The company was granted the authority to grant licenses to individuals and company employees to trade in India. If they did so, it would be considered as a resignation. Senior company officials were barred from leaving India without permission. After all expenses, the company had to pay the British government Rs.5 Lakhs from the Indian revenue annually. The staff's salaries and the Board of Control were also now charged to the company. It was to have a President and two junior members, who were not necessarily members of the Privy Council. 
The composition of the Board of Control changed. In the Governor-General’s absence from Bengal, he could appoint a Vice President from among the civilian members of his Council. When the Governor-General was present in Madras or Bombay, he would supersede Madras and Bombay's governors. He was also given authority over the governors of Madras and Bombay. He could override his council’s decision under certain circumstances. The Governor-General was given more powers. The company’s dividends were allowed to be raised to 10%. The Act established that “acquisition of sovereignty by the Crown subjects is on behalf of the Crown and not in its own right,” which clearly stated that its political functions were on behalf of the British government. It continued the company’s trade monopoly in India for another 20 years. This Act continued the company’s rule over the British territories in India. The British government became the Supreme Controller of the Company’s affairs and administration in India. First time acknowledged Indian Territory under control of the company as India's British possessions. Empowered the Board of Control to supervise and direct civil and military operations and revenues of India's British possessions. Provided for Court of Director to manage its commercial affairs while a new body called Board of Control managed its political affairs. 
Established a system of Double Government.Empowered the Governor-General and its Council to frame regulations regarding Provincial Courts and Councils.Required the Supreme Court to administer the personal law of the defendant.Exempted matters related to the Company's revenue from the Supreme Court's jurisdiction.Also provided immunity to the servants for their official actions. Safeguarded the Governor-General and its council from the jurisdiction of the Supreme Court.This act was passed to amend the Regulation Act, 1773.Provisioned for the Company of Directors of Company to report the British Government regarding its revenue, civil and military affairs in India.Ģ.Prohibited the company's servants from indulging in any private trade and accepting bribes from locals.Provisioned for setting up the Supreme Court of Calcutta with 1 Chief justice and 3 other judges.Made Governors of Madras and Bombay presidencies subordinate to Governor-General of Bengal.Created Executive Council of 4 members to assist Governor-General of Bengal.Governor of Bengal became Governor-General of Bengal (Lord Warren Hastings was the first Governor-General of Bengal).
It laid the foundation of Central Administration in India.The act was the first attempt to regularize company affairs in India.Important Acts passed during British India and their Provisions
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