Cambridge Agreement
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The Cambridge Agreement''The Cambridge Agreement''
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was an agreement between the
shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...
s of the Massachusetts Bay Company, signed on August 29, 1629, in
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in
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. Under its terms, those who intended to emigrate to the
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could purchase shares held by those shareholders who wanted to remain
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. Thus the agreement was a precursor to the foundation of
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, Massachusetts.


Background

In 1620, the Charter of New England established the Council for New England as a
Joint Stock Company A joint-stock company (JSC) is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certifi ...
.


Impact of agreement

The Cambridge Agreement stipulated that the
Massachusetts Bay Colony The Massachusetts Bay Colony (1628–1691), more formally the Colony of Massachusetts Bay, was an English settlement on the east coast of North America around Massachusetts Bay, one of the several colonies later reorganized as the Province of M ...
would be under local control in
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, rather than controlled by a corporate board based in
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. Not all the shareholders of the Company had any intention of emigrating, despite their
Puritan The Puritans were English Protestants in the 16th and 17th centuries who sought to rid the Church of England of what they considered to be Roman Catholic practices, maintaining that the Church of England had not been fully reformed and should b ...
sympathies. In return for guaranteeing local control over the colony, the non-emigrating shareholders were bought out by the emigrating shareholders. John Winthrop led the Company's emigrating party following these negotiations and was elected Colonial Governor in October 1629. The agreement guaranteed the Massachusetts Colony would be self-governing, answerable only to the English Crown. The Colony and the Company then became, to all intents and purposes, one and the same. Winthrop's Puritans carried this Charter across the Atlantic arriving at
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in 1630. 12 Signatories: * Richard Saltonstall * Thomas Dudley * William Vassall * Nicholas West * Isaac Johnson * John Humphrey * Thomas Sharp * Increase Nowell * John Winthrop * William Pynchon * Kellam Browne * William Colbron


References


Further reading

*{{cite book, last=Jones, first=Augustine, title=The Life and Work of Thomas Dudley, the Second Governor of Massachusetts, publisher=Houghton, Mifflin, location=Boston and New York, year=1900, oclc=123194823, url=https://archive.org/details/bub_gb_8FbOuD7g3C0C


Notes

*see
Text of the Agreement
Pre-statehood history of Massachusetts History of the Thirteen Colonies 1629 in the Thirteen Colonies 1629 in England