Question

What is a statutory corporation?

Answer 1

A statutory corporation, often known as a public corporation, is established by a special act of the parliament or state legislature. It is known as a statutory corporation because it was established by statute. The statute outlines its objectives, powers, and functions. The autonomous body is totally funded by the government. Examples of statutory corporations include the Food Corporation of India, Life Insurance Corporation of India, Employees State Insurance Corporation, and Central Warehousing Corporation.