Benefits and Disadvantages of a Government Company
Statutory cor...
Question
Statutory corporations are not concerned with the central budget of government.
A
True
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B
False
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Solution
The correct option is A True 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. are some examples of statutory corporations.