Statutory Corporations Quiz

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5 Questions

Which one of the following statements about statutory corporations is true?

Statutory corporations have no financial independence.

What is the main characteristic of statutory corporations?

They have defined powers and functions.

How are statutory corporations created?

By special acts of the Parliament.

What is the relationship between statutory corporations and government departments?

Statutory corporations have a defined relationship with government departments.

What is the level of operating flexibility for statutory corporations?

They have complete operating flexibility like private enterprises.

Study Notes

Overview of Statutory Corporations

  • Statutory corporations are public enterprises created by a Special Act of the Parliament.
  • The Act outlines their powers, functions, rules, regulations, and relationship with government departments.
  • These corporations have financial independence and control over a specific area or commercial activity.
  • They are considered corporate bodies with their own legal identity and capacity to act in their own name.
  • Statutory corporations have the power of the government and operate with flexibility similar to private enterprises.
  • They are established by the legislature to fulfill specific purposes and objectives.
  • The creation of statutory corporations allows for a clear separation between government and commercial activities.
  • These corporations are accountable for their actions and are subject to regulatory oversight.
  • They are typically governed by a board of directors or a similar governing body.
  • Statutory corporations may have the authority to enter into contracts, acquire assets, and employ staff.
  • They often provide essential services or undertake activities that are of public interest.
  • Examples of statutory corporations include utility companies, transportation authorities, and regulatory bodies.

Test your knowledge on statutory corporations! This quiz will assess your understanding of these public enterprises created by a Special Act of Parliament. Explore their powers, functions, financial independence, and more.

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