Public Authority

Public-benefit corporations are a specific type of corporation that allow for public benefit to be a charter purpose in addition to the traditional corporate goal of maximizing profit for shareholders. Depending on the country they may also be known as crown corporations, statutory corporations, or government owned corporations having monopoly over a specific service or market.

A public authority is a type of public-benefit corporation that takes on a more bureaucratic role, such as the maintenance of public infrastructure, that often has broad powers to regulate or maintain public property. These agencies are also known in other countries as statutory authorities, statutory boards, government owned corporations, regulatory agency, QUANGO and independent government agency.

Authorities borrow from both municipal corporation law (that is, the laws responsible for the creation of cities, towns, and other forms of local government) and private corporations law. Other public-benefit corporations resemble private non-profit organizations, and take on roles that private corporations might otherwise perform. These corporations often operate in heavily regulated industries, such as broadcasting and transportation.

Corporations such as these are often found in common law jurisdictions such as the Commonwealth countries and the United States.

Although corporations are now typically associated with private business, historically corporations began as means to serve defined and limited public purposes. Corporation history has roots in primarily government subdivisions and religious institutions, where the institution itself is identifiable independently of its membership's mortality. For example, if the Pope dies, the Catholic Church continues to exist, just as it continues to exist as generations pass on and get replaced by new members.

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