Those peers whom the community elects as bailiffs of the city may not refuse to take up the burden [of office], under the ancient penalty of 40s. paid to the community. Which fine the bailiffs then in office are to quickly levy from everyone who refuses (sparing no-one), unless they change their mind within three days and accept the office. Once a fine is levied, the appointed electors shall choose another suitable person in the place of him [who refused]. Each year on the day of their election the bailiffs are to swear an oath on the Gospels to observe and maintain all this [i.e. the city customs].
[It was only "peers" i.e. freemen of the city who could be elected to the executive office; accepting such election was considered to be one of the obligations of citizenship.]