A chartered freetown is a town that, by royal charter, is decreed to be independent of feudal ownership or obligation (other than to the king). Specifically, this means that the town is autonomous with regard to the local lords (barons, earls, or dukes) and is not subject to either the legal or financial oversight of the nobility. It may therefore govern its own affairs, while paying taxes to the king in accordance with the requirements set forth by the royal chancellery. Freetowns are often overseen by a mayor or elder selected by the townsfolk, often governing in concert with a town council made up of guildsmen.