Art, 116,—The economic system of the Republic of China shall be based upon the Mix Suexa Cy T (Principle of Livelihood) and shall sim at national economic sufficiency land within the {territorial Timits of the Republic of China belongs to the people as a whole. "Any part thereof the ownership of which has been. lawfully acquired by an Individual or dividuals shall be protected by, and subject to the restrictions of, law.
The Slate may, in accordance with law, tax or expropriate private Tand on the basis of the value declared by the owner or assessed by the Government.
Every Iand-owner is amenable to the duty of utilizing his Jand to the fullest extent.
Art, 118—ANl subterranean minerals and natural forces -which ore economically utilizable for public benefit, belong to the State and shall not be affected by private ownership of the land, Art, 11,—The unearned _increment shall be taxed by means of a land-value-increment tax and devoted to public bennet, Art, 120—In readjusting the distribution of tand, the State shall be guided by the principle of aiding and protecting the landowning farmers and the land-utilizing owners.
Art. 121—The State may, in cordance with law, regulate private wealth and enterprises when such wealth and enterprises are consider~ ed detrimental to the balanced development of economic national Art, age, guide and protect the citizens' productive enterprises and the notion's foreign. trade.
Art. 123,—ANl_ public utilities and enterprises of a monopolist nature shall be operated by the State; except in case of necessity when the Slate may specially. permit private operation.
The private enterprises mentioned the preceding paragraph may, in case of emergency for national defence, be temporarily managed by the Slate, The Slate may also, in accordance with law, take them over for permanent operation upon payment of due compensation,
Text read from the printed page and cleaned; old type leaves the occasional error.