And in consideration that one Sebastian Cabota hath bin the chiefest setter forth of this iourney or voyage, therefore we make, ordeine, and constitute him the said Sebastian to be the first and present gouernour of the same fellowship and communaltie, by these presents. To haue and enioy the said office of Gouernour, to him the said Sebastian Cabota during his naturall life, without amouing or dismissing from the same roome. And furthermore, we graunt vnto the same fellowship and communaltie and their successors, that they the saide fellowship and communaltie, and their successors after the decease of the saide Sebastian Cabota, shall, and may freely and lawfully in places conuenient and honest, assemble themselues together, or so many of them as will or can assemble together, as well within our citie of London, or elsewhere, as it shall please them, in such sort and maner, as other worshipfull corporations of our saide citie haue vsed to assemble, and there yeerely name, elect and choose one Gouernour or two of themselues, and their liberties, and also as well yeerely during the natural life of the said Sebastian Cabota now Gouernour, as also at the election of such saide Gouernour or gouernours before his decease, to choose, name, and appoint eight and twentie of the most sad, discreete, and honest persons of the saide fellowship, and communaltie of Marchant aduenturers, as is aboue specified, and 4. of the most expert and skilfull persons of the same 28. to be named and called Consuls, and 24. of the residue, to be named and called Assistants to the saide Gouernour or gouernours, and Consuls for the time being, which shal remaine and stand in their authorities for one whole yeere then next following. And if it shall fortune the saide Gouernour, Consuls, and assistants, or any of them so to be elected, and chosen as is aforesaid, to die within the yeere after his or their election, that then and so often, it shall and may be lawfull to and for the said fellowship, and communalty, to elect and choose of themselues other Gouernour or gouernours, Consuls and assistants, in the place and steade of such as so shall happen to die, to serue out the same yeere.