what is statutory corporation
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Statutory corporation 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.
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● 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.It's powers,objects,limitations etc. are also decided by the Act of legislature.
● For example , Indian Airlines , Air India , State Bank of India etc. are statutory coporations.
● 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.It's powers,objects,limitations etc. are also decided by the Act of legislature.
● For example , Indian Airlines , Air India , State Bank of India etc. are statutory coporations.
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