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 Contracting Party in order to carry on trade between the United States of America and the Republic of China, or to engage in any commer- cial activity related thereto or connected therewith, upon terms as favorable as are or may hereafter be accorded to the nationals of any third country entering, traveling and residing in such territories in order to carry on trade between such other High Contracting Party and such third country or to engage in commercial activity related to or connected with such trade; and provided further that nothing in the provisions of Section 3 of the Immigration Act of the United 39Stat.s75 6. States of America dated February 5, 1917, which delimit certain geo- graphical zones for the purpose of restricting immigration, shall be construed as preventing admission into the United States of Chinese persons and persons of Chinese descent. ARTICLE III " Corporations and associations". Legal rights. Permissible actvi- ties. 1. As used in this Treaty the term "corporations and associations" shall mean corporations, companies, partnerships and other associa- tions, whether or not with limited liability and whether or not for pecuniary profit, which have been or may hereafter be created or or- ganized under the applicable laws and regulations enforced by the duly constituted authorities. 2. Corporations and associations created or organized under the applicable laws and regulations enforced by the duly constituted authorities within the territories of either High Contracting Party shall be deemed to be corporations and associations of such High Con- tracting Party and shall have their juridical status recognized within the territories of the other High Contracting Party, whether or not they have a permanent establishment, branch or agency therein. Cor- porations and associations of either High Contracting Party shall have the right to establish their branch offices in the territories of the other High Contracting Party and to fulfill their functions therein after they have complied with requirements of admission not incon- sistent with the provisions of the following paragraph, provided that the right to exercise such functions is accorded by this Treaty or the exercise of such functions is otherwise consistent with the laws and regulations of such other High Contracting Party. 3. The High Contracting Parties, adhering generally to the princi- ple of national treatment with respect to the matters enumerated in this paragraph, agree that corporations and associations of either High Contracting Party shall be permitted, throughout the whole ex- tent of the territories of the other High Contracting Party, in con- formity with the applicable laws and regulations, if any, which are or may hereafter be enforced by the duly constituted authorities, to en- gage in and carry on commercial, manufacturing, processing, finan- cial, scientific, educational, religious and philanthropic activities; to acquire, hold, erect or lease, and occupy appropriate buildings, and to lease appropriate lands, for commercial, manufacturing, processing, financial, scientific, educational, religious and philanthropic purposes; to employ agents or employees of their choice regardless of national- 1302 TREATIES [63 STAT.

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