Granville told the House of Lords that the charter did not vest sovereignty over the territory in the British Crown. Carnarvon described the Company’s status under the Sultans of Sulu and Brunei.
Sources & further reading
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The Company charter debated in the House of Lords
UK Parliament · Historic Hansard
HL Deb, 13 March 1882, vol. 267, cols. 708–724, ‘British North Borneo Company (Charter).—Observations’; Earl Granville, cols. 715–717; Earl of Carnarvon, col. 721.