Question

Consequena! (UJ)
Q3 Life Insurance Corporation of India is a corporate autonomous body. It has been established by
enactment of LIC Act ,1956. The act prescribes its powers, duties and functions. Being a body corporate, it
has separate legal entity, perpetual succession and common seal. It can sue and be sued, can enter into
contracts, acquire/hold property in its own name. It is wholly owned by Government and entire equity capital
is in the Governments name. It has an independent financial policy and can raise funds by borrowings from
public and government. Moreover , LIC is not subject to any budgetary, accounting and audit controls as
applicable to other Government departments. However it is fully accountable to Government. Its annual
report is laid on the table of Parliament every year.
a) Name the type of enterprise which is brought into existence by a Special Act of Parliament
b) Who defines the powers , functions, rules and regulations of the corporation
c) Does these corporations have its own separate identity?
d) Are these corporations subjected to the accounting or audit procedure like government departments?
e) How are these corporations able to enjoy a high degree of operational flexibility?
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Answer 1

Answer:

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Explanation:

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