Statutory companies, Business Law and Ethics

Statutory Companies:

A statutory company is formed by a specific Act of Parliament, primarily as a means of conferring on it some powers which would not be available to it if it were formed by Royal Charter or registration under the Companies Act. A statutory company has no shareholders and its initial capital is provided by the Treasury. Therefore it is expected to operate according to commercial principles and to make profits. If it makes losses and becomes unable to pay its debts so there its property can be attached with its creditors but it cannot be wound up on the application of any creditor. However, the government will usually come to its aid if it has no cash or other assets to pay its creditors. Examples of such companies are the water, gas, electric and railway companies formed in England during the last century. Most of these companies were nationalised by the British government after the second world war and their functions transferred to public boards and corporations set up by Acts of Parliament. The public boards and corporations resembled those that were later set up in Kenya by the colonial administration, such as the Agricultural Finance Corporation, and the Wheat Board.

Posted Date: 1/12/2013 1:55:17 AM | Location : United States







Related Discussions:- Statutory companies, Assignment Help, Ask Question on Statutory companies, Get Answer, Expert's Help, Statutory companies Discussions

Write discussion on Statutory companies
Your posts are moderated
Related Questions
V alues Basic convictions or beliefs which are specific behaviors and out- comes are more desirable compare to others. Values are judgmental in which they include our ideas

i need first proposal for a thesis on arbitrtion or construction law which must be practical not theoritecal

Your first big case is a multiple murder. As defense attorney for SyKopath, you have come to the realization that he really did break into a couple's home and torture and kill them

Bailment – Negotiable Instrument Whether Sir William Jones has specified the subsequent definition of bailment: like "A delivery of goods on trust on a contract, such express

John, a young CPA and one of the audit team members for Moulberg Electrical Appliances Ltd, has developed very good insights into the company's systems in the last 12 months and wa

REGULATIONS REGARDING ELECTRICITY : You are aware that electricity is the most common and convenient source of power. You know that carelessness in handling or maintenance of elec

State Article 29 of international law Article 29 states that a member of a diplomatic mission enjoys immunity from arrest or prosecution.

Dissolution by the Court Conversely Section 39 of the Act prescribes the state of affairs that the court will decree the compulsory dissolution about a partnership. They are: li

Ratio Decidendi Conversely "ratio decidendi" of a case consists of the material facts of such case and the decision made through the judge on the basis of those facts.  So hen

Equity: Moreover the word "equity" ordinarily means "fairness" or "justice".  In fact as a source of England law there the phrase "doctrines of equity" denotes the body of Eng