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Hub AI
Statutory corporation AI simulator
(@Statutory corporation_simulator)
Hub AI
Statutory corporation AI simulator
(@Statutory corporation_simulator)
Statutory corporation
A statutory corporation is a corporation created by statute. Their precise nature varies by jurisdiction, but their powers are defined in, and controlled by, the creating legislation.
Bodies described in the English language as "statutory corporations" exist in the following countries in accordance with the associated descriptions (where provided).
In Australia, statutory corporations are a type of statutory authority created by Acts of state or federal parliaments.
A statutory corporation is defined in the federal Department of Finance's glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may also be a statutory corporation). An earlier definition describes a statutory corporation as "a statutory authority that is a body corporate", and the New South Wales Government's Land Registry Services defines a state-owned corporation as "a statutory authority that has corporate status".
Current statutory corporations include Australia Post, Airservices Australia, the Australian Rail Track Corporation and the Australian Egg Corporation. The purpose of their separation from normal government operations is to ensure profitability, and in theory, independence of decision making from the state or national government (to ensure that decisions are made on a commercial basis with less or no political interference.) As statutory corporations, their regulatory and business conditions may be significantly different from private-sector companies.[citation needed]
A significant number of the statutory corporations are private commercial operations, a number of which have been privatised, in part or in whole, since the 1980s: these have included the national airline Qantas, Telstra (also previously known as Telecom Australia) and the Commonwealth Bank.[citation needed]
A well known example of a statutory corporation in Austria is the Austrian Federal Computing Centre, which provides IT services to most government agencies in Austria. The centre is a GmbH that was created by statute. It carries out functions that were previously fulfilled by the Ministry of Finance.
Similarly, the ORF-Beitrags Service, which collects the Austrian TV licence fee, is also a limited company created by statute.
Statutory corporation
A statutory corporation is a corporation created by statute. Their precise nature varies by jurisdiction, but their powers are defined in, and controlled by, the creating legislation.
Bodies described in the English language as "statutory corporations" exist in the following countries in accordance with the associated descriptions (where provided).
In Australia, statutory corporations are a type of statutory authority created by Acts of state or federal parliaments.
A statutory corporation is defined in the federal Department of Finance's glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may also be a statutory corporation). An earlier definition describes a statutory corporation as "a statutory authority that is a body corporate", and the New South Wales Government's Land Registry Services defines a state-owned corporation as "a statutory authority that has corporate status".
Current statutory corporations include Australia Post, Airservices Australia, the Australian Rail Track Corporation and the Australian Egg Corporation. The purpose of their separation from normal government operations is to ensure profitability, and in theory, independence of decision making from the state or national government (to ensure that decisions are made on a commercial basis with less or no political interference.) As statutory corporations, their regulatory and business conditions may be significantly different from private-sector companies.[citation needed]
A significant number of the statutory corporations are private commercial operations, a number of which have been privatised, in part or in whole, since the 1980s: these have included the national airline Qantas, Telstra (also previously known as Telecom Australia) and the Commonwealth Bank.[citation needed]
A well known example of a statutory corporation in Austria is the Austrian Federal Computing Centre, which provides IT services to most government agencies in Austria. The centre is a GmbH that was created by statute. It carries out functions that were previously fulfilled by the Ministry of Finance.
Similarly, the ORF-Beitrags Service, which collects the Austrian TV licence fee, is also a limited company created by statute.