Charter Act of 1853
The authority of the company was renewed by the Charter Act of 1853.
The company was not given a fixed period, as it was in earlier charters, to maintain its powers and authorities.
Salary of the members of the Board of Control was fixed by the British Government but payments were to be made out of the Company’s funds.
The number of the Court of Directors ‘ directors was reduced from 24 to 18, of which six were to be appointed by the King.
The Court of Directors was deprived of its patronage powers.
The services of the company were thrown open to competition, and no discrimination of any kind was to be made.
The Court of Directors was empowered to create new Presidencies or to adjust the boundaries of existing Presidencies.
Pursuant to this clause, after a few years, a Province of Lieutenant Governor was established for Punjab.
The Act authorized the British Crown to nominate Law Commission in England to review the Indian Law Commission’s drafts and reports that had ceased to exist at that time.
The law member has now become a full member of the Executive Council of the Governor-General.
The Governor-General was permitted to elect two executives to the Council.
The Executive Council was given the power to veto a bill enacted by the Council in its capacity to legislate.