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Question
Explain the following term/concept.
Statutory Corporation.
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Solution
- It is formed under a Special Act of Parliament or State Legislature.
- It is managed by the Board of Directors who is appointed by the government.
- They enjoy autonomy in decision making.
- They have separate legal entity distinct from the government.
- It is funded by the government initially and also in need of additional capital.
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Match the pairs.
| Group ‘A’ | Group ‘B’ | ||
| A) | BHEL | 1) | Special Legislature |
| B) | Statutory Corporation | 2) | 49% paid up capital by govt. |
| C) | Departmental Organisation | 3) | Service Motive |
| D) | Private Sector | 4) | Railway |
| E) | Public Sector | 5) | Profit Motive |
| 6) | 51% paid up capital by govt. | ||
Which of the following is a major advantage of statutory corporations in India?
What is one main role of the Reserve Bank of India as a statutory corporation?
Why can statutory corporations easily raise capital for their operations?
Which feature directly relates to employees following corporation rules rather than government rules?
