Statutory Corporations Quiz

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.