153623
STATUTORY CORPORATION
- FEATURES
- Set up under ACT OF PARLIAMENT
- Wholly owned by the STATE, govt. has ultimate financial responsibility
- Body Corporate - sue & get sued, enter into contracts, acquire property
- Independently Financed.
- NOT subject to same accounting & audit procedures applicable to govt. dep.
- Employees are NOT govt. servants or civil servants.
- Employees are NOT govt. servants or civil servants.
- NOT concerned with central budget of government
- NOT subject to same accounting & audit procedures applicable to govt. dep.
- Independently Financed.
- Body Corporate - sue & get sued, enter into contracts, acquire property
- Wholly owned by the STATE, govt. has ultimate financial responsibility
- Set up under ACT OF PARLIAMENT
- MERITS
- Enjoy independence in their functioning, high degree of flexibility
- free from govt. control
- govt. does not intrefere in their financial matters.
- since funds do not come from central budget
- Autonomous organisations
- Frame their own policies and procedures
- Valuable instrument for Economic Development
- Frame their own policies and procedures
- since funds do not come from central budget
- free from govt. control
- Enjoy independence in their functioning, high degree of flexibility
- LIMITATIONS
- Reality - Less Flexibility
- Govt. & Political interference - HUGE DECISIONS
- Rampant corruption when dealing with public
- Practice of appointing advisers to corporation Board
- This curbs their freedom in entreing into contracts/decision
- If any disagreement Matter --> final decision
- This further delays in actions
- This further delays in actions
- If any disagreement Matter --> final decision
- This curbs their freedom in entreing into contracts/decision
- Practice of appointing advisers to corporation Board
- Rampant corruption when dealing with public
- Govt. & Political interference - HUGE DECISIONS
- Reality - Less Flexibility
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