{S}                                                                                   {C}

ARTICLE I NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL .......................    1



   Section 1.  Name ...............................................................    1

   Section 2.  Principal Offices ..................................................    1

   Section 3.  Seal ...............................................................    1



ARTICLE II STOCKHOLDERS ...........................................................    2



   Section 1.  Place of Meeting ...................................................    2

   Section 2.  Annual Meetings. ...................................................    2

   Section 3.  Special Meetings. ..................................................    2

   Section 4.  Notice of Meetings. ................................................    3

   Section 5.  Quorum; Adjournment of Meetings ....................................    3

   Section 6.  Voting and Inspector ...............................................    4

   Section 7.  Stockholders Entitled to Vote ......................................    5

   Section 8.  Validity of Proxies, Ballots .......................................    5

   Section 9.  Conduct of Stockholders' Meetings. .................................    6

   Section 10. Action Without a Meeting ...........................................    6

   Section 11. Stockholder Proposals ..............................................    6



ARTICLE III BOARD OF DIRECTORS ....................................................    9



   Section 1.  Powers .............................................................    9

   Section 2.  Number and Term. ...................................................   10

   Section 3.  Election ...........................................................   12

   Section 4.  Vacancies and Newly Created Directorships ..........................   12

   Section 5.  Removal ............................................................   13

   Section 6.  Place of Meeting ...................................................   13

   Section 7.  Annual and Regular Meetings ........................................   14

   Section 8.  Special Meetings ...................................................   14

   Section 9.  Waiver of Notice ...................................................   14

   Section 10. Quorum and Voting ..................................................   15

   Section 11. Action Without a Meeting ...........................................   15

   Section 12. Compensation of Directors ..........................................   15



ARTICLE IV COMMITTEES .............................................................   15



   Section 1.  Organization .......................................................   15

   Section 2.  Proceedings and Quorum .............................................   16

{/TABLE}



                                        i



{PAGE}



{TABLE}

{S}                                                                            {C}

ARTICLE V OFFICERS ..........................................................  17



   Section 1.  General ......................................................  17

   Section 2.  Election, Tenure and Qualifications ..........................  17

   Section 3.  Removal and Resignation ......................................  17

   Section 4.  President ....................................................  18

   Section 5.  Chairman .....................................................  18

   Section 6.  Vice President ...............................................  18

   Section 7.  Treasurer and Assistant Treasurers ...........................  19

   Section 8.  Secretary and Assistant Secretaries ..........................  19

   Section 9.  Subordinate Officers .........................................  20

   Section 10. Remuneration .................................................  20

   Section 11. Surety Bonds .................................................  20



ARTICLE VI CAPITAL STOCK ....................................................  21



   Section 1.  Certificates of Stock ........................................  21

   Section 2.  Transfer of Shares ...........................................  21

   Section 3.  Stock Ledgers ................................................  21

   Section 4.  Transfer Agents and Registrars ...............................  22

   Section 5.  Fixing of Record Date ........................................  22

   Section 6.  Lost, Stolen or Destroyed Certificates .......................  22



ARTICLE VII FISCAL YEAR AND ACCOUNTANT ......................................  23



   Section 1.  Fiscal Year ..................................................  23

   Section 2.  Accountant ...................................................  23



ARTICLE VIII CUSTODY OF SECURITIES ..........................................  23



   Section 1.  Employment of a Custodian ....................................  23

   Section 2.  Termination of Custodian Agreement ...........................  24



ARTICLE IX INDEMNIFICATION AND ADVANCEMENT OF EXPENSES ......................  24



   Section 1.  Indemnification of Directors and Officers ....................  24

   Section 2.  Advances .....................................................  25

   Section 3.  Procedure ....................................................  26

   Section 4.  Indemnification of Employees and Agents ......................  26

   Section 5.  Other Rights .................................................  26

   Section 6.  Amendments ...................................................  27

   Section 7.  Insurance ....................................................  27

{/TABLE}



                                      -ii-



{PAGE}



{TABLE}

{S}                                                                           {C}

ARTICLE X AMENDMENTS ......................................................   27



   Section 1.  General ....................................................   27

{/TABLE}



                                      -iii-



{PAGE}



                                     BY-LAWS



                                       OF



                     ABERDEEN ASIA-PACIFIC INCOME FUND, INC.



                            (A MARYLAND CORPORATION)



                                    ARTICLE I



                        NAME OF CORPORATION, LOCATION OF

                                OFFICES AND SEAL



Section 1.  Name. The name of the Corporation is Aberdeen Asia-Pacific Income

Fund, Inc.



Section 2.  Principal Offices. 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.



Section 3.  Seal. 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 "Maryland." 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.



                                        1



{PAGE}



                                   ARTICLE II



                                  STOCKHOLDERS



Section 1.  Place of Meeting. 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.



Section 2.  Annual Meetings. 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 21 and April 19.



Section 3.  Special Meetings. 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.

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