Section 1
SEC. 1. Existing laws, orders, decrees, rules and regulations to the contrary notwithstanding, the agreement entered into by the Republic of the Philippines, through its duly authorized representative, on July 16, 1973 for the lease, with an option to purchase, of its aircraft, No. PI 98, to James Bay Energy Corporation, a body politic incorporated under the laws of Quebec, Canada, is hereby declared a valid and binding contract of the Government of the Republic of the Philippines.