Question

Select the proper option from the options given below and rewrite the sentences.

The nature and power of a statutory corporation is defined in _______.

(a) Companies Act 1956
(b) Special statute
(c) Prospectus

Answer 1

The nature and power of statutory corporation is defined in special statute.

Explanation:
A Statutory corporation is formed by passing a special act of parliament or legislature. The powers and functions of such corporations are defined by the government.
The correct option is B.