public corporations

public corporations
An artificial person (e.g. municipality or a government corporation) created for the administration of public affairs. Unlike a private corporation it has no protection against legislative acts altering or even repealing its charter. Instrumentalities created by state, formed and owned by it in public interest, supported in whole or part by public funds, and governed by managers deriving their authority from state. Sharon Realty Co. v. Westlake, Ohio Com.PL, 188 N.E.2d 318, 323, 25 O.O.2d 322.
A public corporation is an instrumentality of the state, founded and owned in the public interest, supported by public funds and governed by those deriving their authority from the state. York County Fair Ass'n v. South Carolina Tax Commission, 249 S.C. 337, 154 S.E.2d 361, 362.
Term is also commonly used to distinguish a corporation whose stock is owned and traded by the public from a corporation with closely held shares (i.e. close or private corporation).
See also municipal corporation

Black's law dictionary. . 1990.

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