Page:History of India Vol 7.djvu/345

 REORGANIZATION OF THE COMPANY 285 scription. But the Joint Stock was to continue as the common capital of the Company, and the money drawn out by retiring members was to be made good by " any other persons " who chose to join the Company. As a matter of fact, these triennial appraisements resolved themselves into periodical statements of assets by which the members and the public might regulate their dealings in the stock. Cromwell thus laid the groundwork of the modern constitution of the East India Company. Under the regulations based on his charter, it cast its mediaeval skin, shook off the traditions of the Regulated system, and grew into one united, continuous, and perma- nent Joint Stock Corporation in the full sense of the words. These new conditions of unity and permanence drew forth a large capital of £739,782— of which only one- half was called up. The minimum subscription was fixed at £100; a contributor had a vote for each £500 of his holding; and £1000 qualified for election to the committee. Small adventurers might club together to make up £500, and appoint one of their number to vote for them. The actual management of the Company was vested, as under the royal charters, in a governor, deputy-governor, treasurer, and a committee of twenty- four. With the ample funds at its disposal, the new association bought up the factories, forts, customs, and privileges of the old Company. in the East, including the island of Pularoon, for £20,000; arranged for tak- ing over the properties of individual adventurers in