(3) Foreigners may form joint stock companies and hold land for the purposes indicated by their charters. They are juridical persons, formed under the commercial code of Japan, and are regarded just as truly Japanese legal persons as though composed solely of Japanese. It will thus be seen that in practice foreigners can take possession of land in Japan about as effectually as in fee simple. On April 13, 1910, the Japanese Diet passed a land law which embodied, among others, the following provisions: Article I. Foreigners domiciled or resident in Japan and foreign juridical persons registered therein shall enjoy the right of ownership in land, provided always that in the countries to which they belong such right is extended to Japanese subjects, and Japanese juridical persons.... Article II. Foreigners and foreign juridical persons shall not be capable of enjoying the right of ownership in land in the following districts: First, Hokkaido; second, Formosa; third, Karafuto; fourth, districts necessary for national defense. Article III. In case a foreigner or a foreign juridical person owning land ceases to be capable of enjoying the right of ownership in land, the ownership of such land shall accrue to the fiscus [the Imperial Treasury], unless he disposes of it within a period of one year. Article IV. The date for putting the present law into force shall be determined by Imperial ordinance. This law was severely criticized by both liberals and foreigners on account of its too conservative provisions, and as a consequence it was not promulgated by the Emperor for the time being. In the legislative session of 1919, the Government introduced to the Diet a revised bill embodying more liberal principles and omitting all features in the law of 1910 considered objectionable by foreigners. Unfortunately the Lower House was suddenly dissolved by the deadlock encountered on the issue of universal suffrage before the proposed law was voted on. The Japanese Government, it is reported, has drafted a new law with the intention of introducing it to the session of the Diet now sitting (January, 1921), the notable feature of which is the inclusion of Korea and other territories among the available lands for ownership by foreigners. Effect of the Initiative Bill.