others, including accounts managed by the
Aberdeen Group, on material non-public information or communicating material
non-public information to others in violation of the law. <b>This conduct is
frequently referred to as &quot;insider trading.&quot;</b> The policy applies to every
such Affected Person and extends to activities within and outside their duties
within the Aberdeen Group. Any questions regarding this policy and the
procedures below should be referred to the CCO of the respective Adviser. </p>
<p ALIGN="JUSTIFY">The term &quot;insider trading&quot; is not defined in the Federal
Securities Laws, but is generally understood to prohibit the following
activities:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) trading by an insider while in possession of material non-public
information;</p>
<p>(ii) recommending the purchase or sale of securities while in possession of
material non-public information; or</p>
<p>(iii) communicating material non-public information to others.</p>
</dir>
</dir>
</dir>
</dir>
<b>
<p>B. The Concept of &quot;Insider&quot;</p>
</b>
<p ALIGN="JUSTIFY">The concept of &quot;insider&quot; is broad and it includes officers,
directors, partners, members and employees of a company. In addition, a person
can be a &quot;temporary insider&quot; if he or she is given material inside information
about a company or the market for the company's securities on the reasonable
expectation that the recipient would maintain the information in confidence and
would not trade on it.</p>
<p ALIGN="JUSTIFY">A temporary insider can include, among others, a company's
legal advisers<b><i>,</b></i> accountants, consultants, bank lending officers,
and the employees of such third parties. In addition, a company may become a
temporary insider of a company it advises or for which it performs other
services. For that to occur, that company must expect the subsidiary to keep the
disclosed non-public information confidential and the relationship must at least
imply such a duty before the subsidiary will be considered an insider. </p>
<b>
<p>C. Material Information</p>
</b>
<p ALIGN="JUSTIFY">Trading, tipping or recommending securities transactions
while in position of inside information is not a basis for liability unless the
information is &quot;material.&quot; &quot;Material information&quot; generally is defined as:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) information for which there is a substantial likelihood that a reasonable
investor would consider it important in making his or her investment decisions;
or</p>
<p>(ii) information that would significantly alter the total mix of information
made available. </p>
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2">
<p ALIGN="JUSTIFY">Information that should be considered material includes, but
is not limited to: dividend changes, earnings estimates, changes in previously
released earnings estimates, a joint venture, the borrowing of significant
funds, a major labor dispute, merger or acquisition proposals or agreements,
major litigation, liquidation problems, and extraordinary management
developments. For information to be considered material it need not be so
important that it would have changed an investor's decision to purchase or sell
particular securities; rather it is enough that it is the type of information on
which reasonable investors rely in making purchase or sale decisions. The
materiality of information relating to the possible occurrence of any future
event may depend on the likelihood that the event will occur and its
significance if it did occur.</p>
<b>
<p>D. Non-Public Information</p>
</b>
<p ALIGN="JUSTIFY">Information is non-public until it has been effectively
communicated to the market place. One must be able to point to some fact to show
that the information is generally public. For example, information found in a
report filed with the SEC<b><i>,</b></i> or appearing in <i>Dow Jones</i>, <i>
Reuters Economic Services</i>, <i>The Wall Street Journal</i> or other
publications of general circulation would be considered public. Information in
bulleting and research reports disseminated by brokerage firms are also
generally considered to be public information.</p>
<b>
<p ALIGN="JUSTIFY">Before trading for yourself or others in the securities of a
company about which you may have potential inside information, or revealing such
information to others or making a recommendation based on such information, you
should ask yourself the following questions</b>:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) Is the information material? Is this information that an investor would
consider important in making his or her investment decisions? Is this
information that would substantially affect the market price of the securities
if generally disclosed?</p>
<p>(ii) Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace?</p>
</font><font SIZE="1">
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2">
<p ALIGN="JUSTIFY">If, after consideration of the above, you believe that the
information is material and non-public, or if you have questions as to whether
the information may be material and non-public, you should take the following
steps:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) <b>Report the matter immediately to the CCO.</b> In consulting with the
CCO, you should disclose all information that you believe may bear on the issue
of whether the information you have is material and non-public.</p>
<b></b>
<p>(ii) <b>Do not purchase or sell the securities</b> on behalf of yourself or
others.</p>
<b></b>
<p>(iii) <b>Do not communicate the information</b> either inside or outside the
Aberdeen Group, other than to the CCO or another appropriate member of the
Compliance Department.</p>
<p>(iv) After the CCO has reviewed the issue, you will either be (a) instructed
to continue the prohibitions against trading, tipping or communication, or (b)
allowed to trade and communicate the information. In appropriate circumstances,
the CCO will consult with counsel as to the appropriate course to follow.</p>
</dir>
</dir>
</dir>
</dir>
</font><b><font SIZE="2">
<p ALIGN="JUSTIFY">Information in your possession that you identify, or which
has been identified to you as material and non-public, must not be communicated
to persons outside the Aberdeen Group, without the prior authorization of the
CCO.</b> In addition, care should be taken so that such information is secure.
For example, files containing material non-public information should be sealed
and access to computer files containing material non-public information should
be restricted.</p>
<b>
<p>E. Monitoring Procedures</p>
</b>
<p ALIGN="JUSTIFY">The role of Compliance is critical to the implementation and
maintenance of the Aberdeen Group's policy and procedures against insider
trading. The supervisory procedures can be divided into the following two parts:
(1) the prevention of insider trading; and (2) the detection of insider trading.
Each part of the supervisory procedures is discussed in further detail below.</p>
<b>
<p>1. The Prevention of Insider Trading</p>
</b>
<p ALIGN="JUSTIFY">To prevent insider trading Compliance will:</p>
<p ALIGN="JUSTIFY"></p>
<dir>
<dir>
<dir>
<dir>
<p>(i) provide, on a regular basis, an educational program to familiarize
Affected Persons with the policy and procedures; and </p>
<p>(ii) when it has been determined that an Affected Person has material
non-public information:</p>
</font><font SIZE="1">
</dir>
</dir>
</dir>
</dir>
</font><font SIZE="2">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) implement measures to prevent dissemination of such information; and </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) where necessary, restrict Affected Persons from trading in the securities.</p>
</font><font SIZE="2"><b>
<p>2. The Detection of Insider Trading</p>
</b>
<p ALIGN="JUSTIFY">To detect insider trading, Compliance will:</p>
<dir>
<dir>
<dir>
<dir>
<p>(i) review the trading activity reports filed by each Affected Person; </p>
<p>(ii) review the trading activity on behalf of Clients; and</p>
<p>(iii) to the extent applicable, such other information as the CCO deems
necessary or appropriate.</p>
</dir>
</font><font FACE="Arial" SIZE="1">
<p ALIGN="JUSTIFY"></p>
</dir>
</dir>
</dir>
</font>

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