King Charles II of England grants HBC a royal charter for "the sole Trade and Commerce of all those Seas, Streights, Bays, Rivers, Lakes, Creeks, and Sounds, in whatsoever Latitude they shall be, that lie within the entrance of the Streights commonly called Hudson's Streights... which are not now actually possessed by any of our Subjects, or by the Subjects of any other Christian Prince or State... and that the said Land be from henceforth... called Rupert's Land".
The Parliament of the Province of Canada establishes a committee to investigate the activities of HBC. In particular, whether HBC is effective in promoting settlement of the region. The committee later delivers a report expressing displeasure with the current administrative policies of HBC. The committee recommends transferring land to the Province of Canada, but this is not viewed as appropriate because Canada is still only a province. Little progress is made.
The International Financial Society, an emerging investment company, purchases a controlling interest in the HBC. The society is more interested in leveraging the vast lands for expansion, stating in their prospectus "It has become evident that... the immense resources of the Company's territory... should be developed in accordance with the industrial spirit of the age, and the rapid advancement which colonization has [been] made in the countries adjacent."
Granville Leveson-Gower, 2nd Earl Granville, the new Secretary of State for the Colonies, issues an ultimatum to both HBC and the Canadian negotiators. Neither side accepts.
Rupert's Land Act is passed by the parliament of the United Kingdom. The act does not complete the transfer but merely confirms the support of the United Kingdom's parliament for negotiations to occur.
Cartier and McDougall submit their report to the Canadian Parliament regarding negotiations with HBC and British officials, after their return to Canada.
Rupert's Land and the North-Western Territory are combined under the new name of the North-West Territories. Simultaneously, the province of Manitoba is created by the Manitoba Act.
^Report from the Select committee on the Hudson's Bay company: together with the proceedings of the committee, minutes of evidence, appendix and index. London. 1857. hdl:2027/coo1.ark:/13960/t9v12m65p.{{cite book}}: CS1 maint: location missing publisher (link)