A statutory corporation is an autonomous corporate body created by a Special Act of Parliament or state legislature with defined functions, powers, duties, immunities etc. It is also called ‘public corporation’. State helps the statutory corporations by subscribing the full capital and it is fully owned by the state. Government nominates the Board of Directors and they manage and operate such corporations. It enjoys financial autonomy and is answerable to legislature only which creates it.

It is a corporation formed by special act of parliament or by centre or state legislation .It is fully financed by government.

Statutory Corporation: An Overview

A statutory corporation, also known as a statutory body or public corporation, is a legal entity created by the government through legislation. It operates in the public interest and is tasked with specific functions and powers as outlined in the governing legislation. Statutory corporations are distinct entities from government departments or ministries and possess a separate legal personality. They are established to carry out functions that are typically commercial or regulatory in nature.

Characteristics of Statutory Corporations:
Statutory corporations possess several unique characteristics, including:

1. Legislative Creation: Statutory corporations are established by an Act of Parliament or legislation enacted by a governing body. The governing legislation outlines the corporation's objectives, powers, and governance structure.

2. Separate Legal Entity: These corporations have their own legal personality, distinct from the government or individuals involved in their administration. This allows them to enter into contracts, sue or be sued, and hold assets in their own name.

3. Autonomous Decision-Making: Statutory corporations have a certain degree of autonomy and independence from the government. They often have a board of directors or governing body responsible for making strategic decisions and overseeing operations.

4. Specific Functions: Each statutory corporation is created for a specific purpose or function, such as providing public services, regulating industries, managing infrastructure, or delivering essential services.

5. Operational Flexibility: Unlike government departments, statutory corporations have greater operational flexibility. They can hire employees, manage finances, and implement policies and procedures without direct government intervention.

Examples of Statutory Corporations:
Statutory corporations exist in various sectors and countries. Some examples include:

1. British Broadcasting Corporation (BBC): The BBC is a statutory corporation in the United Kingdom responsible for providing public broadcasting services.

2. Airports Authority of India (AAI): AAI is a statutory corporation in India that manages and operates airports across the country.

3. Canadian Broadcasting Corporation (CBC): CBC is a statutory corporation in Canada that provides radio, television, and digital media services.

4. Roads and Maritime Services (RMS): RMS is a statutory corporation in Australia responsible for the construction, maintenance, and management of roads and maritime infrastructure.

Conclusion:
Statutory corporations play a crucial role in delivering public services, regulating industries, and managing essential infrastructure. They operate with a certain level of autonomy and possess separate legal personalities. Through their specialized functions and dedicated focus, statutory corporations contribute to the overall governance and development of a country.