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In Australia, statutory corporations are a type of statutory authority created by Acts of state or federal parliaments.. A statutory corporation is defined in the federal Department of Finance's glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may also be a statutory corporation). [1]
A statutory corporation is defined in the government glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may be a statutory corporation). [3] An earlier definition describes a statutory corporation as "a statutory authority that is a body corporate ...
Sometimes this kind of legal entity is called a perusahaan dagang or abbreviated as PD, which sometimes makes confusion with the former name for municipally-owned statutory corporations, Perusahaan Daerah, also abbreviated as PD (today they are called Perusahaan Umum Daerah and abbreviated as Perumda).
The importance of a corporate body, regardless of its exact function, when such a body is a creature of statute is that its active functions can only be within the scope detailed by the statute which created that corporation. Thereby, the creature of statute is the tangible manifestation of the functions or work described by a given statute.
State-sponsored bodies may be organised as statutory corporations, meaning that they are officially non-profit and do not formally have shareholders, but have a board or other authority appointed by the sponsor Minister. Corporations of this type include: Córas Iompair Éireann (Irish Transport Company) Electricity Supply Board
Public corporation may refer to: . Government-owned corporation; Public company, i.e. a limited liability company that offers its securities for sale to the public; Statutory corporation, i.e. a corporation created by statute that is owned in part or in whole by a government, such as municipal councils, bar councils, universities)
A juridical person is a legal person that is not a natural person but an organization recognized by law as a fictitious person such as a corporation, government agency, non-governmental organisation, or international organization (such as the European Union).
The word "corporation" derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities. [ 43 ] In many countries, it is difficult to compile all the laws that can affect a business into a single reference source.