Regulations. Once the Province of Guipúzcoa received royal permission to create a joint-stock trading company to trade with Venezuela, it decided to draw up statutes or regulations. These regulations, inspired by the Consulate, were drafted in November 1728. In them, the Count of Péaflorida, the Marquis of Balmediano, Areizaga and Lapaza established the capital of the new company, the nominal value of the shares, the directors who would govern the Company's first steps, etc. With the drafting of the regulations, Guipuzcoana officially launched its operations, and share subscriptions were opened.