After the Queen's death in 1861, prince Rakoto succeeded her as King Radama II, and Lambert saw his chance to have the agreement put in place. The new king confirmed the charter and bestowed on him the title of "Duke of Merina" (duc d'Imerina). Lambert and other businessmen founded the "Compagnie de Madagascar" in Paris as a joint stock company to take advantage of the charter; its official title was "La compagnie de Madagascar financière, industrielle et commerciale" and it was authorized by imperial decree of 2 May 1863.