Did the East India Company shareholders get any compensation when the Crown took over in 1858?
Upvote:8
The answer is no.
The first paragraph of the Government of India Act, 1858 simply stated that:
THE Government of the territories now in the possession or under the Government of the East India Company, and all powers in relation to Government vested in or exercised by the said Company in trust for Her Majesty, shall cease to be vested in or exercised by the said Company; and all territories in the possession or under the government of the said Company, and all rights vested in or which if this Act had not been passed might have been exercised by the said Company in relation to any territories, shall become vested in Her Majesty, and be exercised in her name; and for the purposes of this Act India shall mean the territories vested in Her Majesty as aforesaid, and all territories which may become vested in Her Majesty by virtue of any such rights as aforesaid.
In other words, India had been governed in trust for the Crown by the East India Company, and the East India company lost its right to govern under the 1858 act.
The Government of India Act, 1858 did not dissolve the East India Company. It remained in existence, albeit a shadow of its former self, until the East India Stock Dividend Redemption Act was passed in 1873 on the expiry of the Charter Act of 1853.
The text of the Government of India Act, 1858 is available on the Statutes Project website and also on this page from South Dakota State University.
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