Quick Answer: What Is Mean By Statutory Body?

What’s another word for statutory?

In this page you can discover 16 synonyms, antonyms, idiomatic expressions, and related words for statutory, like: legal, lawful, rightful, , contractual, regulation, legislative, regulatory, enforcement, provision and discretionary..

What does statutory mean in law?

Statutory law or statute law is written law passed by a body of legislature. This is as opposed to oral or customary law; or regulatory law promulgated by the executive or common law of the judiciary. Statutes may originate with national, state legislatures or local municipalities.

What is the main difference between statutory and non statutory?

There are two types of public services they are statutory and non-statutory services. The difference between a statutory and a non-statutory service is that a statutory service is paid by tax payers, funded by the government and is set up by the law.

What do you mean by non statutory body?

Non-statutory is essentially another term for common law. Therefore such bodies are formed by executive resolution or action, which means that they are formed only by the Government’s action.

Is UPSC is a constitutional body?

Constitutional Bodies are Election Commission of India, UPSC, and Finance Commission of India, etc. These bodies are mentioned in the Constitution of India to run the country.

Is SARS a statutory agency?

The South African Revenue Service (SARS) is the revenue service (tax-collecting agency) of the South African government. It was established by legislation to collect revenue and ensure compliance with tax law. … So although South Africa’s tax regime is set by the National Treasury, it is managed by SARS.

What is a statutory body in South Africa?

Statutory bodies (such as the Health Professions Council of South Africa and the South African Nursing Council) are established as a result of an Act of Parliament and govern the practice of specific occupations in South Africa.

Which of the following is a statutory body?

Example of a statutory body is SEBI i.e. Securities and Exchange Board of India. SEBI is a very important regulatory body for the security market in India. Another example is the National Commission for OBCs.

Is SBI a statutory body?

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 236th in the Fortune Global 500 list of the world’s biggest corporations of 2019.

What are the examples of professional bodies?

Here’s a quick list of recognised bodies for Critical Skills in South Africa:CIMA – Chartered Institute of Management Accountants.ECSA – Engineering Council of South Africa.IOB – Institute of Bankers in South Africa.SACNASP – South African Council for Natural Scientific Professions.More items…•

Is SACE a statutory body?

The South African Council for Educators (SACE) a statutory body responsible for regulating the teaching profession has noted with serious concern the recent events of both physical and sexual abuse of learners by teachers.

What is a statutory role?

the laws that a company, a government organization, or the members of a particular profession must obey: By charging such high prices for electricity, the company was found to be in breach of statutory duty.

What do you mean by statutory companies?

Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments. … It is a corporate person and has the capacity of acting in its own name.

What is statutory body and non statutory body?

Statutory Bodies These are non-constitutional bodies as they do not find any mention in the Constitution. They are also important bodies due to their function. They are created by an Act of Parliament. They are called ‘statutory’ since statutes are laws made by the Parliament or the legislature.

What is the mean of statutory?

If something is statutory, it is related to or set by laws or statutes. … If something is legal, it is allowed by the law, whereas if it is statutory, it is regulated by law. In the negative, this is easier to understand. If something is not legal, the law says you can’t do it.

What is constitutional body and statutory body?

Statutory bodies are established by an act of parliament whereas constitutional bodies are mentioned in the constitution and derive their powers from it.

What is the difference between a statutory body and regulatory body?

Regulatory agencies use a commission system of administration, and their terms of office are fixed and often very long. … Regulatory agencies are generally a part of the executive branch of the government, or they have statutory authority to execute their functions with oversight from the legislative branch.

Is RBI a statutory body?

Though considered a body with considerable institutional independence, the RBI is not a constitutional body. It was established under the Reserve Bank of India Act, 1934. … However, to reiterate, the independence of the RBI is not constitutional. At the most, it is only statutory, a major difference in law.