Foreign capital participation, direct and/or indirect, in Nippon Telegraph and Telephone Corporation (NTT) must be less than one-third.
"Article 6 (1) In the case where the Company has received a request to enter or record the name and address of the person set forth in the following items who has acquired its shares, , the Company must not register or record the person's name and address in the shareholder register, if the number of direct voting rights held by the persons set forth in items (i) through (iii) and the number of voting rights prescribed by Order of the Ministry of Internal Affairs and Communications as the number of indirect voting rights held by these persons through the person set forth in item (iv), accounts for more than one third of the total number of voting rights (hereinafter referred to as the " ratio of the number of voting rights of foreign shareholders" in this Article).
(i)　any person who does not have Japanese nationality;
(ii)　any foreign government or its representative;
(iii)　any foreign corporation or institution;
(iv)　any corporation or institution whose ratio of the number of direct voting rights held by the persons set forth in the preceding three items to the total number of voting rights exceeds the ratio prescribed by Order of the Ministry of Internal Affairs and Communications
(2)　In cases where the number of shares held by each person set forth in the items in the preceding paragraph, who is a shareholder pertaining to the notification under the provisions of Article 152 paragraph (1) or paragraph (8) of the Act on Book-Entry Transfer of Corporate Bonds and Shares (Act No. 75 of 2001) are to be entered or recorded in the shareholder register, if the number of voting rights of foreign shareholders exceeds one third of the total number of voting rights, , the Company must register a limited number of shares in the register of substantial shareholders so that the number of voting rights of foreign shareholders may not exceed one third of the total number of voting rights, or otherwise must not register or record the number of shares which cannot be registered or recorded through the method prescribed by Order of the Ministry of Internal Affairs and Communications in the register of substantial shareholders, notwithstanding the provisions of that paragraph.
(3)　Beyond what is set forth in the preceding two paragraphs, in the case where the total number of the issued shares is to be changed, the Company must take necessary measures so that the ratio of the number of voting rights of foreign shareholders will not exceed one third of the total number of voting rights. [...]" (Act on Nippon Telegraph and Telephone Corporation (No. 85 of December 25, 1984), Article 6 [unofficial translation])
Act on Nippon Telegraph and Telephone Corporation (No. 85 of December 25, 1984), Article 6
[<a href="https://elaws.e-gov.go.jp/document?lawid=359AC0000000085">Act</a>],[<a href="https://www.japaneselawtranslation.go.jp/en/laws/view/3768">Act_Eng</a>]