Section 2
SEC. 2. Section four of the same Decree is hereby amended to read as follows: "SEC. 4. General Corporate Powers.—The Cultural Center of the Philippines shall have perpetual succession with the power to sue and be sued; to contract and be contracted with; to own, manage and hold such real and personal property as shall be necessary for corporate purposes; to receive real and personal property by gift, devise, or bequest; to invest its funds or other assets in such undertakings as it may deem wise or necessary to carry out its purposes and objectives; to adopt a seal and alter the same; to adopt by-laws, rules and regulations not inconsistent with the provisions of this Act; and generally, to do all such acts and things as may be necessary to carry into effect the provisions of this Act. "With the approval of the President of the Philippines, upon the recommendation of the Secretary of Finance, the Center may issue bonds and other certificates of indebtedness upon the absolute guarantee of the Governments, as to both principal and interest. The Board of Trustees shall determine the interest rates, maturities and other features, terms and conditions of such bonds or certificates of indebtedness. The bonds and certificates of indebtedness and any income derived therefrom shall be exempt from the payment of all taxes of whatever kind and nature including withholding taxes which may be imposed by the national government, its agencies, instrumentalities or political subdivisions."