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.
With the Charter's grant, the town would be led by a Warden and Society (akin to a Mayor and Corporation), and its residents were given the right to appoint a High Steward. This right was only exercised in 1547.