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Statutory Corporation and Chartered Corporation
However this is created through an Act of Parliament and comes in existence from the date of commencement of the Act. Thus a case of the statutory corporation is the "Agricultural Finance Corporation".
Whether as section 3(1) of the Act states as "there is hereby established a corporation just to be known like the Agricultural Finance Corporation".
Where there Section 3(3) of the Act states as "the corporation shall be a body corporate by perpetual succession and a common seal".
Conversely a chartered corporation may be created or made under Section 14 of the Universities Act, 1985. Well although Section 12 of the Act empowers the President of US to grant a charter for any private university intended for be set up in US whether in his opinion that the grant of the charter to the Institution concerned might be of benefit to the future development of university education in US.
However S.14 of the Act provides to the publication of the charter in the Gazette and also states as 'with effect from day of the publication of the charter the Institute established through the charter shall be a body corporate through the name cited in the charter'.
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