What is meant by Statutory corporation...??
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What is meant by Statutory corporation?
Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments.
It is a corporate person and has the capacity of acting in its own name.
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Answer:
❤️❤️❤️A statutory corporation is a corporation created by the state. Their precise nature varies by jurisdiction, thus, they might be ordinary companies/corporations owned by a government with or without other shareholders, or they might be a body without shareholders that is controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation.❤️❤️❤️
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