Question: Which Public Sector Enterprise Is Formed By Special Act Of Parliament Identify And Explain Its Features?

Which is the following is an example of a company incorporated by a special act of Parliament?

Industrial Finance Corporation of India LtdIndustrial Finance Corporation of India Ltd is an example of a company incorporated by a special act of parliament..

Which public sector enterprise is formed by special act of Parliament?

Statutory corporationExplanation: A Statutory corporation is formed by passing a special act of parliament or legislature. The powers and functions of such corporations are defined by the government.

Which Organisation is formed by state and central legislation?

Answer: Public or statutory corporation. Explanation: The organisation which is formed by passing a special act of Parliament or state legislature is public or statutory corporation.

Which form of public sector enterprises is most suitable when national security is concerned?

Where national security is concerned,which form of public enterprises is most suitable ? Answer : Departmental undertakings because they are under the direct control and supervision of the ministry.

What are the 7 types of business?

Types of businessesSole proprietorship.Partnership.Limited liability company (LLC)Corporation – C corp.Corporation – S corp.Corporation – B corp.Corporation – nonprofit.

What are the 5 types of business?

The IRS recognizes five types of businesses: sole proprietorship, partnership, corporation, S corporation and limited liability company or LLC.

What is special act parliament?

Special Act of Parliament. Commonly called Local, Personal or Private Acts. … That which applies only to a particular kind of persons or things, as a particular railway to be constructed, or otherwise dealing with a particular area or person only, and therefore not overruled by the general terms of a general Act.

What is a special act?

: an act of a legislature that is not of general application in all territory subject to the legislative power but affects private persons or only part of a class of persons in the same situation or only part of a more general subject matter or is intended to apply only in a particular subdivision of the entire …

What are the 3 types of companies?

There are three major types of businesses:Service Business. A service type of business provides intangible products (products with no physical form). … Merchandising Business. … Manufacturing Business. … Hybrid Business. … Sole Proprietorship. … Partnership. … Corporation. … Limited Liability Company.More items…

Which enterprise is formed by passing a special act in Parliament?

India. 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.

What is the other name of statutory corporation?

Answer. RBI (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.

Which of the following is created by special act of Parliament or in state assemblies?

Statutory corporation refers to public enterprise which is created by a special Act of Parliament or State Legislature.

What are the examples of statutory corporation?

Examples include Air India, State Bank of India, Life Insurance Corporation of India etc.Suggested Videos. Classification of business. … It is a Corporate Body. … Browse more Topics under Private Public And Global Enterprises. … Owned by State. … Answerable to the Legislature. … Own Staffing System. … Financial Independence.

Is established under a special act of Parliament?

A Statutory Corporation is formed by passing a Special Act of Parliament or State Legislature.

What are the types of a company?

Types of CompaniesCompanies Limited by Shares.Companies Limited by Guarantee.Unlimited Companies.One Person Companies (OPC)Private Companies.Public Companies.Holding and Subsidiary Companies.Associate Companies.More items…

Which type of company is best?

If you want sole or primary control of the business and its activities, a sole proprietorship or an LLC might be the best choice for you. You can negotiate such control in a partnership agreement as well. A corporation is constructed to have a board of directors that makes the major decisions that guide the company.

What’s the meaning of statutory?

1 : of or relating to statutes. 2 : enacted, created, or regulated by statute a statutory age limit.

What is meant by a statutory body?

Statutory bodies are established by acts which Parliament and State Legislatures can pass. These bodies are entities shaped by an Act of Parliament or state legislatures and set up by the government to consider the data and make judgments in some area of activity.

What is the function of promoter?

FUNCTIONS OF PROMOTER To originate the scheme for formation of the company: Promoters are generally the first persons who conceive the idea of business. They carry out the necessary investigation to find out whether the formation of a company is possible and profitable.