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153623
STATUTORY CORPORATION
Description
Class 11 Business Studies Mind Map on STATUTORY CORPORATION, created by Samira on 26/07/2013.
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business studies
business studies
class 11
Mind Map by
Samira
, updated more than 1 year ago
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Created by
Samira
about 11 years ago
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Resource summary
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.
NOT concerned with central budget of government
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
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
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