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How a public corporation is formed

Answer Text:
Formation of a public corporation.
-Some are formed by an act of parliament while others are formed under the existing laws.
-When formed by an act of parliament, the Act defines its status obligations and areas of operation. The Act outlines the following;
-Proposed name of the corporation
-Aims and objectives
-Goods or services to be produced and provided
-Location(Area of operation)
-The appointment of top executives
-The powers of the Board of directors
-The ministry under which it will operate
-The public corporations are managed by a board of
directors appointed by the president or the relevant minister
-The chairman and the board of directors are responsible for the implementation of the aims and objectives of the corporations.
-The chairman of the board of directors reports to the government (president) through the relevant minister.
-The managing director who is usually the secretary of the board of directors in the chief executive officer of the corporation