Incorporation and Powers
Public-benefit corporations are generally governed by boards of directors, which are appointed, rather than elected, and, internally, reflect bureaucratic forms. The corporation is government-owned and performs a specific, narrow function for the public good.
Public-benefit corporations are most often created by statute. In many Commonwealth countries, public-benefit corporations continue to receive charters from the British monarchy. In the United States, they receive their charters usually from states, but possibly from the federal government.
Public authorities are usually created with a specific mandate, such as the construction of bridges, mass transit, etc. Unlike departments or ministries of the state, these corporations usually are enabled by statute to raise revenues through bond issues.
For more information, read below about individual jurisdictions.
Read more about this topic: Public-benefit Corporation
Famous quotes containing the word powers:
“The poet is the person in whom these powers are in balance, the man without impediment, who sees and handles that which others dream of, traverses the whole scale of experience, and is representative of man, in virtue of being the largest power to receive and to impart.”
—Ralph Waldo Emerson (1803–1882)