Consider the following statements:

1. By the Regulating Act of 1773, the proprietary rights of the East India Company were safeguarded.
2. By the Act of 1792, Governor General and Council were invested with power and authority to frame regulations for the provincial courts and councils.
3. The Eighteenth Century India characterized the state incorporated in the ruler who led the army.

Which of the statements given above are correct?

Statement 1: It is correct because Regulating Act of 1773 later known as the East India Company Act 1773. The Act recognised the Company's political functions and clearly established the sovereignty over the settlement and the territories won by war, vested in the Crown.  Statement 2: It is incorrect because one of the provisions of the amending act of 1781 was that this act empowered the Governor-General and council to frame, from time to time, regulations for the provincial courts and councils. Statement 3: It is correct because trading rivalries brought European powers to India. The Dutch, the English, the French and the Danes established trading posts in India in the early 17th century. Trading rivalries among the seafaring European powers brought other European powers to India.