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 succesion and common seal. It can sue and be sued, can enter into contracts, acquire/hold property in its own name. " wholly owned by government and entire equity capital is in the government's name. It has an independently make 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 that type of public 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 is these corporation able to enjoy a high degree of operational flexibility? (f) Why does not government interfere in the financial matter of these corporation?
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