The Victoria College Board was established in 1841 after the Act to Incorporate the Upper Canada Academy under the Name and Style of Victoria College was given royal assent. Earlier in 1836, the Royal Charter first established a Board of Trustees to manage the educational institution called Upper Canada Academy, later to become Victoria College. Under the Act of 1841, the Trustees were given power to purchase goods, property, land and buildings, etc. and receive gifts and endowments for promoting the education purposes of the institution. The Trustees along with five elected 'visitors' were called the 'Board' and had power to appoint the principal, professors, tutors and other agents as well as make changes to by-laws and regulations. The Board was required to have meetings and create minutes and annual reports. The first act of the Victoria College Board in 1841 was to appoint Egerton Ryerson as the Principal of Victoria College.Dr. Isaac Brock Aylesworth was the Treasurer at Victoria College appointed by the Board, ca. 1862, to oversee the collection of outstanding claims and to secure the subscription of funds that would pull Victoria College out of debt. Controversy, including accusations, developed between Dr. Aylesworth and some of the members of the Board regarding the amount and payment of these funds