what is statutory corporation?
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A statutory corporation is an autonomous corporate body created by a Special Act of Parliament or state legislature with defined functions, powers, duties, immunities etc. It is also called 'public corporation'. State helps the statutory corporations by subscribing the full capital and it is fully owned by the state
Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations.
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