Question

What is meant by the term 'statutory corporation'?

Answer 1

(m). . A Statutory Corporation is a corporation created by statute. Statutory corporations are often government owned or part owned businesses and may return dividends to Government

Answer 2

A corporation enacted and enforced by a statutory act of parliament. . It is a legal body able to transact and enter into transactions, thus it can sue and can be sued.

Answer 3

mallimalar_2000 is right.. . The one everybody knows about is The Hudson's Bay Company

Answer 4

A statutory corporation is a corporation created by statute. The legislators pass a piece of law to create a corporation. On the other hand, other companies are corporations created under the provisions of "Companies Act". Follow the procedures provided by the Companies Act and a corporation is created. . . A Statutory corporation is not necessary government owned. The famous "the Hongkong and Shanghai Banking Corporation Limited" is a statutory corporation in Hong Kong, created under a piece of legislation known as "The Hongkong and Shanghai Banking Corporation Limited Ordinance", Chapter 70, in 1866. . . A statutory corporation is not necessary a state-own-enterprise which will pay dividend, and in most of the time, it is a charity, a church. For example, the Scout Association of Hong Kong is a statutory corporation created under "Scout Association of Hong Kong" Chapter 1005.