define statutory cooperation and it's function
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Ans. A statutory corporation is a body corporate formed by a special act of parliament or by the central or state legislature. It is fully financed by the government. Its powers, objects, limitations etc. are also decided by the act of the legislature. It is also called” public corporation”.
State helps the statutory corporations by subscribing full capital and it is fully owned by the state. Government nominates the board of directors and they manage and operate such corporations. It enjoys the financial autonomy and is answerable to legislature only which creates it.
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