Which of the following is true of a Public Corporation it is?
Answer Details
The statement that is true of a Public Corporation is that it is set up to provide essential services.
A public corporation is a legal entity that is owned and controlled by the government and established to provide essential services to the public. Examples of public corporations include utility companies, transportation authorities, and public hospitals.
The main purpose of a public corporation is to provide essential services that are necessary for the well-being of the public, such as access to clean water and electricity, public transportation, and healthcare services. Unlike private corporations, public corporations are not established to make a profit for shareholders, but rather to provide services to the public at a reasonable cost.
While the government may establish a public corporation through a legal instrument such as a bye-law, it is not owned by the Minister of Finance or any other individual or group. Rather, it is owned by the government and operates under the supervision of a board of directors or other governing body appointed by the government.
In summary, a public corporation is a government-owned entity that is established to provide essential services to the public at a reasonable cost, and is not set up to make a profit for shareholders.