On the granting of the Charter the town was to be held by a Warden and Society (roughly equivalent to Mayor and Corporation) and the inhabitants of the town. The Charter granted the right to appoint a High Steward, although this right was not exercised until 1547.
On receiving the Charter, the town was to be governed by a Warden and Society (akin to Mayor and Corporation) and its inhabitants. The Charter allowed for the appointment of a High Steward, though this right was not utilized until 1547.