East India Company V2 by Patrick Truck

Author:Patrick Truck [Truck, Patrick]
Language: eng
Format: epub
ISBN: 9781000557800
Barnesnoble:
Publisher: Taylor & Francis
Published: 2021-12-24T00:00:00+00:00

3 North’s Regulating Act, 1773 (Clauses relating to the organization of the Company)

DOI: 10.4324/9781003100997-10

FROM An Act for establishing certain Regulations for the better Management of the East India Company, as well in India as in Europe, 13 Geo. III, c. 63.

Whereas the several powers and authorities granted by charters to the United Company of Merchants of England trading to the East Indies have been found, by experience, not to have sufficient force and efficacy to prevent various abuses which have prevailed in the government and administration of the affairs of the said United Company, as well at home as in India, to the manifest injury of the public credit, and of the commercial interests of the said Company; and it is therefore become highly expedient that certain further regulations, better adapted to their present circumstances and condition, should be provided and established: and whereas the electing and choosing of Directors of the said United Company every year, in such manner as at present prescribed by charter, has not answered the good purposes intended thereby, but, on the contrary, by limiting the duration of their office to so short a time, evidently tends to weaken the authority of the Court of Directors, and to produce instability in the councils and measures of the said Company: may it therefore please Your Majesty that it may be enacted; and be it enacted by the King’s most excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, that at the next ensuing general election of Directors of the said United Company, instead of an election of twenty-four Directors to serve for the space of one year only, there shall be chosen, in such manner and order as the Directors of the said United Company for the time being shall appoint, six Directors expressly for the term of one year, and six other Directors for the term of two years, and six other Directors for the term of three years, and the remaining six Directors for the term of four years, and not otherwise; and from thenceforth yearly and every year, and at the expiration of each and every of the said terms respectively, six new Directors, and no more, shall be chosen, from time to time, in the place of such Directors whose term shall have expired, and who are hereby declared incapable of being then rechosen; and at every subsequent election, during the continuance of the charter of the said United Company, six new Directors shall be chosen, and shall continue to be Directors for the term of four years, and no longer, to be accounted from the day on which the election of such Directors was respectively made; and in case the office and authority of any such Director shall become void by death, removal, or otherwise, another shall be chosen from time to time in his place, to serve as a Director

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