Experience had shown that the previous charter was inadequate, not only respecting the means of raising funds to carry on the company's business, but also on account of the lack of any other officers to direct its affairs than the committee of six. By general consent of the patentees, and those who had later subscribed to the stock, it had been decided to surrender the charter of 1660 for one conferring more extensive privileges on the corporation. The charter obtained January 10, 1663, answered these requirements. The name was changed to "The Company of Royal Adventurers of England Trading into Africa." The territory included in the charter reached to the Cape of Good Hope as in the previous patent, but the northern limit was extended from Cape Blanco to Cape Sallee on the coast of Morocco. The new charter contained the same provisions in regard to the discovery of gold mines as the charter of 1660. By this time, however, the adventurers had discovered that the Negro trade could be made very lucrative. In this charter, therefore, they obtained "the whole, entire and only trade for the buying and selling bartering and exchanging of for or with any Negroes, slaves, goods, wares and merchandises whatsoever to be vented or found at or within any of the Cities" on the west coast of Africa. The charter provided that there should be no trading on the African coast except by the company in its corporate capacity, and that any one guilty of transgressing these rules should be liable to forfeiture of his ship and goods.[16] The charter also required the shareholders to elect a governor, subgovernor, deputy governor and a court of assistants; but that the routine business of the company should be conducted by a smaller committee corresponding to the committee of six of the previous company. The duke of York was elected governor, in which capacity he continued to serve during the company's entire existence. Thirty-six men were chosen annually to compose the court of assistants. There was also an executive committee of seven which was responsible to the court of assistants.[17]