Question

What is Statutory Corporation? Explain its features.

Answer 1

Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rulesand regulations governing itsemployees and its relationship withgovernment departments.

Answer 2

Statutory Corporation and its features

Statutary corporation is the entity of the governing body that is said to be artificial person created by law.

1. It is a corporate body because that is created by law meanwhile, Statuary corporation are managed by the board of directors regarding to the government constitution.
2. This type of corporations are owned by the state government it may be 51% or full percentage.
3. It is answerable to legislature, because it is a governing corporation so these organization is answerable to the parliament.
4. The staffs are not government servants.
5. Financial process in independence way with autonomy system.