Originally elected 5 Eleasis, 1372DR, by secret popular ballot, the First Freehold Council officially consists of Councilors Lysander Arkaine, Vio Belc, Mircea na Heliogabala, Raxam Kelastro, and Nitis Nochan. The standing model of governance was originally proposed by Lysander Arkaine to end debate over the issue of leadership during Freehold's founding, and has always been considered something of a placeholder, intended to serve the settlement until something better came along (though it has lasted long enough now to be treated as the normal state of things by most villagers).

The Council has de facto plenipotentiary power without any other factions or offices to contest it, although to date, the Councilors seem to have attempted as best they can to use their power wisely and in the interests of Freehold (though concerns and questions both reasonable and unreasonable have been raised regarding some issues). Open Council sessions are held at chambers in the town center every restday, where villagers are encouraged to speak their minds and the Council practices transparency of governance. Rulings are made by simple majority vote, though Freehold has operated relatively well thus far on a sort of community "common sense," and most issues are not brought before the Council to receive validation so much as to enable debate.

While not strictly official, each Councilor has developed a relatively consistent role during their tenure, running the gamut from chairman and moderator to unofficial first contact, purser or treasurer, captain of the guard, and chief architect or director of "public works." The Council's most significant challenge as a governing body has thus far been the unfortunate coincidence that many of Freehold's most capable serve on it, meaning that critical missions which take competent individuals away from the settlement effectively hobble the Council's ability to act decisively until members return.

Following the exchange of ambassadors with Hrrlak of the iron mines, unofficial Council secretary and record-keeper Shara Graye was appointed on 20 Eleint, 1373DR, to replace Mircea na Heliogabala until his return on 4 Hammer, 1374DR, though her position is viewed as more permanent than temporary by the community. The aftermath of the Freeholders' return to the mines left the Damaran with little will or energy to serve usefully as a community leader, and so his stand-in has remained on the Council even after his homecoming.

The Council holds regular sessions at the end of each tenday and special or emergency sessions as necessary. All residents of Freehold are encouraged to attend and participate in these meetings.