Name the form of public sector enterprises that is constituted as an autonomous unit by an Act of Parliament. Explain any five features of such an organisation.

Name the form of public sector enterprises that is constituted as an a

1.	Name the form of public sector enterprises that is constituted as an autonomous unit by an Act of Parliament. Explain any five features of such an organisation.
Answer» Statutory corporation is the form of public sector enterprises that is consituted as an autonomous unit by an Act of Parliament. Features: The important features of a statutory corporations are as follows: `(i)` Formation Came into existence by a special act passed in the Parliament, which defines the objects, powers and functions of the corporation. `(ii)` Control and Ownership They are directly under the State Government. They have the power to appropriate its profits and also bear losses if any. `(iii)` Body Corporate/Separate Legal Existence They can sue and be sued, enter into contracts and purchase or sell property in their own name. `(iv)` Financial Autonomy They are financed by borrowings from the government or from public through revenue generated by sale of goods and services. `(v)` Accounting and Audit Control They are free from government accounting and audit control and are also not financed through government treasury.