Which of the following statements about public corporation is not true?

The statement "It is financed mainly by private individuals" about a public corporation is not true. A public corporation is a type of business organization that is owned by the government and operates as a separate entity from the government. It is usually established by an act of parliament and is managed by a board of directors. A significant amount of capital is often required for its establishment. However, public corporations are not financed mainly by private individuals. Instead, they are typically funded through a combination of government grants, loans, and revenue generated by the corporation itself. Public corporations are established to carry out specific tasks or provide specific services to the public, and their purpose is to serve the public good, not to generate profit for private individuals.