The Bank was to be incorporated for a term of 7 years. The Governor General in Council was to exercise control over the administration of the Bank. The Government were to guarantee the responsibility of the Bank's establishment. Directors, who might be "Armenians, Natives or others" had to hold at least one whole
share of Rs. 10,000 each.
The power of electing a Director in the case of a vacancy laywith the Proprietors and not with the remaining