Section 3
SEC. 3. All gifts, bequests, donations and contributions which may be received by the Asian Institute of Aquaculture from any source whatsoever shall be exempt from the payment of taxes imposed under the National Internal Revenue Code and all other existing laws, decrees and ordinances and all such gifts, bequests, donations and contributions shall be considered as allowable deductions for purposes of determining the income tax payable by the donor. All funds received by the Asian Institute of Aquaculture shall be receipted and disbursed in accordance with the Agreement establishing the Southeast Asian Fisheries Development Center and pertinent resolutions duly approved by the SEAFDEC Council.