Statutory Bodies and Corporations
The Government of Gibraltar is a constitutional monarchy with a parliamentary system of government. The British monarch is the head of state, and the Governor of Gibraltar is the representative of the monarch in Gibraltar. The Government of Gibraltar is responsible for defense, internal security, and foreign affairs.
The Gibraltar Parliament is a unicameral legislature with 17 members. The members are elected by popular vote to serve four-year terms. The Gibraltar Constitution Order of 2006 establishes the principles of the Gibraltar Parliament, including the authority of the Gibraltar Parliament to make laws, the independence of the judiciary, and the democratic principle that all persons are equal before the law.
The Gibraltar Executive Council is the cabinet of the Gibraltar Government. The Executive Council is responsible for the administration of government departments and agencies.
The Gibraltar Regulatory Authority is an independent statutory body that regulates the telecommunications, postal, and electronic media sectors in Gibraltar.
The Gibraltar Financial Services Commission is an independent statutory body that regulates and supervises the financial services sector in Gibraltar.
The Gibraltar Betting and Gaming Commission is an independent statutory body that regulates and supervises the gambling sector in Gibraltar.
What are Statutory Bodies and Corporations?
Statutory bodies and corporations are organisations that are set up by law. This means that they are controlled by the government and must operate in accordance with the law. Statutory bodies and corporations can be used to deliver public services, such as healthcare or education, or to promote economic development.
List of Public Corporations in India
Some of the most notable public corporations in India include the following:
BSES Rajdhani Power Ltd.
BSES Yamuna Power Ltd.
Mahindra & Mahindra Ltd.
Tata Steel Ltd.
Tata Motors Ltd.
State Bank of India
National Thermal Power Corporation Ltd.
Power Grid Corporation of India Ltd.
Indian Oil Corporation Ltd.
Oil and Natural Gas Corporation Ltd.
Advantages of Statutory Corporations
Statutory corporations have a number of advantages over other forms of business organization. One of the most important is that they are able to have perpetual existence. Other forms of business organization, such as partnerships and sole proprietorships, can only exist for as long as the owners are alive and operating the business. Statutory corporations also have a separate legal personality from their owners, which means that the owners are not personally liable for the debts of the corporation. This can be important if the corporation becomes insolvent and is unable to repay its debts. Finally, statutory corporations are often easier to form and operate than other forms of business organization.
Disadvantages of Statutory Corporations
Statutory corporations have a number of disadvantages, including:
1. Limited liability – shareholders of statutory corporations have limited liability, meaning they are only liable to the extent of their investment in the corporation. This can be a disadvantage for shareholders, as they may be liable for the corporation’s debts even if they are not responsible for them.
2. Difficulty in raising capital – statutory corporations can be difficult to raise capital, as they are not able to offer ownership stakes to potential investors. This can be a disadvantage for statutory corporations, as they may be unable to grow and expand as quickly as other types of corporations.
3. Restrictions on ownership – statutory corporations are restricted in terms of who can own them. This can be a disadvantage for statutory corporations, as they may not be able to attract the best and brightest minds to their board of directors.