Provisions of The Act
The Act, which received the royal assent on May 10, 1773, contained the following provisions:
- The Company was eligible to be granted licence to export tea to North America
- The Company was no longer required to sell its tea at auction in London
- Duties on tea (charged in Britain) destined for North America "and foreign parts" would either be refunded on export or not imposed
- Consignees receiving the Company's tea were required to pay a deposit upon receipt of tea
Proposals were made that the Townshend tax also be waived, but North opposed this idea, citing the fact that those revenues were used to pay the salaries of crown officials in the colonies.
Read more about this topic: Tea Act
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