The term of lease of Port Arthur and Dalny shall expire in the 86th year of the Republic or 1997. The date for restoring the South Manchurian Railway to China shall fall due in the 91st year of the Republic or 2002. Article 12 in the original South Manchurian Railway Agreement stating that it may be redeemed by China after 36 years after the traffic is opened is hereby cancelled. The term of the Antung-Mukden Railway shall expire in the 96th year of the Republic or 2007.
Article 2. Japanese subjects in South Manchuria may lease or purchase the necessary land for erecting suitable buildings for trade and manufacture or for prosecuting agricultural enterprises.
Article 3. Japanese subjects shall be free to reside and travel in South Manchuria and to engage in business and manufacture of any kind whatsoever.
Article 3a. The Japanese subjects referred to in the preceding two articles, besides being required to register with the local authorities passports which they must procure under the existing regulations, shall also submit to police laws and ordinances and tax regulations, which are approved by the Japanese consul. Civil and criminal cases in which the defendants are Japanese shall be tried and adjudicated by the Japanese consul; those in which the defendants are Chinese shall be tried and adjudicated by Chinese Authorities. In either case an officer can be deputed to the court to attend the proceedings. But mixed civil cases between Chinese and Japanese relating to land shall be tried and adjudicated by delegates of both nations conjointly in accordance with Chinese law and local usage. When the judicial system in the said region is completely reformed, all civil and criminal cases concerning Japanese subjects shall be tried entirely by Chinese law courts.
Article 4. (Changed to an exchange of notes.)
The Chinese Government agrees that Japanese subjects shall be permitted forthwith to investigate, select, and then prospect for and open mines at the following places in South Manchuria, apart from those mining areas in which mines are being prospected for or worked; until the Mining Ordinance is definitely settled methods at present in force shall be followed.
PROVINCE OF FENG-TIEN
| Locality | District | Mineral |
| Niu Hsin T'ai | Pen-hsi | Coal |
| Tien Shih Fu Kou | Pen-hsi | Coal |
| Sha Sung Kang | Hai-lung | Coal |
| T'ieh Ch'ang | Tung-hua | Coal |
| Nuan Ti Tang | Chin | Coal |
| An Shan Chan region | From Liaoyang to Pen-hsi | Iron |
PROVINCE OF KIRIN (Southern portion)
| Locality | District | Mineral |
| Sha Sung Kang | Ho-lung | Coal and Iron |
| Kang Yao | Chi-lin (Kirin) | Coal |
| Chia P'i Kou | Hua-tien | Gold |