Statutory/public corporations - class-XI

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.

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.