Question

Statutory corporations are created under ______________.

• A. Companies act. $1956$
• B. Statutory corporation act
• C. An act enacted by the parliament
• D. All the above

Answer 1

The correct option is C An act enacted by the parliament

A statutory corporation is a corporation created by the state.They are 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.