ENTREPRENEURSHIP

Detailed explanation-1: -A statutory corporation is a body corporate 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. It is also called” public corporation”.

Detailed explanation-2: -Ans : A statutory corporation is a legal entity established by a special act of parliament or the federal or state legislature, entirely financed by the government. The legislature determines its powers, objectives, and constraints, among other things. It’s also called a “public corporation.”

Detailed explanation-3: -Statutory corporations are defined as autonomous corporate bodies that are created by a special act of Parliament or state legislature having predefined functions, duties, powers and immunities as defined by the act of the legislature.

Detailed explanation-4: -A Public Corporation, which is what we are talking about here, is a corporation which is owned and operated by the government while holding the same powers as that of a private enterprise. They are also called public sector enterprises and are statutory organisations under the ownership of the government.

Detailed explanation-5: -Government company is a corporate body that is created under the Indian Companies Act, 1956. It is governed by provisions of Companies Act. Whereas, statutory corporation is a corporate body created by either Parliament or State Legislature by a special act which defines its powers, duties and functions.