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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. |
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