- This Act was passed by the British Parliament to control the affairs of East India Company in India.
- For the first time, it recognized the political and administrative functions of the Company and laid the foundation of Central Administration in India.
- The Act elevated Governor of Bengal Warren Hastings to Governor-General and subsumed the presidencies of Madras and Bombay under Bengal’s control.
- The Act named four additional members to serve with the Governor-General of Bengal in the Calcutta Council. These councilors were commonly known as the Council of Four.
- A Supreme Court was established in 1774 at Fort William in Calcutta comprising one Chief Justice and three other judges.
- British Judges were to be sent to India to administer the British Legal System that was used there. Sir Elijah Impey was the first Chief Justice.
- The Court of Directors was made to report about its revenue, civil and military affairs in India to the British Government.
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