Q.What is meant by Public Corporations ?

A public corporation is a statutory body set up by a special Act of the legislature, wholly government-owned but run as an autonomous corporate entity.

In the Tamil Nadu HSC Commerce syllabus, a public (statutory) corporation is one of the forms of government organisation.

• It is created by a special Act of Parliament or a State Legislature, which lays down its objectives, powers, duties and privileges.
• It is a body corporate — a separate legal entity that can own property, enter into contracts and sue or be sued in its own name.
• It is wholly owned by the government, but enjoys operational autonomy and financial independence, being free from day-to-day departmental control. …