name the organization which is formed by passing a special act of parliament of state legislature. overdraft facility is available only on
Answers
Answer:
The organisation which is formed by passing a special act of Parliament or state legislature is public or statutory corporation.
Features :
1. it is created by an act of Parliament or central or state legislature.
2. power, authorisation, responsibilities and other limitations are also well Defined by the act.
3. it operates on the total control of state government or Central government
4. it has a separate legal entity
5. it is incorporated under the act passed by the parliament
6. it is totally managed and controlled by the board of directors which are nominated by the government.
7. it has its own rules, regulations, etc. it enjoys administrative autonomy and normal free from political interference.
8. its main objective is to render services and welfare to public.
9. it has to submit annual reports.
10. Its accounts and other books are audited by the auditor general of India.
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