The act was passed
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Provisions of the act:
- Board of control for political matters and Court of directors for commercial matter.
- BoC Consists of 6 members: Secretary of state, Chancellor of the exchequer, Four Privy council.
- Company was represented by the Court of Directors and the British government by the Board of control.
- Governor-General council strength was reduced to three members. One of the three would be commander-in-chief of the British Crown’s army in India. Governor general was given the veto power.
- The presidencies of Madras and Bombay became subordinate to Bengal Presidency.