Business Studies

Which of the following entity is created under an Act of the Parliament or an Act of the State Legislature?


ANSWER

Statutory corporation


SOLUTION
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.
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 examples of statutory corporations.
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