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Identify and explain the various types of corporations.

Identify and explain the various types of corporations.

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Maurice
(i) Corporation sole: this is a legally established office distinct from the holder and
can only be occupied by one person at a time after which he is succeeded by another.
It is a legal person in its own right, with perpetual succession, capacity to contract sue or
be sued for example, office of the Public Trustee, office of the permanent secretary to the
Treasury.

(ii) Statutory Corporations: this is a corporation created by an act of parliament
for example Agricultural Finance Corporation.

(iii) Registered corporations: these are companies formed in accordance with
the provisions of the Companies Act. Examples are public and private companies.

(iv) Chartered Corporations: these are corporations created by charter granted by
the relevant authority under the Universities Act. For example Private Universities like
Baraton University.
maurice.mutuku answered the question on May 3, 2018 at 07:58

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