A company which is FORMED by the special Act passed by the Central or State legislature is called Statutory company. This type of company is not required to frame their Memorandum or Articles of Association. They are also not required to use the word limited as a part of their name. Their WORKING is controlled, CHECKED and reviewed by Lok Sabha and the COMPTROLLER. Auditor General of India conducts the annual audit of its final ACCOUNTS. Some examples of statutory companies are State Bank of India, Life Insurance Corporation of India, Reserve Bank of India.

A company which is formed by the special Act passed by the Central or State legislature is called Statutory company. This type of company is not required to frame their Memorandum or Articles of Association. They are also not required to use the word limited as a part of their name. Their working is controlled, checked and reviewed by Lok Sabha and the Comptroller. Auditor General of India conducts the annual audit of its final accounts. Some examples of statutory companies are State Bank of India, Life Insurance Corporation of India, Reserve Bank of India.