Sometimes known as “Lord North’s India Bill”, the Act established the post of Governor-General to take control over all British possessions in India (notably Bengal, Bombay, Madras), to be resident at Fort William in Bengal. This Act is the first formal recognition of de facto British governmental responsibility for the activities of the East India Company in India. The Governor was to rule with Council comprising four other members from outside the Company, the appointments to be approved by the Company’s directors and the Cabinet. Warren Hastings was appointed as the first Governor-General.
Editors. "Regulating Act (India Act)". The Literary Encyclopedia. First published 01 February 2010
[http://www.litencyc.com/php/stopics.php?rec=true&UID=4193, accessed 21 October 2014.]