It was founded and promoted by John Galt, Edward Ellice[a] and others to acquire and manage the development of almost 1,100,000 acres (1,719 sq mi; 4,452 km2) of Crown land and other lands in the Eastern Townships of Lower Canada, in order to encourage the immigration of British subjects to the region.

A group of investors in Montreal, headed by Francis Nathaniel Burton, proposed organizing a Lower Canada Land Company, and sent William Bowman Felton to London to promote their venture.

[3][b] It was incorporated by royal charter in March 1834,[5] and secured a local act from the Parliament of the United Kingdom,[c] enabling it to: The following Commissioners were appointed during the existence of BALC:[6][7] In December 1833, it was announced that an agreement had been reached with Edward Smith-Stanley, Secretary of State for War and the Colonies, to acquire a total of 847,661 acres (1,324 sq mi; 3,430 km2) for a purchase price of £120,000.

[10] Upon Fraser's appointment in 1835, the Company's activities began in earnest, being concentrated in three places:[11] BALC would later acquire additional lands through public auctions and private sales,[j] bringing its total holdings up to 1,094,272 acres (1,710 sq mi; 4,428 km2).

[25] This would eventually lead to the Company experiencing financial problems in 1841, forcing it to return 511,237 acres (799 sq mi; 2,069 km2) of the St. Francis tract to the Province of Canada.

[r] It would also get into the business of lending money, and, in 1876, the law governing interest was modified with respect to the loans made by the Company, so that it could charge an annual rate up to 8%,[41] in place of the then legal maximum of 6%.