|Registered Companies||Statutory Corporations|
|· This is a company incorporated pursuant to the provisions of the Companies Act.
· Owes its existence to registration.
· It is a legal person distinct and separate from its members.
· A private company consists of 2 – 50 excluding passed and current employees who are members. A public company must have a minimum of 7 members.
· May be public or private.
· Managed directors elected members.
· Canonly engage in transactions set forth the objects clause and those that are reasonably incidental to the attainment
or pursuit of such objects.
|· This is a corporation created an Act of parliament e.g. Kenya Wildlife Services or Agricultural Finance Corporation, Capital Markets Authority.
· It is a legal person in its own right.
· Owes its existence to an Act of Parliament.
· The statute gives it a name and prescribes its objects.
· It is “owned” the government.
· Can only engage in transaction set forth the statute and those reasonably incidental thereto. Other transactions are ultra vires and therefore void.
· Management is prescribed the statute.
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