Business Studies

Name the organisation formed by passing a special Act.


SOLUTION
An organisation which is formed by passing a special Act is a Statutory company. The special act defines about the guidelines as well as the rules and regulations which the company needs to follow. The act also mentions about the functions and the powers of the company and its employees. 
Example of a statutory company in India is Life Insurance Corporation of India.
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Subjective Medium Published on 18th 08, 2020
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