What is a body corporate created directly by a special Act of the legislature, such as the Life Insurance Corporation of India, generally called?
Question and options
What is a body corporate created directly by a special Act of the legislature, such as the Life Insurance Corporation of India, generally called?
A government company
A chartered corporation
A statutory corporation
A registered company
Answer and explanation
A statutory corporation is created directly by its own statute; section 3 of the Life Insurance Corporation Act, 1956 establishes LIC as a body corporate. A government company is registered under the Companies Act with at least 51% government shareholding, and a chartered corporation is created by royal charter.
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