A public-benefit corporation is a public corporation chartered by a state designed to perform some public benefit. A public authority is a type of public-benefit corporation that takes on a more bureaucratic role, such as the maintenance of public infrastructure, that often has broad powers to regulate or maintain public property.
Authorities borrow from both municipal corporation law (that is, the laws responsible for the creation of cities, towns, and other forms of local government) and private corporations law. Other public-benefit corporations resemble private non-profit organizations, and take on roles that private corporations might otherwise perform. These corporations often operate in heavily regulated industries, such as broadcasting and transportation.
Corporations such as these are often found in common law jurisdictions such as the Commonwealth countries and the United States.
Read more about Public-benefit Corporation: Origins, History, Incorporation and Powers, Other Meanings, See Also
Famous quotes containing the word corporation:
“It is truly enough said that a corporation has no conscience; but a corporation of conscientious men is a corporation with a conscience.”
—Henry David Thoreau (1817–1862)