Page:A handbook of modern Japan (IA handbookofmodern01clem).pdf/233

Rh gious matters. Any religious body so applying must be and show itself to be a purely Japanese institution, free from all control of any sort from its corresponding religious bodies in foreign countries. Any legal connection whatever between the home body and Japanese organization is a bar to such purpose.

"A Japanese corporation has almost as large privileges as a Japanese subject. It can own land and exercise other rights not accorded to individual foreigners. A corporation so organized may contain in its ranks foreign members, but it must be of such a nature as not to be under any danger of control of any kind from outside. Even after incorporation, the charter will be forfeited should the policy of the Japanese Government be at any time prejudiced by the conduct of a corporation so sanctioned.

"If foreigners wish to do business in combination with the Japanese, the best way would be to form a Gōshi Kaisha or limited partnership, they themselves carrying unlimited liability. To control a Kabushiki Kaisha, or limited company, they should own more than half the amount of capital, either by holding themselves or through their own nominees, and shares should be tied up so as not to allow their transfer without the consent of the board of directors. The advantage of any business being organized as a Japanese corporation consists, as the law now stands, in owning land and having the full rights of Japanese subjects."

It should be added here that many prominent Japanese continue to urge that foreigners be allowed to own land, possibly under certain restrictions; and