The Statute of 9 and 10, and the Charter of 10 William III. which created _both the corporate capacity and the exclusive privilege_ of the _New_, or English Company, followed the example of the former Charter, granted to the _Old_ Company, and rendered the _whole grant_ determinable by the same process. But, in the 10th year of Queen Anne, after the two Companies had become _United_, they represented the great hazard they should encounter, by engaging in any considerable expenses for securing _the Pepper Trade_, under the limitation of that clause; in consequence of which representation the clause was repealed, and the limitation was _left open_. The Company from thence inferred, that they had acquired a perpetuity of duration, both for their corporate capacity and their exclusive privilege; the continuance of _both_ of which had ever been subjected to the same rule of determination. They soon, however, became sensible that such could not be the true intention of the Act, and they "submitted themselves to Parliament[10]" on the subject; in consequence of which a limited term of exclusive trade was assigned them, without any limitation being imposed upon the _negative_ perpetuity of duration, which they had acquired for their Corporation by the repeal of the determining clause. But it was not till the year 1730, the third year of the late King, that the Company obtained a true and _positive_ perpetuity of duration for their Body Corporate; at which time an Act was passed, empowering them to continue to trade to the East Indies, as a Company of Merchants, although their exclusive right to the trade, and their power of administering the government and revenues of India, should be determined by Parliament. From that time only, the Incorporation and the Exclusive Privilege become distinguished. The distinctions here made will be found of material importance, in another part of this statement.