<P> Lord North decided to overhaul the management of the East India Company with the Regulating Act . This was the first step to the eventual government control of India . The Act set up a system whereby it supervised (regulated) the work of the East India Company . </P> <P> The Company had taken over large areas of India for trading purposes and had an army to protect its interests . Company men were not trained to govern so North's government began moves towards government control since India was of national importance . Shareholders in the Company opposed the Act . The East India Company was still a powerful lobbying group in Parliament in spite of its financial problems . </P> <Ul> <Li> The Act limited Company dividends to 6% until it repaid a GB £ 1.5 M loan (passed by an accompanying act, 13 Geo. 3 c. 64) and restricted the Court of Directors to four - year terms . </Li> <Li> It prohibited the servants of company from engaging in any private trade or accepting presents or bribes from the natives . </Li> <Li> The Act elevated Governor of Bengal, Warren Hastings to Governor - General of Bengal and subsumed the presidencies of Madras and Bombay under Bengal's control . It laid the foundations for a centralized administration in India . Governor of Bengal became the Governor General of Bengal with an executive council of four to assist him . Decisions would be taken by majority and Governor General could only vote in case of tie . </Li> <Li> The Act named four additional men to serve with the Governor - General on the Supreme Council of Bengal: Lt - Gen John Clavering, George Monson, Richard Barwell, and Philip Francis . </Li> <Li> A supreme court was established at Fort William at Calcutta . British judges were to be sent to India to administer the British legal system that was used there . </Li> </Ul> <Li> The Act limited Company dividends to 6% until it repaid a GB £ 1.5 M loan (passed by an accompanying act, 13 Geo. 3 c. 64) and restricted the Court of Directors to four - year terms . </Li>

What were the main features of the regulating act of 1773
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