On his terms, those who wanted to emigrate to the New World could buy shares held by shareholders who wanted to stay at home. The agreement was therefore a precursor to the founding of Boston, Massachusetts. The agreement guaranteed that the Massachusetts Colony would be self-administered, only for the English crown. The colony and society then became, in all respects, one and the same. The Puritans of Winthrop carried this charter across the Atlantic when they arrived in America in 1630. The Cambridge Agreement was signed on 29 August 1629 between the shareholders of the Massachusetts Bay Company in Cambridge, England. The Cambridge agreement provided that the Massachusetts Bay Colony in New England was under local control and would not be controlled by a London-based corporate board. Despite their puritanical sympathies, not all of the company`s shareholders intended to emigrate. In return for the guarantee of local control of the colony, the non-emigrant shareholders were bought out by the emigrant shareholders. After these negotiations, John Winthrop led the emigrant party of the enterprise and was elected colonial governor in October 1629.