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What is Statutory Company or Statutory Corporation? Example

Meaning of Statutory Company

When a company/corporation is incorporated/formed/registered by passing of a Special Act at the Legislature, it is called as a Statutory Company/Corporation. 

Applicability of Companies Act on Statutory Company

Primarily, they are governed under the relevant Special Act. The Companies Act is also applicable on them.

What do the Statutory Companies do?

These companies are formed mainly with an intention to provide the utility services like gas, water, electricity, etc to the general public of the country.

A.k.a

These companies are also known as the statutory corporations or public corporations. 

Examples of Statutory Companies in India

Reserve Bank of India (RBI)
Food Corporation of India
Life Insurance Company

Examples of Statutory Corporations in UK

Architects Registration Board
Channel Four Television Corporation
Oil and Pipelines Agency (OPA)
National Coal Board (NCB)

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