What is statutory corporation? Explain its features.

1.	What is statutory corporation? Explain its features.
Answer» A statutory or public corporation is a body corporate created by special Act of the parliament to carry on a particular business. The features of statutory corporation are: 1. It is a modern form of state enterprise. 2. It is free from budgetary, accounting and audit controls applicable to a departmental organisation. 3. It is responsible to the parliament for its performance. 4. Service, and not profit, is its main motive. 5. It is a body corporate. It has a separate legal entity.

Answer»

A statutory or public corporation is a body corporate created by special Act of the parliament to carry on a particular business.

The features of statutory corporation are:

1. It is a modern form of state enterprise.

2. It is free from budgetary, accounting and audit controls applicable to a departmental organisation.

3. It is responsible to the parliament for its performance.

4. Service, and not profit, is its main motive.

5. It is a body corporate. It has a separate legal entity.

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