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Profiles of Existing Government Corporations—A Study Prepared by the U.S. General Accounting Office for the Committee on Government Operations (PDF), Washington, DC: U.S. Government Printing Office, 1988, p. 301, GAO/AFMD-89-43FS Document: H402-4. Alternate location:
Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and ...
Under the GOCC Governance Act (Republic Act No. 10149), GOCCs are overseen by the Governance Commission for Government-Owned or Controlled Corporations (GCG). [3] The Governance Commission is the "government's central advisory and oversight body over the public corporate sector" according to the Official Gazette of the Philippine government. [4]
The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to depositors in U.S. commercial banks and savings banks. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. Member banks' insurance dues are the primary source of funding.
In Australia, statutory corporations are a type of statutory authority created by Acts of state or federal parliaments.. A statutory corporation is defined in the federal Department of Finance's glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may also be a statutory corporation). [1]
In his 1956 book The Power Elite, sociologist C. Wright Mills stated that together with the military and political establishment, leaders of the biggest corporations form a "power elite", which is in control of the U.S. [15] Economist Jeffrey Sachs described the United States as a corporatocracy in The Price of Civilization (2011). [16]
The United States federal government chartered and owned corporations operate to provide public services. Unlike government agencies such as the Environmental Protection Agency, the Bureau of Indian Affairs, or independent commissions, such as the Federal Communications Commission, the Nuclear Regulatory Commission, and others, they have a separate legal personality from the federal government.
These claims stem from a misunderstanding of the term municipal corporation used in the Act. [13] [14] There are many kinds of corporations; a corporation is any group authorized to legally act as a single entity; in this case, an incorporated, organized district of the United States. Most U.S. cities and counties are municipal corporations.