Types or Classifications of Statutory Corporation
The statutory corporation which is formed by the law or ordinance of state president or Act passed in parliament is called the statutory corporation. The statutory corporations which were operated under directly ministries control were called statutory corporation controlled by the ministry and statutory corporations which were controlled by the nationalized industrial division under industrial ministry were called statutory companies controlled by the nationalized industrial division.
At present the statutory corporations are classified into following types:
Industrial statutory corporation: The statutory corporations which are formed to operate the nationalized industry mills or industry mills established by the state is called an industrial statutory corporation. These are called sector corporations because they operate industry mills in one certain sector.
Commercial statutory corporation: The statutory corporation which operates commercial activities directly by remaining under different ministry is called a commercial statutory corporation. Commercial statutory corporations are related to selling and buying products and services to stabilize the product price and make a profit.
Developed Statutory Corporation: The statutory corporation which is formed and operated for the development of financial structure, education, industry, culture, literature, and public welfare is called development statutory corporation. The main purpose of this corporation is social development and welfare not earning a profit.
Service providing statutory corporation: The statutory corporations which are formed for social service and public welfare at a regional or national level are called service providing statutory corporation. The main purpose of these corporations is public welfare not earning a profit.
These are the classifications or statutory Corporation which are establishing on the basis of purposes and activities of social, cultural, and economic benefits.