Is Statutory Corporation are Public Enterprises ?
Statutory Corporations : 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. This is a corporate body created by the legislature with defined powers and functions and is financially independent with a clear control over a specified area or a particular type of commercial activity. It is a corporate person and has the capacityof acting in its own name. Statutory corporations therefore have the power of the government and considerable amount of operating flexibility of private enterprises. Features Features Statutory corporations have certain distinct features, which are discussed as below: (i) Statutory corporations are set up under an Act of Parliament and are governed by the provisions of the Act. The Act defines the objects, powers and privileges of a statutory corporation; (ii) This type of o