Which of the following is not a a feature of a statutory corporation?
Governed by act
Compulsory registration
Financial independence
Flexibility in operation
Answers
Answer:
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.
Explanation:
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Answer:
Option - governed by the act is not the feature of a statutory corporation.
Explanation:
Statutory corporations are organizations that were created by a state or federal legislature, a special act of parliament, or both. The government provides all of the subsidies. The legislature establishes, among other things, its mandates, goals, and restrictions. Just a few examples include Life Insurance Corporation of India, State Bank of India, and Air India.
It is a corporate body:
Statutory corporations are legal entities established by a special act of parliament or by a state or federal legislature. It is entirely subsidized by the government. The legislature determines its powers, objectives, and constraints, among other things. Air India, State Bank of India, and Life Insurance Corporation of India are just a few examples.
Owned by the State:
The state provinces own them by subscribing to the capital fully.
Answerable to the legislature:
It must respond to whoever created it, whether that be the state assembly or the parliament legislature.
Company registration:
The Companies Act governs the registration of statutory corporations.
Financial independence:
The audit controls, accounting, and budget do not apply to it.
Hence, its feature is not that the statutory corporations are governed by the act.
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