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I. The Foreign Settlements in Chosen, namely: Chemulpo, Chinnampo, Kunsan, Mokpo, Masampo, and Songchin shall be incorporated with the respective newly organized Communes of Chosen to which they appropriately belong.

II. When such incorporation takes place the competent local authorities shall assume all the duties and obligations of local administration hitherto performed and incurred by the Municipal Councils of the said Foreign Settlements, including public works, sanitation, etc.

III. The common funds and property, if any, belonging to the Municipal Councils of the said Foreign Settlements shall be transferred to the local authorities concerned.

IV. The holders of leases in perpetuity of land within the circumscriptions of the said Foreign Settlements shall be allowed the option of converting the said leases in perpetuity to actual ownership. Such ownership shall be on the same basis as that of Japanese subjects in Chosen.

V. When such conversions have been made and registered the owners of the said land shall be accorded national and most favoured nation treatment in all that concerns the use and enjoyment of such land and houses thereon, as well as in the matter of imposts, taxes, and rates leviable on such land and houses. The conversions and registrations aforesaid shall be made without any taxes, fees, or charges whatever.

VI. In case such option is not availed of, the rights created by the said leases in perpetuity, not inconsistent with the arrangements agreed to in the present Protocol, shall continue to be duly respected. In the matter of