Meaning and features of public corporation - class-XI

Statutory meeting is the first meeting of the shareholders of a public company having a share capital and is held once in the lifetime of a company. The board of directors of a company shall atleast 21 days before the day on which the meeting is held, forward a report which is called as the statutory report to every member of the company. It should be certified as correct by atleast 2 directors.

Food co-operation of India was set up on 14th January, 1965. It is regulated by the food co-operation act, 1964. Hence, food co-operation of India is company established by special act of parliament.

It is very difficult to form statutory corporations because it requires lengthy documentation, complicated formalities and passing of statue.The policies once approved, the statue once passed cannot be changed easily. It can be done by the parliament only and this is very time consuming.

A statutory corporation is a body corporate and can sue and be sued, enter into contract and acquire property in its own name.

The government has a practice of appointing advisors to the Corporation Board which curbs the freedom of the Corporation. If there is any disagreement, the matter is referred to the government for final decisions which further delays action.

The employees of statutory corporations are not government or civil servants or public sector employees and are not governed by government rules and regulations. The conditions of service of the employees are governed by the provisions of the act itself. 

Statutory corporations are wholly owned by the central government which has the ultimate financial responsibility and has the power to appropriate its profit and also has to bear the losses of any.

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.It is a corporate person and has the capacity of acting in its own name.

In reality, a statutory corporation does not enjoy much operational flexibility. All actions are subject to many rules and regulations.

Statutory corporations enjoys financial autonomy or independence. They are not subject to budget, audit or accounting control. 

A statutory corporations is a valuable instrument for economic development. It has the power of the government, combined with the initiative of public and private enterprises.

Government policy can influence interest rates, a rise in which increases the cost of borrowing in the business community. Higher rates also lead to decreased consumer spending. Lower interest rates attract investment as businesses increase production.

Since statutory corporations are autonomous organizations, they frame their own policies and procedures within the powers assigned to them by the Act. The Act may, however, provide few issues which require prior approval of a particular ministry.

Statutory corporations are body corporates formed by a special act of parliament or by the central or state legislature. It is fully financed by the government. Its powers, objects, limitations etc. are also decided by the act of the legislature.

Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament which defines it's powers, functions, rules and regulations etc.

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.It is a corporate person and has the capacity of acting in its own name.

Certificate of incorporation is a legal document required at the time of company formation. It is said to be a license to form a company, issued by the state government. Certificate of incorporation has been divided into the different articles but there are many others things that can be included in the certificate of Incorporation. There should be a digital signature which should add by the director of the corporation.

It is a limited liability company whose shares may be freely sold and traded to the public (although a plc may also be privately held, often by another plc), with a minimum share capital of £50,000 and usually with the letters PLC after its name.

Corporate Citizenship is a recognition that a business, corporation or business-like organisation, has social, cultural and environmental responsibilities to the community in which it seeks a licence to operate, as well as economic and financial ones to its shareholders or immediate stakeholders.

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.It is a corporate person and has the capacity of acting in its own name.

A statutory corporation is a corporation created by the state. Their precise nature varies by jurisdiction, thus, they might be ordinary companies/corporations owned by a government. Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations

Statutory body- any body that derives its power from a 'Law' or 'Statute' made by Parliament is called as statutory body or statutory authority. 

The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented. Despite the name, the role is not clerical or secretarial.