The English East India Company was given a new Charter in 1793.The Company’s commercial privileges were extended for another twenty years. The governor-general and the governors were given the power to override their councils. The power had been given specially to Cornwallis in 1786.The control of Governor General over the Presidencies of Madras and Bombay was emphasized. Governor General was given the power to appoint a vice president of his executive council from the members of the council. The Commander in Chief was not to be a member of the council of the Governor General unless he was specially appointed to a member by the court of directors.
The jurisdiction of the Calcutta Supreme Court was extended to the high seas. Power was given to appoint members of the civil service as justices of the Peace, to appoint scavengers for the Presidency towns to levy a sanitary rate and to forbid the sale of liquor with out a licencse.The Act tried to regulate the finances of the company. A particular amount was assumed to be the annual surplus of the company.